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 & 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.
Nikolaos Cacos, President and CEO, said:
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.”
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.
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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. source
