TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock
Exchange (FSE): OAY3
OTCQB Venture Market (OTC):
PNXLF
VANCOUVER, BC, Aug. 4, 2021 /CNW/ - Argentina Lithium &
Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF),
("Argentina Lithium" or the "Company") is pleased to
announce that it is expanding its lithium exploration project at
the Salar de Antofalla in Argentina (the "Project"). The Company has
entered into an option agreement with a group of three local
vendors to earn a 100% interest in three granted mine concession
properties totaling 5,380.5 hectares (the "Optioned Properties")
situated adjacent to the Company's 9,000 hectares of 100% held
claims (the "Staked Properties").
"This acquisition further bolsters our presence in this
highly prospective salar. Albemarle Corporation, a major lithium
producer, stated that its lithium resource in the southern portion
of Salar de Antofalla is expected to be certified as the largest in
Argentina," stated
Nikolaos Cacos, President and C.E.O.
(see Albemarle news release September 12,
2016).
Located in the famed Lithium Triangle, the geological
environment at the Salar de Antofalla is similar to other salars in
the region where lithium and potash are found, and the project is
less than 20 km west of Argentina's largest lithium producing
operation at Salar de Hombre Muerto. The Salar is over 130 km long
and varies between 5km and 20km across, with reported basin depths
of more than 500m.
In 2016, Roskill information Services reported that the private
mining company Bolland had drilled 56 boreholes over
265km2 in its claim block in the centre of the salar,
~57 km south of the Argentina Lithium Antofalla properties,and
reported a resource 2.22mt of lithium (11.8mt LCE) grading 350mg/l
and 83mt of potash (KCl) grading 6,400mg/l. This project is now
owned by Albemarle Corporation. [Investors are cautioned that
this information is taken from the publicly available sources, has
not been independently verified by the Company and it is not known
if it conforms to the standards of NI 43-101. Furthermore,
proximity to a discovery, mine, or mineral resource, does not
indicate that mineralization will occur at the Company's Project,
and if mineralization does occur, that it will occur in sufficient
quantity or grade that would result in an economic extraction
scenario.]
Work by the vendors on the Optioned Properties included surface
sampling of brines at 14 locations in 2017. Brines were
sampled at depths to 4 metres, over 7 days, and returned lithium
anomalies up to 61.1mg/L.
On August 24, 2018, Argentina
Lithium reported the completion of a CSAMT geophysical survey at
the Project to map deep stratigraphic units and provide additional
information on the subsurface in order to delineate drill
targets. The survey identified several potential targets with
high conductivity in the first 100 metres and moderate conductivity
at deeper levels. Reconnaissance drill holes were recommended by
the consulting geophysicists to determine the cause of the
conductive anomalies and to test for lithium-bearing brines.
Option Agreement Details
Terms of the option include
cash payments totaling US$4,000,000
over 42 months, but limited to only $600,000 in the first 18 months. The option also
includes annual exploration expenditure commitments of $500,000 in year one, followed by $1.5M in year two, $2.0M in year 3 and $3.0M in year 4.
Qualified Person
The contents of this news release
have been reviewed and approved by David
Terry, Ph.D., P.Geo., a Qualified Person as defined in
National Instrument 43-101.
About Argentina Lithium
Argentina Lithium &
Energy Corp 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. 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 Company is a member
of the Grosso Group, a resource management group that has pioneered
exploration in Argentina since
1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
_______________________________
Nikolaos Cacos, President, CEO and
Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain forward-looking statements.
Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
All statements, other than statements of historical fact, that
address activities, events or developments the Company believes,
expects or anticipates will or may occur in the future, including,
without limitation, statements about the Company's plans for its
mineral properties; the Company's business strategy, plans and
outlooks; the future financial or operating performance of the
Company; and future exploration and operating plans are
forward-looking statements.
Forward-looking statements are subject to a number of risks
and uncertainties that may cause the actual results of the Company
to differ materially from those discussed in the forward-looking
statements and, even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on, the Company.
Factors that could cause actual results or events to differ
materially from current expectations include, among other things:
the impact of COVID-19; risks and uncertainties related to the
ability to obtain, amend, or maintain licenses, permits, or surface
rights; risks associated with technical difficulties in connection
with mining activities; and the possibility that future
exploration, development or mining results will not be consistent
with the Company's expectations. Actual results may
differ materially from those currently anticipated in such
statements. Readers are encouraged to refer to the Company's public
disclosure documents for a more detailed discussion of factors that
may impact expected future results. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, unless required pursuant to applicable laws. We advise
U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties.
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SOURCE Argentina Lithium & Energy Corp.