Argentina Lithium Announces Receipt of Drill Permit for the Paso de Sico Property at its Rincon West Lithium Project
VANCOUVER, BC, Oct. 31, 2024 /PRNewswire/ – Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF), (“Argentina Lithium” or the “Company”) announces that it has received the exploration permit for the Paso de Sico mining concession, part of the Rincon West Project located adjacent to Rio Tinto’s Rincon Project in Salta Province, Argentina. The two-year permit is issued by the provincial Secretariat of Mines and Energy for exploration work including diamond and rotary drilling. The Company intends to mobilize a diamond drill shortly to begin a six-hole exploration program to evaluate the potential for lithium brines within the property.
Nikolaos Cacos, President and CEO, stated
The grant of the drilling permit is a long awaited step which allows us to advance the Rincon West project evaluation.
“Recent drilling on our West Block properties has successfully identified extensive host formations saturated with lithium-rich brines. We intend to execute a similar programme on this northern block, which is currently undrilled. We have also identified Paso de Sico as the likely site of any potential future processing plant and related extraction facilities for the project due to its very favorable setting. The Paso de Sico property is adjacent to major provincial and national highways and is crossed by a new 345 kW power corridor.”
Including the planned program at Paso de Sico, approximately 8000 metres of drilling are planned throughout the Rincon West project over the next 18 months to complete brine resource, water resource and related drilling. This work continues to be funded by the prepaid drilling contract established in 2023 for up to 15,500-metres of drilling (see the latest Financial Statements for details).
The Paso de Sico property is a contiguous assemblage of four mining concessions totalling 791.3 hectares located at the northern edge of the Salar de Rincon (see Figure 1). The property is located 50 km northwest of the village of Olacapato, where the Company maintains an operational base.
In the October 6, 2022 News Release, the Company announced the acquisition of the Paso de Sico option, an agreement with a local vendor to earn a 100% interest in the properties. Terms of the Paso de Sico option agreement include cash payments totalling US$1.5MM paid over two years and a total of US$2.3MM of exploration and development expenditures over a three-year period beginning at the grant of the exploration permit. Currently there is one payment of US$400,000 remaining. The option agreement grants a 3% NSR to the Vendor, which can be purchased by the Company for an additional US$1.5MM.
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 early-stage Rincon West property. The disclosure in this news release has been reviewed and approved by Mr. Reidel.
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Argentina Lithium Announces Receipt of Drill Permit for the Paso de Sico Property at its Rincon West Lithium Project, source
