Argentina Lithium Reports it has Exercised Option Agreements on Nearly 25,400 Hectares of Highly Prospective Lithium Properties at its Rincon West, Pocitos and Antofalla North Projects
Argentina Lithium Reports it has Exercised Option Agreements on Nearly
25,400 Hectares of Highly Prospective Lithium Properties at its Rincon
West, Pocitos and Antofalla North Projects
TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FSE):
OAY3
OTCQX Venture Market:
LILIF
VANCOUVER, BC
,
Sept. 5, 2024
/CNW/ -
Argentina Lithium & Energy Corp.
(TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF)
, ("Argentina Lithium" or the
"Company")
announces that over the past ten months it has fully exercised three option agreements for 100% interest in, subject to production royalties, 22
optioned properties totalling 25,391 hectares at the Company's Rincon West, Pocitos and Antofalla North Projects.
¨Following the receipt of the investment from Stellantis, we deployed the funds to secure a large portion of our most prospective optioned properties, where we
have advanced drilling and geophysics throughout 2024.These acquisitions secure large land packages where our reconnaissance work has validated initial
exploration hypotheses."
stated
Nikolaos Cacos
, President and CEO.
Details of Exercised Property Options
The Argentina Lithium news release on
August 4, 2021
announced the option to acquire 100% ownership of three mining concessions totaling 5,380.5 hectares at
the Antofalla Salar in
Salta Province
from a group of local vendors (
refer to
Map 1
). The agreed terms stipulated
US$ 4,000,000
in payments spaced over 42
months, plus an exploration investment commitment.
In
November 2023
, the Company exercised the option by advancing
US$ 3,200,000
to complete the remaining payments. At the time of the final exercise
payment, the parties agreed that outstanding exploration investment commitments would be waived. A 2% net smelter royalty remains payable to the local
vendors from the time the property enters production.
The Argentina Lithium news releases dated
September 28
,
October 14, 2021
and
March 16, 2022
announced the option agreement with a local vendor to acquire
100% ownership of multiple mining concessions in
Salta Province
including: eleven contiguous properties at Pocitos Salar (Pocitos 200-209 & 211, totalling
15,857.5 ha), and at Rincon Salar, the Villanoveño II property (2370.5 ha) and other properties advancing through the mining claim process including Demasia
Villanoveño II (20.5 ha) (
refer to
Map 2
and
Map 3
). The total contracted value of the option was
US$ 4,200,000
and CA$ 700,000 in
Argentina
Lithium shares,
payable to the vendors over 36 months.
This option was exercised by the Company in
November 2023
, by advancing the remaining payment of
US$ 2,900,000
to complete the terms of the option
agreement, thereby earning 100% title and with no royalties pending to the vendors.
The Argentina Lithium news release on
January 10, 2022
announced the option of five mining concession totalling 1,762 hectares at the Pocitos Salar in Salta
province (the "Ramos Properties") (
refer to
Map 3
). The option terms stipulated
US$ 700,000
in payments to the vendors, spaced over two years.
The Company completed the final
US$ 550,000
payment per schedule in January, 2024, thereby satisfying the agreement terms to earn 100% title to the
properties. A 1% net smelter royalty remains payable to the local vendors from the time the property enters production
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 exploration-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:
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 05-SEP-24