Argentina Lithium Announces Receipt of Drill Permit for the Paso de Sico Property at its Rincon West Lithium Project
Argentina Lithium Announces Receipt of Drill Permit for the Paso de Sico
Property at its Rincon West Lithium Project
TSX Venture Exchange (TSX-V):
LIT
Frankfurt Stock Exchange (FSE):
OAY3
OTCQX Venture Market:
LILIF
VANCOUVER, BC
,
Oct. 31, 2024
/CNW/ -
Argentina Lithium & Energy Corp.
(TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF)
, ("Argentina Lithium" or the
"Company")
announces that it has received the exploration permit for the Paso de Sico mining concession, part of the Rincon West Project located adjacent to
Rio Tinto's Rincon Project in
Salta Province
,
Argentina
. The two-year permit is issued by the provincial Secretariat of Mines and Energy for exploration work
including diamond and rotary drilling. The Company intends to mobilize a diamond drill shortly to begin a six-hole exploration program to evaluate the potential for
lithium brines within the property.
Nikolaos Cacos
, President and CEO, stated
"The grant of the drilling permit is a long awaited step which allows us to advance the Rincon West project
evaluation. Recent drilling on our West Block properties has successfully identified extensive host formations saturated with lithium-rich brines. We intend to
execute a similar programme on this northern block, which is currently undrilled. We have also identified Paso de Sico as the likely site of any potential future
processing plant and related extraction facilities for the project due to its very favorable setting. The Paso de Sico property is adjacent to major provincial and
national highways and is crossed by a new 345 kW power corridor."
Including the planned program at Paso de Sico, approximately 8000 metres of drilling are planned throughout the Rincon West project over the next 18 months to
complete brine resource, water resource and related drilling. This work continues to be funded by the prepaid drilling contract established in 2023 for up to
15,500-metres of drilling (see the latest
Financial Statements
for details).
The Paso de Sico property is a contiguous assemblage of four mining concessions totalling 791.3 hectares located at the northern edge of the Salar de Rincon
(see
Figure 1
). The property is located 50 km northwest of the village of Olacapato, where the Company maintains an operational base.
In the
October 6, 2022
News Release
, the Company announced the acquisition of the Paso de Sico option, an agreement with a local vendor to earn a 100%
interest in the properties. Terms of the Paso de Sico option agreement include cash payments totalling
US$1
.5MM paid over two years and a total of
US$2
.3MM
of exploration and development expenditures over a three-year period beginning at the grant of the exploration permit. Currently there is one payment of
US$400,000
remaining. The option agreement grants a 3% NSR to the Vendor, which can be purchased by the Company for an additional
US$1
.5MM.
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
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 70,000 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 exploration activities; the
possibility that future exploration. 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:
For further information, please contact: Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email:
CO: Argentina Lithium & Energy Corp.
CNW 07:00e 31-OCT-24