The level reached on the announced abnormal Lithium mineralization was too high for Lithium Corporation (OTC:LTUM) stock and since then it is climbing down. The sampling results are still unconfirmed by SEC filings and yesterday LTUM lost another 14.76% in value. 
LTUM closed the last session at $0.485, still in the higher trading range. The share price climbed up a couple of hours after market open on the latest PR of the company. Lithium Corporation announced that it has received approval for its permit application to drill its other Lithium property known as The Salt Wells Property. Previously, LTUM had said that the discovered lithium enriched brine mineralization up to 38 mg/L.
Just like the announced at end of April Lithium discovery at LTUM Fish Lake Valley prospect that sent the share price flying, these new results remain also still unconfirmed as SEC filings related to these announcements are still missing. The higher trading volume of 2.96 million shares as compared to Friday session maybe signaled yesterday that it was too early to put a market cap of over $90 million on a company that is yet to prove economically viable Lithium reserves at its properties.
Dilution is an issue as well as Lithium Corporation intends to raise capital through a private placement of its common stock. Further, LTUM still has to compete for capital with other mining companies with much stronger technical and operational resources.
On the other hand, positive is that the mining lease purchase agreement for the Fish Lake Valley property will no longer dilute LTUM shareholders. Under the agreement, the company had to issue shares of its common stock worth $350,000 to the former owners, the 8th and last such payment was made around the end of March 2011.
