A Rush on Argentina Lithium
Argentina Lithium and Energy Corp. (TSXV: LIT | OTCQB: PNXLF)(“Argentina Lithium”) 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. Over the last thirty days, the company’s stock price has almost tripled amid increased trading activity, and today Argentina Lithium announced the acquisition of an entirely new salar within the “Lithium Triangle” of Argentina and Chile, and initial sampling of near-surface brines has returned up to an impressive 409 mg/L lithium.
“This acquisition provides the Company and our shareholders full control of an exciting new project that covers the entire salar basin,” said Nikolaos Cacos, President and C.E.O.
“Our technical advisors are very optimistic about the potential and we are moving forward with a detailed program to identify and quantify subsurface brines.”
The Incahuasi Salar and basin in Catamarca Province, Argentina, currently consists of 13,711 hectares in seven properties covering 90% of the existing salar surface. These properties are wholly-owned by the Argentine subsidiary of the company, with no royalties. Applications have been made for approximately 10,000 hectares of additional property, which will complete the coverage of the salar to the south and extend the company’s holdings to cover the entire basin to the north. Considering that the company’s flagship Arizaro Salar is 20,500 hectares, this new purchase more than doubles its land package.
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Brine sampling returned average values of 62 mg/L of lithium and 4661 mg/L of potassium, with an enticing maximum value of 409 mg/l lithium and 1.56% potassium from a sample in the central portion of the salar. Magnesium was high in all samples, with an average grade of 9800 mg/L. This creates additional opportunities to recover a magnesium carbonate product along with potassium, something Argentina Lithium is currently exploring further. These results will no doubt give Argentina Lithium shares another boost, but we are still waiting on exploration results from Arizaro that could very well be more fuel for the fire in the coming weeks.
Argentina Lithium has entered into an agreement to earn a 100% interest in 20,500 hectares in the central area of the Arizaro Salar. In addition, a strategy is underway to further expand the property holdings on the salar. The company believes Arizaro is underexplored, and in particular supports conditions for quality lithium brines at depth. A drill project was completed on the property fairly recently, and positive results would make for a good Christmas indeed for management.
Argentina Lithium is a member of the accomplished Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993. 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 world renowned “Lithium Triangle”. The group’s repeated successes and resulting deep connections to the mining industry of Argentina mean they are able to progress with far greater ease than any newcomers.
Projections show that demand for lithium will grow by around 4.5 times over the next decade due to expanding battery markets. 70% of the world’s lithium reserves are contained within the lithium triangle, and Argentina produces 12% of the global lithium supply; a well-connected and experienced management team is all that’s needed to bring these resources to market, and that’s exactly what Argentina Lithium has.