Tearlach Resources Ltd. [TEA-TSXV, TELHF-OTC, V44 Frankfurt] said Charles Ross has been named interim CEO of the company. David Flint, who has been named President of Tearlach’s Pan Am Lithium (Nevada) Corp subsidiary, has also joined the company’s board of directors.
In the new role, Flint will lead Pan Am Lithium’s exploration in Nevada, after he previously led exploration at the Tonopah North lithium project (also known as Gabriel), Tearlach said in a press release.
Ross is stepping into the CEO role as a temporary replacement for former President and CEO Morgan Lekstrom, who has resigned for personal reasons, but who will continue as a director of Pan Am Lithium (Nevada).
Ross has more than 30 years of experience in the international resource sector, much of it focused on project and financial management. He has served as a director, president and chief financial officer at numerous public resource companies and has extensive experience in corporate finance and public company administration.
Flint previously spent 20 years at Freeport-McMoran Inc. [FCX-NYSE] in roles that included project geologist for the discovery, exploration, development and early production of the Grasberg deposit in Indonesia.
Tearlach shares advanced on the news, rising 4.6% to 22.5 cents on Friday after trading in a 52-week range of $2.55 and 14 cents.
Tearlach is taking a multi-pronged approach to positioning itself as leading explorer and developer of lithium properties in North America. Tearlach’s portfolio includes assets in a developing lithium hub in northwestern Ontario. The portfolio includes Final Frontier, Georgina Stairs and New Frontier projects.
Tearlach recently began drilling on the Tonopah North lithium project (also known as Gabriel), which is situated in West Central Nevada along the Tonopah lithium belt bordering American Lithium Corp.’s [LI-TSXV, AMLM-OTCQB, 5LA1-Frankfurt] TLC Deposit. Previous exploration at Gabriel shows similarities to the TLC project, which currently hosts 3.35 million tonnes of lithium carbonate equivalent (LCE) in the measured resource category. On top of that is 2.02 million tonnes of LCE (indicated) and 1.76 million tonnes LCE (inferred).
Tearlach shares rallied recently after the company said it has staked more ground in the Georgia Lake area, adjacent to its Georgina Stairs project in northwestern Ontario.
The company said the new property, Georgina East, consists of 500 cell claims and is located near Jellicoe and Beardmore. The claim block has an area of 10,580 hectares and measures approximately 17 kilometres by 10 kilometres.
“Not only is this project underexplored, but it also provides a potential discovery value add for mere staking costs,’’ Lekstrom said.