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PURE ENERGY MINERA COM NPV (OTCMKTS:PEMIF) is a penny stock play in the lithium space that has started to garner attention as the stock bounces up the chart. The most recent catalyst is the company’s announcement that it has commenced drilling its newest exploration borehole, CV-8, on the Clayton Valley South Project. This latest borehole is the final one in Pure Energy’s current phase of exploration work, and Pure Energy has all necessary permits and government permissions in hand to commence work.

The chart shows 33% during the past week in terms of shareholder gains in the listing, a bounce that has taken root amid largely bearish action over the larger time frame. However, PEMIF has a history of dramatic spikes and rallies. Moreover, the listing has registered increased average transaction volume recently, with the past month seeing a bit over 260% above its longer run average levels.

PURE ENERGY MINERA COM NPV (OTCMKTS:PEMIF) frames itself as a company that engages in the acquisition, exploration, and development of mineral properties. The company’s recent emphasis is as a lithium-brine resource developer that is “driven to become the lowest-cost lithium supplier for the burgeoning North American lithium battery industry.”

Its primary project includes the Clayton Valley South Lithium Brine Project located in Clayton Valley, Esmeralda County, Nevada. The company was formerly known as Harmony Gold Corp. and changed its name to Pure Energy Minerals Limited in October 2012.

Pure Energy Minerals Limited was incorporated in 2007 and is headquartered in Vancouver, Canada.

According to company materials, “Pure Energy is currently focused on the development of our prospective CVS Lithium Brine Project, which has the following key attributes: A large land position with excellent existing infrastructure in a first-class mining jurisdiction: Approximately 9,544 acres in three main claim groups in the southern half of Clayton Valley, Esmeralda County, Nevada; Adjacent to the only producing lithium operation in the United States (Albemarle’s Silver Peak lithium brine mine); An inferred mineral resource of 816,000 metric tonnes of Lithium Carbonate Equivalent (LCE), reported in accordance with NI 43-101; and Metallurgical and process studies underway to better understand the feasibility and economics of using modern environmentally-responsible processing technology to convert the CVS brines into high purity lithium products for new energy storage uses.”

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The company also just provided an update on various activities on its lithium projects in Clayton Valley, Nevada:

“As outlined below, the Pure Energy and Tenova Bateman Technologies (TBT) team have passed several fundamental milestones on the innovative process engineering work for the Clayton Valley South (CVS) lithium brine project. These are important steps towards the delivery of a Preliminary Economic Assessment (PEA), slated for the fourth quarter of this year.”

Among the key steps recently taken, Tenova Bateman Technologies (TBT) has concluded the CVS Project Mini-Pilot Plant trials at its facility in Katzrin, Israel; the Mini-Pilot Plant program encompassed successful vetting, preliminary optimization, and execution of the three stages of the TBT lithium process: the brine pretreatment (LiP™), solvent extraction (LiSX™), and electrolysis (LiEL™); the program culminated with the successful demonstration of crystallization of high-purity, battery-grade lithium hydroxide monohydrate from a synthetic electrolysis product liquor; and field crews and consultants have mobilized to the Cypress Project to commence a systematic sampling and mapping program.

Patrick Highsmith, Pure Energy Minerals CEO commented on the Company’s recent activity, “We are excited to see the TBT Mini-Pilot Plant wind down with such strong preliminary indications of success. The engineering reviews among our owner’s team and key independent service providers have resulted in a consensus opinion that we are on track in all the major categories of the process engineering work. It is important to highlight the near-seamless collaboration across this diverse team. It is uncommon to see a team focused consistently on results without regard to agenda or bias. We are receiving preliminary technical findings and incorporating them into preliminary design work and cost estimation that will form the foundation of our PEA.”

Now commanding a market cap of $47.1M, PEMIF has a decent store ($1.67M) of cash on the books, in a pool of total assets just under $4.5M, which stands against very little total accumulated debt.

The lithium space has been a huge focus as Tesla continues to expand demand and its scale of production. That makes any story in that space inherently interesting and we will keep a close eye on this one. For continuing coverage on shares of $PEMIF stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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