MILLENNIAL LITHIUM (OTCMKTS:MLNLF) Set To Make New Highs

In our last review of MILLENNIAL LITHIUM (OTCMKTS:MLNLF) we examined the positive outlook of the future demand for lithium resulting from the anticipated increased production of electric vehicles.It appears that the market is beginning to reflect the same view.

MLNLF stock has been trading on a strong upward move since October 2, 2017. The move started at $1.10, and has traded as high as $1.98 on October 18, 2017. The stock is currently trading at $1.85 with higher than average volume. Current market capitalization stands at $84.0 million, on 44.29 million shares outstanding as of October 24, 2017.For those readers not familiar with Millennial Lithium Corp., it is an emerging exploration and development company with a focus on quality lithium assets located in Argentina. Millennial controls over 25,000 hectares of prime land in the heart of the famed “Lithium triangle” – home to the world’s most prolific lithium riches.In Argentina, the Company is advancing on two prospectively low-cost, high-grade lithium projects. Both are located within an emerging mining district that is home several world-class lithium mines and in development deposits.On October 11, 2017, Millennial Lithium Corp announce that it completed the payment and executed the transfer deed to acquire the core mining properties for its flagship Pastos Grandes project. Under the terms of the Agreement, Millennial could acquire a 100% interest in the Project in consideration for agreed upon payments and share issuances to the vendor of $2.2 million USD, and issuing $1 million USD in common shares over the course of the first year after the project.Based on the results of their highly successful drilling and pumping tests campaigns, the Company elected to complete the purchase terms with the final payment and execution of the transfer deed, exercised effective October 5, 2017. Millennial Lithium President and CEO, Farhad Abasov comments:

"We are very pleased that our work to date has advanced our Pastos Grandes lithium brine project on schedule and to the level of confidence that has enabled us to complete the full acquisition of these critical core properties. Our work is on track to deliver on our next significant milestones.”

Millennial Lithium Corp. currently controls 4 lithium projects in Argentina: Pastos Grandes; Cauchari East, Pocitos West, and Cruz, all totaling more than 30,000 hectares.At Pastos Grandes, Millennial's flagship project, drilling is underway and analytical results from brine samples are pending. Core samples have been selected for drainable porosity or RBRC (Relative Brine Release Capacity) measurements and are currently being processed. Also, in preparation for Millennial's anticipated Preliminary Economic Assessment, the company has initiated environmental baseline studies.The Cauchari East Project now includes the Cauchari East Expansion Project and totals 11,742 ha on the eastern margin of the Cauchari Salar adjacent to Orocobre Olaroz-Cauchari production area and the Lithium Americas/SQM advanced-stage Cauchari-Olaroz Project. A VES survey, completed in the spring of 2017, indicates potential for lithium-bearing brines identified on the adjacent Lithium Americas ground to extend onto the Cauchari East license. Drill permits are in progress, with approval expected in Q4, 2017.The Pocitos West Project is being explored with partner Liberty One Lithium Corp. A recently completed Vertical Electrical Sounding (VES) survey indicated the potential extension of brine west of the Pocitos Salar on to the Pocitos West license area. Drilling is planned in Q4 2017.Analytical results for the Cruz project did not meet expectations, and Millennial has elected to not exercise the option. The Company has notified the tenement holders of the termination of the agreement.On the financial front, Millennial Lithium Corp. announced on September 26, 2017 that it closed its previously announced short form prospectus offering, including the full exercise of the over-allotment option, raising gross proceeds of $11.5 million for the Company through the issuance of 9,200,000 units of the Company at a price of $1.25 per Unit.Each Unit consists of one common share of the Company and one-half of one transferable common share purchase warrant. Each whole Warrant is exercisable into one share until September 26, 2019, at an exercise price of $1.50. The net proceeds of the Offering are expected to be used to fund ongoing development and exploration activities, and for general corporate purposes.The Company also recently announced that Kyle Stevenson resigned as the President of the Company but will remain a director. Replacing him will be the current Chief Executive Officer, Farhad Abasov.Once Millennial Lithium Corp. enters a revenue producing phase of its development, its stock price should continue to rise as it seeks to satisfy the anticipated demand for lithium. The savvy investor should keep MLNLF on the radar and consider taking a position for the long term.We will be updating our subscribers as soon as we know more. For the latest updates on MLNLF, sign up below!For the full story, check out our complete coverage on MLNLF.Image courtesy of Sydney Image Factory via FlickrDisclosure: We have no position in MLNLF and have not been compensated for this article.