Argentina Lithium Commences Drilling on the Eastern Extension of Rincon West Project
Argentina Lithium Commences Drilling on the Eastern Extension of
Rincon West Project
VANCOUVER, BC
,
Oct. 19, 2023
/CNW/ -
Argentina Lithium & Energy Corp.
(TSX-V: LIT) (FSE: OAY3) (OTC: PNXLF)
, ("Argentina
Lithium"
or the
"Company")
is pleased to announce that drilling has resumed at the Rincon West Lithium Project in
Salta Province
,
Argentina
. In
July 2023
, the Company received the environmental permit to begin exploring the contiguous Rinconcita II concession, representing the eastward
extension of the project over the salt flat. The Company subsequently completed 12 line-km of ground geophysical surveys on the property and
mobilized a diamond drill rig to site. The drill is currently executing the second hole of a six-hole exploration program.
"The Rinconcita II property extends our holdings eastwards over the salt flat and has not previously been explored. The new CSAMT
geophysics demonstrate that all parts of this block exhibit extremely low electrical resistivities at depth, consistent with the presence of brine-
saturated formations. The current drill program is intended to verify the presence and lithium grades of these brines, in order to incorporate
them into the resource model we are building for Rincon West."
stated
Miles Rideout
, V.P. of Exploration.
Nikolaos Cacos
, CEO of Argentina Lithium adds "The USD 90MM equivalent investment in our company by automotive giant Stellantis comes
with the mandate to accelerate exploration at our core projects, with the aim of advancing to the assessment of development potential as
quickly as possible. We anticipate increasing the scale and number of our exploration programs as permits are received for our projects. This
is a big undertaking, and we are now well financed to aggressively move forward with this work."
The 460.5 hectares Rinconcita II mining concession is contiguous to the Company's Rincon West Project, extending the project area eastwards
over the salt flat towards Rio Tinto's Rincon Project (see
Figure 1
). In
July 2023
, the Company completed 12 line-km of Controlled Source Audio-
frequency Magnetotelluric (CSAMT) geophysics surveys over the Rinconcita II property, demonstrating the presence of extremely conductive
strata (low resistivity) at less than 100 metres below surface, consistent with formations saturated with lithium-bearing brines. With these results
in-hand, the Company has engaged AGV Falcon Drilling SRL to drill-test the property to confirm the presence of enriched brines at depth. With
supervision from LIT's geological team, the brines will be sampled for laboratory analysis, and the core samples extracted during diamond drilling
will be tested to determine formation porosity and Relative Brine Recovery. The Company anticipates five diamond drill holes to be followed by
one rotary drill well for pump testing during this campaign. The Company completed the first hole of this campaign during
September 2023
, and
has now begun drilling the second exploration hole.
Figure 1
shows completed drill holes in red, and the current drill platform is shown in blue. The
northern
Paso de Sico
concession block is currently undrilled and is undergoing permitting required for exploration geophysics and drilling.
The results of the successful drill program on the initial Villanoveño II block were announced previously (see News Releases dated
July 13, 2022
,
October 3, 2022
,
October 25, 2022
,
January 26, 2023
,
April 24, 2023
and
May 31, 2023
), with highlights summarized in Table 1.
Table 1: Summary of key results from initial Villanoveño II drill program at Rincon West
East
North
Elevation
Sample interval
(m)
Lithium
News release
UTM Zone19S WGS84
(m)
From
To
Thickness
Range
(mg/litre)
date
RW-DDH-001
3747
73.3
156
82.7
241 to 380
13 July, 2022
681437E
7339184N
RW-DDH-002
3761
182
305
123
337 to 367
3 Oct., 2022
682198E
7337700N
RW-DDH-003
3799
299
353
54
152
25 Oct., 2022
682231E
7335900N
RW-DDH-004
3744
95
227
132
334 to 393
25 Oct., 2022
682086E
7338774N
RW-DDH-005
3808
194
260
66
168 to 209
26 Jan., 2023
680426E
7336767N
RW-DDH-006
3764
167
320
153
329 to 393
26 Jan., 2023
681291E
7338205N
RW-DDH-007
3775
143
321
178
241 to 340
23 Apr., 2023
681453E
7337379N
-30 m of interval not sampled
RW-DDH-008
3781
140
212
72
228 to 355
23 Apr., 2023
680688E
7337736N
-27 m of interval not sampled
RW-DDH-009
3771
83
341
258
287 to 402
31 May, 2023
680579E
7339278N
-2 lengths (33 and 44 m)
of
interval not sampled
*All drilling was inclined vertically; the brine hosting strata are believed to be flat lying, resulting in reported intervals approximating true
thickness.
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 9001:2008 certified laboratory, with ISO 17025:2005 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 sequence.
Rincon West Project
The following summarizes the properties held within the Rincon West Project. Villanoveño II and Demasia Villanoveño II, totaling 2491 hectares,
are held under an option whereby the Company can earn a 100% interest, as described in the Company's
September 28, 2021
News Release
.
Argentina Lithium has also purchased the 460.5 hectare Rinconcita II property, adjacent to Villanoveño II (see
August 25, 2022
News Release
).
The Company entered into an option agreement to earn a 100% interest in four contiguous mine concessions, the "Paso de Sico" option, totalling
791.3 hectares in the northern part of the Salar de Rincon (see
October 6, 2022
News Release
).
Qualified Person
Frits Reidel
, CPG is a Qualified Person as defined in National Instrument 43-101, and the Principal of Atacama Water, 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. 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 may contain forward-looking statements. 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
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. Factors that could cause actual results or
events to differ materially from current expectations include, among other things: the impact of COVID-19; 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; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations.
Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's
public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no
obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. 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.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/argentina-lithium-commences-drilling-on-the-eastern-extension-of-rincon-west-project-301961613.html
SOURCE
Argentina Lithium & Energy Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2023/19/c1497.html
%SEDAR: 00019719E
For further information:
Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email: [email protected]
CO: Argentina Lithium & Energy Corp.
CNW 07:00e 19-OCT-23