Heads of Terms with IGas to Jointly Develop Commercial Geothermal Heat Projects  

Cornish Lithium Ltd, the innovative mineral exploration and development company based in Cornwall, UK, is pleased to announce that it has agreed a Heads of Terms with IGas Energy plc (AIM: IGAS)(“IGas”), a British energy company and the parent company of geothermal heat developer GT Energy UK Ltd, to work together to evaluate suitable sites where geothermal heat can be developed on a commercial basis.

Cornish Lithium has secured extensive land and mineral rights agreements in the South West of England and has developed 3D models of the sub-surface geology and mineral potential of the region utilising historic records combined with data from modern sources such as satellite imagery, geophysical data and drone mapping.

Cornish Lithium will work with IGas to develop shallow geothermal projects in Cornwall that can supply renewable heat to industrial end users and will also evaluate the potential to extract lithium from the geothermal waters. IGas will bring its experience of well design, drilling and operational management to the projects.

A technical and commercial evaluation of a number of potential project locations is underway, which should result in an initial project location being identified. IGas and Cornish Lithium will then jointly develop the initial project location as a pilot scheme.

Jeremy Wrathall, Founder and CEO of Cornish Lithium, said:

“We are excited to be working with the team at IGas. The combination of our understanding of Cornwall’s geology and IGas’s understanding of geothermal heat projects will be mutually beneficial to both companies.

“This represents a significant opportunity to accelerate the development of shallow geothermal heat projects in Cornwall that can help decarbonise local businesses.”

Stephen Bowler, IGas Chief Executive, commented:

“This collaboration with Cornish Lithium is another important step in our drive to diversify and leverage our operational expertise.”

“This complements the ongoing work on hydrogen production and carbon storage and further augments our geothermal business.”