Vulcan secures nod for 3D seismic, extends geothermal lithium footprint

Vulcan’s geothermal lithium exploration efforts in Germany have been boosted by approvals from eight local councils for a 3D seismic survey and the grant of a new exploration licence.

The approvals from the councils across the company’s licence area in the German state of Rhineland-Palatinate highlight the strong support for its Zero Carbon Lithium Project, which uses excess geothermal energy to power its lithium chemical process and export additional power to the grid.

Pre-design work for the 3D seismic survey is underway with Vulcan Energy Resources (ASX:VUL) planning to start the program, which will assist with future development drill planning in its Phase One areas, in September.

The company has also been granted a new exploration licence, increasing the licence area in the Upper Rhine Valley Brine Field by 277km2 to 1440km2.

Some existing 3D seismic data is already available over the new Ried licence following an agreement with Rhein Petroleum in November 2021 to purchase 3D seismic and drilling data.

“We welcome the decision of the eight councils in the German state of Rhineland-Palatinate for Vulcan to commence 3D seismic work, as we continue to experience increasing positive momentum at a local level for the Zero Carbon Lithium Project,” managing director Dr Francis Wedin said.

“So far, all local votes for Vulcan’s work plan applications in our Phase 1 area have been positive, which is a strong endorsement for our project, as well as for the reputation and professionalism for the Vulcan team; many of whom have worked in the geothermal industry and the local area for many years.”

Resource extension potential

He added that the new licence increases the company’s licence exploration area, which already hosts the largest JORC lithium resource in Europe by 24%.

“A strength of the Upper Rhine Valley region is the extensive exploration and development historically conducted by oil and gas companies, and Vulcan continues to leverage the work performed by the hydrocarbons industry to accelerate the Zero Carbon Lithium Project by reducing the amount of time required to gather data,” Wedin noted.

“The grant of the Ried exploration licence allows us to realise this data acquisition strategy, first executed last year.

“We are now well positioned to progress work in this area more efficiently and cost effectively, at a time of unprecedented demand for lithium for electric vehicles, and for renewable energy in Europe.”

This article was developed in collaboration with Vulcan Energy Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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