The business of prospecting for lithium is still tiny compared to the worldwide oil exploration industry, but some companies are already buying up tracts of land that may contain motherlodes of the light white stuff.

The lithium exploration and development company Lithium X Energy has announced its acquisition of the CVL Lithium Property in Nevada’s Clayton Valley, right next to North America’s only current lithium-producing mine, and just a few hours’ drive south of Tesla’s Gigafactory.

The acquisition, for which Lithium X paid $350,000 plus 4,000,000 shares of its stock, makes the company the largest claims holder in Clayton Valley, with more than 15,020 acres.

Lithium X plans to test several potential lithium-bearing aquifers on the property. According to the company, the geological structure of the sediment-filled basin underlying the claims makes it a likely lithium lode – analysis of geological, geophysical and drill log data shows evidence of potential lithium-bearing aquifers.

Historic and present drilling programs around the Clayton Valley suggest great potential for the discovery of lithium-bearing brines. Other companies, including Albemarle and Pure Energy, are currently drilling in the immediate area.

Source: Lithium X Energy via Green Car Congress