Arizona Lithium Shares Lift 3% upon Appointment of New CTO
With commodity markets still roaring, Arizona Lithium [ASX:AZL] is looking to capitalise.
The junior miner has announced the appointment of a new CTO today. It seems clear that management is hoping this move will accelerate their explorative drilling ambitions in the near future.
As for the share price, it is up 3.23% at the time of writing. But with a lot of swings in trading today, it has been a volatile session.
Let’s see what sort of bang for their buck investors are getting though…
New exec, new ambitions
As Arizona boasts in their announcement today, Brett Rabe will be joining their team.
It’s a big name for this small-cap to land, as Mr Rabe was the former VP of Engineering and Project Management at Lithium America Corp. The position saw him overseeing the Thacker Pass Project — the largest known lithium resource in the US.
For Arizona, which has its own ‘Big Sandy’ project, this was a big get. Particularly as Big Sandy is comparable in size and scope to Thacker Pass — making it an ideal decision to bring in Mr Rabe.
As Managing Director Paul Lloyd comments:
‘We are very pleased to welcome Brett to Arizona Lithium in the position of Chief Technical Officer. With his significant experience in engineering and project management at Lithium Americas Corp’s Thacker Pass Project, I’m confident that he’ll be able to contribute significantly towards the sustainable development of Big Sandy. Thacker Pass represents the most similar project to Big Sandy and, through Brett’s appointment, we’ll be able to apply his learnings to fast track the Project.’
Now, though, attention will turn to future drilling of the site. Because as management confirms, they are still awaiting approval from the Bureau of Land Management for their permit of exploration.
Once they have secured that, then the real work can begin…
What’s next for Arizona Lithium?
Looking ahead, it’s clear that this junior miner is progressing steadily. They’ve got the right man for the right job, and they’re also wrapping up all the necessary paperwork.
With any luck, and provided their permit isn’t rejected, drilling will hopefully be underway soon. After all, that’s what investors are awaiting — a chance to get some solid data to discover how big this project could become.
But, until then, this tiny miner will remain a very risky and speculative pick — one that investors will need to be certain of before committing their capital to.
And if Arizona doesn’t take your fancy, well there are plenty of alternatives.
You can check out our in-depth lithium report — which includes three of our top stock picks — for a place to start. Get a free copy for yourself right here.
For Money Morning