Enertopia Corp (CSE:TOP, OTCQB:ENRT) updated on current operations and said it had closed the final tranche of C$66,750 from a private placing.
The firm has a drill program at its Clayton Valley lithium project in Nevada in its sights and told investors Friday that a NOI (notice of intent) to drill is expected to be submitted shortly to the Bureau of Land Management.
Four diamond drill holes are planned to estimated depths of between 250 and 300 feet each. This will allow for a project-wide indicated resource.
A fifth diamond drill hole will be drilled to an estimated depth of 300ft and will be used for metallurgical and pH solution testing.
The data will then be incorporated into the first NI 43-101 resource report.
Enertopia will also carry out through solution testing of the drilled lithium enriched horizons to establish the grade that can be potentially recovered in a low capex and low-cost extraction methods.
Enertopia also highlighted two recent events in the lithium industry.
That PEA shows that the claystone enriched horizons look to be a viable economic target while at the same time offering a capex that is significantly below that of similar scale hardrock spodumene lithium resources.
Meanwhile, on September 12, Standard Lithium said it had successfully processed lithium from its Arkansas Smackover lithium project.
Two key takeaways were using only a pH adjustment to the lithium-enriched O&G waste water and then using off-the-shelf ion exchange resins for the recovery and concentration of lithium.
"The company believes that these two events show the company has the right lithium project and is on track to potentially achieve the goal of being a low capex producer of battery-grade lithium materials," Enertopia said in Friday's regulatory release.
"We look forward to providing detailed updates as testing and drilling results are received over the coming months," said president and chief executive Robert McAllister.
On the placing tranche, Enertopia will issue around 2.22mln shares at three cents each and the same number of warrants that expire on September 21, 2021, with an exercise price of five U.S. cents for the three years.
Enertopia shares were unchanged in Toronto at C$0.035.