Argentina Lithium & Energy Corp. is pleased to announce that it is expanding its portfolio of lithium exploration projects in Argentina’s world renown Lithium Triangle. The Company has entered into a letter of intent with a local vendor to acquire a 100% interest in the 2,370 hectare Rincon West and 15,857 hectare Pocitos properties located in the heart of the prolific lithium district in Salta Province.
¨These properties represent prime exploration assets with infrastructure close by and potential for discovery of high-grade lithium brines. Salta is a pro-mining jurisdiction and Argentina Lithium intends to fast-track drilling to evaluate and advance these well-located properties,” stated Nikolaos Cacos, President and C.E.O.
The two properties, separated by 38 kilometres, are located approximately 90 kilometres west of the town of San Antonio de los Cobres, the largest town in Argentina’s high plain, and approximately 250 kilometres west of the provincial capital city of Salta.
The Rincon West prospect is a single mining concession with an area of 2,370 hectares, located on the west side of the Rincon Salar. It is close to the railway, and just 17 kilometres south of Provincial Route 51, the international road that connects to Chile’s coastal ports. The InterAndes power corridor runs within one kilometre of the Rincon Salar. There are two significant lithium resource development projects on the salar, owned by Rincon Ltd. (www.rinconmining.com) and Argosy Minerals (www.argosyminerals.com.au) both of which have executed demonstration-scale production of lithium carbonate. [Argentina Lithium cautions that proximity to a discovery, mineral resource, or mining operation does not indicate that mineralization will occur on the Company’s property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario.]
The Pocitos prospect is a group of eleven contiguous mining concessions totalling 15,857 hectares, located on the western side of the Pocitos Salar. The Provincial Route 17 and the natural gas pipeline-fed industrial park at the settlement of Pocitos are located 17 km to the east. The rail line that crosses the middle of the Pocitos property joins Salta with the port of Antofagasta on the Chilean Pacific coast. The present surface expression of the Pocitos Salar is approximately 57 kilometres north-south, and between 6-9 kilometres east-west. The salt pan is almost completely flat with portions of the older salar surface covered by talus and alluvial fan. The property has seen modest lithium exploration in the past, including geophysics and surface sampling, with very limited drilling.
Option Agreement Details
Terms of the option include issuance of 750,000 shares in the Company to the vendor on signing plus $500,000 worth of shares over a 12-month period; and cash payments totaling US$4,200,000 over 36 months, but limited to only US$1,050,000 in the first 18 months, US$800,000 of which are firm commitments over the first year. The agreement is subject to a ten-day legal due diligence period from September 24, 2021, execution of a definitive option agreement and to TSX Venture Exchange approval.
The contents of this news release have been reviewed and approved by David Terry, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101.
About Argentina Lithium
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina, and advancing them towards production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina, and has assembled a first rate team of experts to acquire and advance the best lithium properties in the world renowned “Lithium Triangle”. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
Nikolaos Cacos, President, CEO and Director