Argentina Lithium Announces Positive Lithium Values in the 12th Exploration Well at the Rincon West Project
Argentina Lithium Announces Positive Lithium Values in the 12th
Exploration Well at the Rincon West Project
TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FSE):
OAY3
OTCQX Venture Market:
LILIF
VANCOUVER, BC
,
April 24, 2024
/CNW/ -
Argentina Lithium & Energy Corp.
(TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF)
, ("Argentina Lithium" or the
"Company")
reports positive results from the twelfth exploration hole at its Rincon West Project in
Salta Province
,
Argentina
. Brine samples collected over a 165
metre interval of RW-DDH-012 ranged from 322 to 371 mg/l lithium.
"Our ongoing drilling continues to evaluate the Rinconcita II concession that extends from our original claims, eastwards over the salt flat towards the
neighboring Rio Tinto concessions. Our twelfth hole demonstrates a long interval of impressive lithium values in porous host lithologies. Thus far, our drilling at
Rincon West demonstrates a continuous aquifer of concentrated lithium brines over an extensive basin."
stated
Miles Rideout
, V.P. of Exploration.
The results including sampling method, the sample interval data, and the brine analyses for RW-DDH-012 are shown in Table 1. Drill collar information is
presented in Table 2. An extensive selection of core samples has been sent to an independent laboratory for brine recovery testing; results are pending.
The Rincon West Project covers 5198.8 hectares of the salar basin, consisting of three property blocks adjacent to Rio Tinto's Rincon Project. Drill hole RW-DDH-
012 represents the third exploration hole of the 6-hole program planned for the Rinconcita II property, announced in the Company's
October 19, 2023
News
Release. The Company is currently completing the access to the next drill platform (RW-DDH-013), representing a further 1000 m step towards the northeast
corner of the property block.
Figure 1
presents a map of the western (main) block of the Rincon West project showing the positions of the twelve completed exploration holes (see News
Releases dated
July 13, 2022
,
October 3, 2022
,
October 25, 2022
,
January 26, 2023
,
April 24, 2023
,
May 31, 2023
and
January 22, 2024
). The drill locations
are overlain on the conductive zones (shaded yellow) delineated by two geophysics campaigns (see News Releases dated
May 2, 2022
and
October 19, 2023
).
Table 1: Interval data and results of brine analyses for lithium, potassium, and magnesium
for drill hole RW-DDH-01
2*
Sample Interval
(m)
Sample
Method
Li
K
Mg
Density
From
To
Thickness
(mg/litre)
(g/ml)
RW-DDH-012
48.5
51.5
3.0
Single packer
337
6284
3062
1.201
54.5
57.5
3.0
Single packer
345
6667
3116
1.204
60.5
63.5
3.0
Single packer
355
6884
3143
1.207
66.5
69.5
3.0
Single packer
365
7230
3169
1.212
78.5
81.5
3.0
Single packer
363
7210
3208
1.216
96.5
99.5
3.0
Single packer
329
7087
2764
1.218
102.5
105.5
3.0
Single packer
339
7262
2867
1.218
108.5
111.5
3.0
Single packer
356
7483
3034
1.216
120.5
123.5
3.0
Single packer
347
7202
2971
1.215
126.5
129.5
3.0
Single packer
366
7260
3184
1.212
132.5
135.5
3.0
Single packer
352
7152
3067
1.213
138.5
141.5
3.0
Single packer
371
7451
3298
1.214
144.5
147.5
3.0
Single packer
356
7192
3157
1.216
156.5
159.5
3.0
Single packer
345
7054
3091
1.219
162.5
165.5
3.0
Single packer
335
6858
2998
1.219
168.5
171.5
3.0
Single packer
315
6679
2827
1.22
174.5
177.5
3.0
Single packer
324
6696
2893
1.219
180.5
183.5
3.0
Single packer
327
6694
2914
1.218
186.5
189.5
3.0
Single packer
323
6685
2874
1.217
192.5
195.5
3.0
Single packer
324
6744
2897
1.218
198.5
201.5
3.0
Single packer
324
6718
2860
1.217
204.5
207.5
3.0
Single packer
322
6697
2827
1.217
210.5
213.5
3.0
Single packer
324
6717
2834
1.217
*The drill hole was inclined vertically; the brine hosting strata are believed to be flat lying resulting in reported intervals approximating true thickness.
Drilling Methodology
RW-DDH-012 was executed with HQ-diameter diamond drilling, permitting the extraction of core samples of the salar basin formations and the recovery of brine
samples where possible.
Drilling was carried out by Salta-based AGV Falcon Drilling SRL, under the supervision of Argentina Lithium's geologists.
Table 2: Collar and maximum depth information for RW-DDH-012
Hole ID
East
North
Elevation
Azimuth
Dip
Depth
UTM Zone 19S (WGS84)
(m)
(deg.)
(deg.)
(m)
RW-DDH-012
684144
7337989
3722
n/a
90
339.0
LIT's preferred method for brine sampling deploys a 'single packer' sampling unit during drilling. The packer sampling method allows the recovery of brine samples
at specific depths while sealing the hole at the top and bottom of the interval. For single packer sampling, an inflatable seal closes the top of the interval; the lower
limit of drilling represents the bottom of the interval.
Geophysical profiling and lining the hole with 2" diameter PVC filters have been completed. All core samples recovered in drilling were retained for geologic
logging.
Observations regarding
RW-DDH-012
RW-DDH-012 extends drilling eastwards from previous holes over the Rincon salt flat. The hole was completed to
339.5 m
depth and a total 23 brine samples
extracted using the single packer method were submitted for analysis.
Samples collected between
48.5 m
depth and
213.5 m
depth (the deepest sample) ranged from 322 to 371 mg/l lithium. Over this 165 m interval, 23 single
packer brine samples were collected from discrete
3 m
intervals, totalling
69.0 m
of sampling, which represents 41.8% of the total interval.
From surface to
20 m
depth, gravels with a sandy-clayey matrix were drilled. Dacite was recovered from 20.0 to
22.9 m
, whereupon the drill crossed coarse
gray-brown sand, to
52.3 m
. Fine black sands were then sampled to
106.5 m
depth, followed by reddish clayey sand to
122 m
. The drill sampled fine black sands
to 129.5, followed by coarse red sand to
135.5 m
, then medium brown sand to
144.5 m
. Breccia with grey sandy matrix was crossed to 151.0, with clasts of
andesite and other compositions. Fine reddish and gray sands were then drilled to
177.4 m
, where sulphates were encountered, extending to
178.2 m
. Brown,
medium-grained sand was then drilled to 180.5, followed by breccia to
185.5 m
. Between
185.5 m
and
201.4 m
, the drill sampled andesitic porphyry with veinlets.
From 201.4 to
339.5 m
, the drill sampled a sequence of volcanic units (porphyries, breccias and ignimbrites, among others) characterised by the presence of
fractures and carbonate or quartz veinlets. Brine sampling in these relatively competent basement units proved unproductive below the initial weathered zone.
Analyses and QA/QC
Samples of brine were submitted for analysis to Alex Stewart International Argentina S.A. ("Alex Stewart"), the local subsidiary of Alex Stewart International, an
ISO 9001:2017 certified laboratory, with ISO 17025:2017 certification for the analysis of lithium, potassium and other elements.
Alex Stewart
employed
Inductively Coupled Plasma Optical Emission Spectrometry ("ICP-OES") as the analytical technique for the primary constituents of interest, including boron,
calcium, potassium, lithium, and magnesium. Measurements in the field included pH, electrical conductivity, temperature and density.
The quality of sample analytical results was controlled and assessed with a protocol of blank, duplicate and reference standard samples included within the
sample sequences. For hole RW-DDH-012 the lot contained one blank and two duplicate samples, which all reported within the acceptable range. Single low-
grade, medium-grade and high-grade reference standard samples (3 standards in total) were included within the submitted sample suite. The low-grade reference
standard analysed higher than 3 standard deviations (SD) of best value, with 8.6 relative percent difference (RPD); the medium-grade reference standard
analysed below 3 SD of best value, with 4.9 RPD; the high-grade reference standard analysed below 3 SD of the best value; with 2.9 RPD.
Qualified Person
Frits Reidel
, CPG is a Qualified Person as defined in National Instrument 43-101, is the Principal of Atacama Water Consultants, and is independent of Argentina
Lithium. Mr. Reidel has reviewed the work carried out by the Company's exploration team at the early-stage Rincon West property. The disclosure in this news
release has been reviewed and approved by Mr. Reidel.
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 Company's
recent strategic investment
by Peugeot Citroen Argentina S.A., a subsidiary of Stellantis N.V.,
one of the world's leading automakers, places Argentina Lithium in a unique position to explore, develop and advance its four key projects covering over 67,000
hectares in the Lithium Triangle of
Argentina
. Management has a long history of success in the resource sector of
Argentina
and has assembled some of the most
prospective 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"
_______________________________
Nikolaos Cacos
, President, CEO and Director
www.argentinalithium.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This news release contains forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "anticipate",
"will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements address future events
and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or
developments management of the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the
Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the
Company; and future exploration and operating plans are forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those
discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on, the Company. Accordingly, readers should not place undue reliance on the forward-looking statements. Factors
that could cause actual results or events to differ materially from current expectations include, among other things: risks and uncertainties related to the ability
to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; the possibility
that future exploration, development or mining results will not be consistent with the Company's expectations; the state of financial markets in
Canada
and other
jurisdictions; the Company's ability to meet its working capital needs; fluctuations in metal prices; operations in foreign countries and the compliance with
foreign laws; environmental regulations or hazards and compliance with regulations associated with mining activities; climate change and climate change
regulations; fluctuations in foreign currency exchange rates; failure to obtain or delays in obtaining necessary governmental and regulatory approvals; labour
disputes and other risks generally in the mining industry. There may be other factors that cause results or events to not be as anticipated. Actual results may
differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's Management's Discussion and
Analysis for a more detailed discussion of factors that may impact expected future results. The forward-looking statements contained in this press release are
made as of the date hereof or the dates specifically referenced in this press release, where applicable. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, unless required pursuant to applicable laws. All forward-looking statements contained in this press release
are expressly qualified by this cautionary statement.
We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned
that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
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For further information:
please contact: Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email: [email protected],
CO: Argentina Lithium & Energy Corp.
CNW 07:00e 24-APR-24