Las Vegas, NV. , Nov. 16, 2022 (GLOBE NEWSWIRE) —
Barrel Energy, Inc., (OTC Markets: BRLL) (the “Company” or “BRLL”)
has entered into a partnership to co-develop the West End Lithium (“WEL”) project held by CDSG (OTC:CDSG).
Barrel Energy Inc (OTC: BRLL) (“Barrel”) will lead the exploration and production endeavors with CDSG. Barrel is developing a highly innovative lithium extraction methodology for clay hosted deposits.
The WEL claims are located in Nye county Nevada, just 6 miles northwest of Tonopah and sit directly within the surrounding outer boundary of the TLC Project being developed by American Lithium Corp. (LI.V) (OTCQB: LIACF).
The TLC Project currently hosts a large NI 43-101 compliant resources of 5.37 million tonnes (Mt) lithium carbonate equivalent (LCE) in the measured and indicated category with a further 1.76 Mt LCE in the inferred category. The present size of the TLC resource is expected to grow following the results of new 2022 drilling, some around the WEL claim area.
With electric vehicles in higher demand, the price of lithium carbonate, a key battery component, have surged year on year. In November 2021 lithium carbonate prices were roughly $27,000 USD per tonne, with November 2022 prices now seeing over $84,000 USD per tonne.
The company’s co-exploration program will begin in 2023 (subject to federal and state permitting), and timed well to provide a new lithium resource to help meet the ever-growing demand.
See attached map of TLC lithium project. CDSG’s West End Lithium claims are located in red.
Please visit our new website www.barrel.energy and our twitter www.twitter.com/barrelenergy for more updates.
Barrel Energy Inc., (OTC Markets: BRLL) is focused on several ventures within the green energy and battery minerals sector and the rapid development of valuable production opportunities throughout North America and abroad. The company holds important joint venture agreements to advance technologies and processes for Electric Vehicle batteries.
This press release may contain
“forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements inclu
de all statements that are not statements of historical fact regarding intent, belief or current
expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future per
formance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to diffe
r materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company’s business and finances in general, including the ability to continue
and manage its growth, competition, global economic conditions
and other factors discussed in detail in the Company’s periodic filings with the Security and Exchange Commission.
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