TSX Venture Exchange (TSX-V): LIT
Frankfurt
Stock Exchange (FSE): OAY3
OTCQB Venture Market (OTC):
PNXLF
VANCOUVER, BC, Sept. 28, 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 portfolio of lithium exploration projects
in Argentina's world renown
Lithium Triangle. The Company has entered into a letter of
intent with a local vendor to acquire a 100% interest in the 2,370
hectare Rincon West and 15,857 hectare Pocitos properties located
in the heart of the prolific lithium district in Salta Province.
¨These properties represent prime exploration assets with
infrastructure close by and potential for discovery of high-grade
lithium brines. Salta is a pro-mining jurisdiction and Argentina
Lithium intends to fast-track drilling to evaluate and advance
these well-located properties," stated Nikolaos Cacos, President and C.E.O.
The two properties, separated by 38 kilometres, are located
approximately 90 kilometres west of the town of San Antonio de los Cobres, the largest town in
Argentina's high plain, and
approximately 250 kilometres west of the provincial capital city of
Salta.
The Rincon West prospect is a single mining concession with an
area of 2,370 hectares, located on the west side of the Rincon
Salar. It is close to the railway, and just 17 kilometres
south of Provincial Route 51, the international road that connects
to Chile's coastal ports. The
InterAndes power corridor runs within one kilometre of the Rincon
Salar. There are two significant lithium resource development
projects on the salar, owned by Rincon Ltd. (www.rinconmining.com)
and Argosy Minerals (www.argosyminerals.com.au) both of which have
executed demonstration-scale production of lithium carbonate.
[Argentina Lithium cautions that proximity to a
discovery, mineral resource, or mining operation does not indicate
that mineralization will occur on the Company's property, and if
mineralization does occur, that it will occur in sufficient
quantity or grade that would result in an economic extraction
scenario.]
The Pocitos prospect is a group of eleven contiguous mining
concessions totalling 15,857 hectares, located on the western side
of the Pocitos Salar. The Provincial Route 17 and the natural gas
pipeline-fed industrial park at the settlement of Pocitos are
located 17 km to the east. The rail line that crosses the middle of
the Pocitos property joins Salta with the port of Antofagasta on the Chilean Pacific coast.
The present surface expression of the Pocitos Salar is
approximately 57 kilometres north-south, and between 6-9 kilometres
east-west. The salt pan is almost completely flat with portions of
the older salar surface covered by talus and alluvial fan. The
property has seen modest lithium exploration in the past, including
geophysics and surface sampling, with very limited drilling.
Option Agreement Details
Terms of the option include
issuance of 750,000 shares in the Company to the vendor on signing
plus $500,000 worth of shares over a
12-month period; and cash payments totaling US$4,200,000 over 36 months, but limited to only
US$1,050,000 in the first 18 months,
US$800,000 of which are firm
commitments over the first year. The agreement is subject to
a ten-day legal due diligence period from September 24, 2021, execution of a definitive
option agreement and to TSX Venture Exchange approval.
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.