Bass Metals to acquire San Jorge lithium brine project in Argentina. Bass Metals Ltd (Bass or the Company) has announced that is has signed a binding term sheet to acquire Blackearth SA (Blackearth) which holds an option to acquire the San Jorge Lithium Project located in Catamarca province, Argentina, subject to a 30-day due diligence period.
Leading Global Investment house UBS has recently updated its forecast for both Lithium and Graphite demand and pricing and is now forecasting an 11-fold increase to 2030 in the amount of Lithium required and a 7-fold increase in the amount of Natural Graphite required to service this demand.
Bass has exposure to both of the commodities. Along with its considerable Graphite assets in Madagascar, Bass considers the San Jorge Project, located in the prolific lithium triangle, as a logical addition to its asset base and to its strategy to be an integrated supplier of both anode and cathode materials to the burgeoning world demand for both products.
Bass is progressing with its due diligence for the acquisition and following completion intends to conduct a considerable work program planned for San Jorge project over the course of 2021 and 2022.
The San Jorge Lithium project is located in Catamarca province, Argentina, in the world- renowned Lithium Triangle. The Lithium Triangle is a prolific location accounting for over half of the world’s annual lithium production.
The San Jorge project consists of 15 granted Exploration Licenses (EL’s) covering some 36,000 hectares inclusive of the San Francisco Salar which covers some 2,800 hectares.
The San Francisco salt lake basin developed through a combination of stratovolcanoes and the uplift of the older sediments. This created a central depression occupied by the salt lake.
Sediment subsequently eroded from these older sediments on the eastern side of the Salt Lake and partially filled the Salt Lake.
The San Jorge project has key compelling characteristics including:
✔️ Well developed evaporite surface in the far north and northwest of the salar
✔️ In other parts of the Salar salt crust is present between areas of the volcanic ash/sand/silt/clay cover on the surface of the Salt Lake. Halite is present in the west and central part of the Salt Lake.
✔️ It is anticipated lithium brine will be most concentrated in the centre of the salar or in the south as it appears the most significant surface inflows may be from the north towards the salt lake.
HIGHLIGHTS
✔️Bass signs a binding term sheet to acquire Blackearth SA
✔️ Blackearth SA holds an option agreement over the San Jorge Lithium Brine Project located in Catamarca province, Argentina
✔️ San Jorge project consists of 15 granted exploration licenses covering 36,600 hectares
✔️ All consideration to Blackearth SA payable in Bass shares
✔️ Purchase of San Jorge project marks another milestone in positioning Bass as a fully integrated producer of key battery materials
✔️ Bass has an extensive work program planned for the San Jorge project
BASS METALS SIGNS BINDING TERM SHEET TO ACQUIRE THE SAN JORGE LITHIUM BRINE PROJECT IN ARGENTINA, March 26, 2021
