Argentina Lithium & Energy Corp (the “Company” or “Argentina Lithium”) (TSX-V: LIT) (OTCQB: PNXLF) (Frankfurt: OAY1) is pleased to announce that it has completed the early exercise of the option agreements to acquire two advanced-stage projects in the South American Pocitos Salar, Province of Salta, Argentina.
Rincon West and Antofalla North projects comprise an area of over 600km2 of 100% owned, contiguous ground. The projects are situated in the same structural corridor as the recently-announced selection of the Salvador Lithium Project as the focus of the Company’s lithium brine operations, resulting in a concentrated lithium bearing zone, and a single large contiguous claim block for the Company.
The now completed early exercise of the option agreements allows the Company to focus on three main high-grade lithium brine projects, totalling approximately 3,400 km2 free of any competing claims. Having access to such a large area allows for the Company to target high-grade zones and identify exploration targets with the most potential.
The Rincon West and Antofalla North projects have minimal infrastructure development and consist of a series of brine drilling sites and geophysical investigations. Drilling surveys indicated higher than average grade lithium samples and the environmental camp on-site displays potential for enhancement with cost savings compared to the Salvador Project.
The Company is planning for an aggressive exploration and development program for the fiscal year 2021 to resource and develop the projects further. This program will include seismic evaluation for each project, combined with appropriate geophysics surveys in order to identify and resource targets that will further develop the existing projects’ potential.
Argentina Lithium’s President & CEO, Mr. Nikolaos Cacos, commented: “This early exercise clearly demonstrates the Company’s commitment toward consolidating its land position in the Pocitos Salar, while contributing to the development of our Salvador Project. Furthermore, the expansion of our projects and the overall consolidation of our land position increases the scope and potential of the development of our projects in the Pocitos Salar and surely stands to benefit both our shareholders and our Partners.”
The Company continues to aggressively pursue its development path in Argentina, in line with both its internal plans and requirements set by its partners and government authorities. With these two new projects in the portfolio, Argentina Lithium now has three category developed lithium-rich projects in the Pocitos Salar.