LIT.V · 2023-05-31 12:00:00

Argentina Lithium Completes Initial Drill Campaign at Rincon West, Announces Positive Results from Ninth Exploration Well

Exploration Programs

Argentina Lithium Completes Initial Drill Campaign at Rincon West,

Announces Positive Results from Ninth Exploration Well

TSX Venture Exchange (TSX-V):

LIT

Frankfurt Stock Exchange (FSE):

OAY3

OTCQB Venture Market (OTC):

PNXLF

VANCOUVER, BC

May 31, 2023

/CNW/ -

Argentina Lithium & Energy Corp.

(TSXV: LIT) (FSE: OAY3) (OTC: PNXLF),

("Argentina Lithium" or the

"Company")

reports the completion of the ninth exploration hole at its Rincon West Project in

Salta Province

Argentina

, returning a

258 m

interval ranging from

287 to 402 mg/l lithium

. Two portions of this interval were not sampled, one length of

42 m

and a second length of

33 m

"Our ninth exploration hole has returned the highest peak lithium value and longest concentrated brine interval reported to date on the Rincon West project.

This rich brine zone remains open to the north, clearly demonstrating the requirement to expand drilling in this direction in a future campaign. These nine holes

have overall produced the results we anticipated when we began exploration a year ago, demonstrating that the concentrated brines from the neighboring salt

flat extend through the western basin."

stated

Miles Rideout

, V.P. of Exploration.

Nikolaos Cacos

, CEO of Argentina Lithium added

"Thus far, the Rincon West project has been a great success. We acquired our initial property at Salar de

Rincon only 20 months ago. We have since added two new property blocks on the salar. With the initial drilling completed on the Villanoveño II block, our team

is now working with external consultants to assess all of the data collected and to build a 3D model to support future resource estimation. Additionally, our drill

contractor is scheduled to begin drilling five holes on the adjacent Rinconcita II block shortly, which should wrap up near the end of this year. We will then

move our exploration focus to the Company's third property in the Rincon Salar, the Paso de Sico block further north. Recent developments have shown the

Rincon Salar to be one of the standout basins in the Lithium Triangle, with two neighboring projects now entering production."

The results of the brine analyses, type of sample collected, and the respective intervals from which the brine was recovered are shown in Table 1. Drill collar

information is presented in Table 2.

Table 3 presents a brief summary of the results of the initial nine-hole drill program executed over the Villanoveño II block at Rincon West over the last 12 months.

The Rincon West Project is located west and north of Rio Tinto's adjacent Rincon Project, and covers 3742.8 hectares of the salar basin.

Figure 1

presents a

map of the Rincon West property showing the positions of all nine completed exploration holes (see News Releases dated

July 13, 2022

October 3, 2022

October 25, 2022

January 26, 2023

and

April 24, 2023

). The map in Figure 1 displays the drill locations overlaid on the conductive zones delineated with TEM

geophysics (see

May 2, 2022

News Release

; Note: the easternmost property extension, the Rinconcita II block, was acquired after the completion of the TEM

survey and therefore shows no geophysics results).

Table 1: Interval data and results of brines analyses for lithium, potassium,

and magnesium

for drill hole RW-DDH-009

Sample interval

(m)

Sample

Method

Density

From

Thickness

(mg/litre)

(g/ml)

RW-DDH-009

Single packer

<10

<20

<10

1.001

Single packer

554

305

1.019

Single packer

287

5256

2588

1.165

107

Single packer

323

6066

2857

1.183

107

119

Single packer

339

6390

2988

1.189

119

131

Single packer

304

5783

2685

1.172

173

194

Single packer

386

7116

3636

1.211

194

218

Single packer

375

6971

3439

1.204

218

242

Single packer

384

7376

3350

1.206

242

266

Single packer

402

7711

3495

1.215

299

341

Single packer

331

6292

2905

1.18

Double packer

295

167

1.009

The drill hole was inclined vertically; the brine hosting strata are believed to be flat lying resulting in reported intervals approximating true thickness.

Technical Details

RW-DDH-009 was executed with diamond drilling (HQ-diameter), permitting the extraction of core samples of the salar basin formations and recovery of brine

samples where possible. Drilling was executed

between February 28 and March 23, 2023

stopping at 341.0 metres depth in altered volcanics. Geophysical

profiling and lining the hole with 2" diameter PVC filters and tubing were completed on

March 28, 2023

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-009

Hole ID

East

North

Elevation

Azimuth

Dip

Depth

UTM Zone 19S (WGS84)

(m)

(deg.)

(m)

RW-DDH-009

680579

7339278

3771

n/a

341.0

Argentina Lithium'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. In certain instances, double packer sampling is conducted following the completion of

drilling. In this case, inflatable seals are employed to close both the top and bottom of the sample interval. The maximum span of double packer sampling is limited

to less than

4 m

by the height of the drill mast and other equipment limitations.

Observations regarding RW-DDH-009

RW-DDH-009 extends drilling northwards from previous holes. From near surface to

39 m

depth, gravel and sand units were crossed, with rock clasts observed in

the sandy sediments below

24 m

depth. Sandy beds, and also minor gravel laminations were observed from

39 m

59 m

. Below this followed

2 m

of silt and

then

2 m

of black sands. Medium-to-fine gravels were tested between

63 m

and

110 m

depths, followed by ignimbrites to

155 m

. From

155 m

238 m

, a

medium to coarse breccia was tested containing ignimbrite clasts. This unit exhibited fracturing and alteration at several levels. Ignimbrite, certain levels with

fracturing, were tested between

238 m

and

266 m

depths, followed by a

2 m

thick altered fault zone. An auto breccia of ignimbrite containing igneous clasts was

logged to

316 m

. Copper oxide streaks were observed within this unit at

289.6 m

. Volcanic units with increased fracturing, and also fracture filled with a green

mineral, were recovered from

316 m

to the bottom of the hole at

341 m

All core samples recovered in drilling were retained for geologic logging. An extensive selection of samples has been sent for brine recovery testing at an

independent laboratory. This analysis remains pending.

Table 3: Summary of key results from initial Villanoveño II drill program

East

North

Elevation

Sample interval

(m)

Lithium

News release

UTM Zone19S WGS84

(m)

From

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

152

25 Oct., 2022

682231E

7335900N

RW-DDH-004

3744

227

132

334 to 393

25 Oct., 2022

682086E

7338774N

RW-DDH-005

3808

194

260

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

228 to 355

23 Apr., 2023

680688E

7337736N

-27 m of interval not sampled

RW-DDH-009

3771

341

258

287 to 402

Current

680579E

7339278N

-2 lengths (33 and 44 m)

release

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. For the

hole RW-DDH-009, one blank and one duplicate sample reported within the acceptable range. A single medium-grade and a single high-grade reference standard

sample were included within the submitted sample suite. The medium-grade reference standard analyses within 2 standard deviations (SD) with less than 0.25

relative percent difference (RPD); the high-grade reference standard returned less than 3 SD of the best value; with low RPD (2.90).

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

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 toward 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 "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.

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SOURCE

Argentina Lithium & Energy Corp.

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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 31-MAY-23

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