Vancouver-based Argentina Lithium and Energy has entered into two option agreements with local vendors to earn into two new mining concessions on salars in north-western Argentina.
The Don Fermin property adds 1 456 ha to the company’s holdings at Salar de Rincon, bringing the total Rincon West project area to 5 198.8 ha.
The Lexi-30 property option adds 789 ha to the company’s Antofalla North project, increasing the holdings controlled by the company to 16 619.5 ha.
"We continue to emphasise accretion of prospective resource properties to our first-tier projects at Rincon and Antofalla North. These new areas will be incorporated into our exploration programmes, and we are planning to deploy advanced geophysics to confirm the presence of brine aquifers followed by drilling and pump tests to evaluate their potential for hosting lithium in brines.
“Our financing agreement with Stellantis, announced on September 27, places us in a strong position to acquire and fully explore highly prospective salar properties as they come available,” said CEO Nikolaos Cacos.
To acquire the properties. Argentina Lithium will make cash payments totalling $2.75-million over 18 months, including an initial nonreimbursable payment of $250 000. The vendor retains a 1.5% net smelter royalty, which can be repurchased for $4-million.