Cornish Lithium has secured an investment to commence exploration activities on the ground in Cornwall, UK.
Raised from a group of mining and natural resources investors, the £1m in funding will allow the company to collate all relevant data on lithium occurrences in Cornwall and assemble it in a digital format.
The development comes after an increased demand for electric cars, a segment that uses lithium.
Cornish Lithium CEO Jeremy Wrathall said: “We are delighted to have secured this investment to commence our exploration programme.
“We look forward to working with our new shareholders, given the wealth of experience they have to offer in the field of natural resources.”
The company has reached agreements with multiple holders of mineral rights in the region to explore for and commercially develop lithium bearing hot spring brines.
It is planning to integrate surface and underground data to prioritise the best locations for follow-up drilling and sampling.
Additional geophysical surveys could be conducted as part of the exploration.
Incoming shareholder group member Keith Liddell said: “Given the extensive historic readings of lithium in geothermal brines, as well as the recent advances in technology, we see a real potential for lithium production in Cornwall.
“Combined with the global shift in focus towards electric vehicles and battery energy storage, we believe that Cornish Lithium could potentially become a very significant player in the lithium industry in the UK and Europe.”
Upon selection of drill sites, the company will apply for the requisite permits before drill testing of suitable targets.