Argentina Lithium Expands Land Position at Salar de Antofalla
Argentina Lithium Expands Land Position at Salar de
Antofalla
TSX Venture Exchange (TSX-V):
LIT
Frankfurt Stock Exchange (FSE):
OAY3
OTCQB Venture Market (OTC):
PNXLF
VANCOUVER, BC
,
April 11, 2022
/CNW/ -
Argentina Lithium & Energy Corp.
(TSXV: LIT) (FSE: OAY3) (OTC:
PNXLF)
("Argentina Lithium" or the "Company")
is pleased to announce that it has entered into an option agreement
with a local vendor to earn a 100% interest in three granted mine concession properties totalling 5411 hectares in the
Salar de Antofalla in Catamarca Province,
Argentina
(the "Option").
Argentina Lithium's Antofalla North project includes both 100% held and optioned properties (see News Release dated
August 4, 2021
). With this new Option the Company now controls 14,987 hectares of mining leases in the salar,
distributed between the adjacent provinces of Salta and Catamarca.
"Our team has identified the Antofalla Salar as one of the most prospective undeveloped lithium brine basins in
Argentina
, and we are aggressively consolidating our land position in Antofalla North. With these new acquisitions,
Argentina Lithium's properties extend from a half kilometre north of Albemarle concessions, towards the north for
approximately 27 kilometres. We have begun the permitting process, in order to explore this salt flat with advanced
geophysical imaging and drill testing,"
stated
Nikolaos Cacos
, President and C.E.O.
Located in the famed Lithium Triangle, the geological environment at the Salar de Antofalla is similar to other salars in the
region where lithium and potash are found, and the project is located approximately 25 km west of
Argentina's
largest
lithium producing operation at Salar de Hombre Muerto. The Salar de Antofalla is over 130 km long and varies between 5
km and 10 km in width, with reported basin depths exceeding
500 m
.
The southern boundary of the Antofalla North project is situated approximately 500 metres north of properties controlled
by global lithium producer Albemarle Inc. Albemarle has stated that it believes the lithium resource on its property has
potential to rank amongst the largest in
Argentina
1
.
[Investors are cautioned that this information is taken from the
publicly available sources, has not been independently verified by the Company and it is not known if this resource
conforms to the standards of NI 43-101. Furthermore, proximity to a discovery, mine, or mineral resource, does not
indicate that mineralization will occur at the Company's Project, and if mineralization does occur, that it will occur in
sufficient quantity or grade that would result in an economic extraction scenario.]
There has been no significant historical exploration work on the new optioned properties. The Option provides the
Company with coverage to protect its mineral rights in the area of the provincial boundary between Salta and Catamarca
and extend its holdings 4.6 km southwards to within 500 metres of Albemarle Corporation's property boundary; a portion
of the northern part of the optioned properties may overlap a third party concession in the provincial boundary area.
Option Agreement Details
Terms of the option include cash payments totaling
US$2,800,000
over four years, including mandatory commitments
totalling
US$180,000
in the first twelve months. The option also includes annual exploration expenditure commitments of
$500,000
in year one, followed by
$1.5M
in year two,
$2.0M
in year 3 and
$3.0M
in year 4. The vendor retains a 2%
Net Smelter Royalty ("NSR") which can be repurchased for
US$3M
.
Qualified Person
David Terry
, Ph.D., P.Geo. is the Company's Qualified Person as defined in National Instrument 43-101. The contents of
this news release have been reviewed and approved by Dr. Terry.
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 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
,
,
,
Google+
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.
_____________________________
1
https://www.albemarle.com/news/albemarle-signs-agreement-for-exclusive-exploration-and-acquisition-rights-to-lithium-resource-in-argentina
. Accessed 04/22
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For further information:
Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email:
CO: Argentina Lithium & Energy Corp.
CNW 07:00e 11-APR-22