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American Battery Materials Acquires Substantial Mining Claims to Increase Domestic Production of Lithium
American Battery Materials Acquires Substantial Mining Claims to Increase Domestic Production of Lithium.
About this update from American Battery Materials Inc.
[{"type":"text","content":"GREENWICH, Conn., July 24, 2023 (GLOBE NEWSWIRE) -- American Battery Materials, Inc. (OTC Pink: BLTH) (“ABM”, the “Company”), an environmentally responsible minerals exploration and development company focused on direct lithium extraction (DLE) and other critical minerals for the global energy transition, today announced that it has acquired and staked additional lithium mining claims adjacent to its Lisbon Valley Project, located in San Juan County, Utah.The newly acquired mining claims expand ABM’s strategic land position to approximately 14,300 acres, a seven-fold increase from its current position of 2,000 acres. The Company’s actions follow the release of a new Technical Report Summary focused on ABM’s Lisbon Valley Project, highlighting the scope of the opportunity and progress toward direct lithium extraction.“The results of our latest Technical Report Summary validated our belief that there are substantial lithium deposits in brine to be extracted from the Lisbon Valley,” said Sebastian Lux, Co-Chief Executive Officer of ABM. “Expanding access to lithium deposits further diversifies our portfolio and represents a critical step in the pursuit of our mission to become a leader in the commercial production of lithium in the U.S. Our continued investment and progress on our strategic roadmap reflect our commitment to creating shareholder value while providing domestic support for our country’s initiative for a green future.”The new claims have been registered with the Bureau of Land Management. ABM now holds a total of 743 placer claims over 14,320 acres, comprised of (i) the 102 original claims held by ABM; and, (ii) the 641 new claims. ABM will continue to seek additional opportunities to increase its claims, properties, and projects.Proposed Business CombinationOn June 2, 2023, ABM and Seaport Global Acquisition II Corp. (NASDAQ: SGII) (“SGII”), a publicly-listed special purpose acquisition company, announced the signing of a definitive merger agreement for a business combination (the “Proposed Business Combination”) that will result in ABM becoming a wholly-owned subsidiary of SGII. The combined company is expected to be renamed “American Battery Materials Holdings”, and its common stock and warrants are expected to be listed on the Nasdaq Global Market (“Nasdaq”).About American Battery Materials, Inc...