LIT Argentina Lithium and Energy Corp

TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FSE): OAY3
OTCQX Venture Market: LILIF

VANCOUVER, BC, Oct. 1, 2024 /CNW/ - Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF), ("Argentina Lithium" or the "Company") reports positive results from the thirteenth exploration well at its Rincon West Project in Salta Province, Argentina. A total of 24 representative 3 m brine samples collected over a 327-metre interval of RW-DDH-13 ranged from 269 to 340 mg/l lithium. 

"Our most recent drilling is located to test the highly prospective formations of sandy layers interspaced with crystalline halite, located along our eastern property boundary beside Rio Tinto's project. To expand on these recent results, we are currently executing the 14^th and final diamond hole of this exploration campaign, and we have begun the rotary drilling that will allow us to begin pump testing on production-scale wells. Our initial exploration model for Rincon West has been borne out by all the results received to date." stated Miles Rideout, V.P. of Exploration.

The results, including sampling method, sample interval data, and brine analyses for RW-DDH-13 are shown in Table 1. Drill collar information is presented in Table 2. An extensive selection of core samples will be sent to an independent laboratory for brine recovery testing. 

The Rincon West Project covers 5198.8 hectares of the salar basin, consisting of three property blocks adjacent to Rio Tinto's Rincon Project. Drill hole RW-DDH-13 represents the fourth exploration hole of the 6-hole program planned for the Rinconcita II property, announced in the Company's October 19, 2023 News Release.  The Company is currently completing the fifth diamond drill hole (RW-DDH-14), to finalise the exploration drilling along the eastern border of the property block, and is also drilling a rotary well adjacent to RW-DDH-11, in preparation for pump tests.

Figure 1 presents a map of the western (main) block of the Rincon West project showing the positions of the fourteen exploration diamond drill holes and single rotary hole completed and underway in this program (see  News Releases dated July 13, 2022, October 3, 2022, October 25, 2022, January 26, 2023, April 24, 2023, May 31, 2023, January 22, 2024 and April 24, 2024. The drill location plot is overlain by a yellow shaded outline of electrically conductive zones delineated by two geophysics campaigns (see News Releases dated May 2, 2022  and October 19, 2023).

Table 1:  Interval data and results of brine analyses for lithium, potassium, and magnesium for drill hole RW-DDH-13*

Drilling Methodology

RW-DDH-13 was executed with HQ-diameter diamond drilling, permitting the extraction of core samples of the salar basin formations and the recovery of brine samples where possible.

Drilling was carried out by Salta-based AGV Falcon Drilling SRL, under the supervision of Argentina Lithium's geologists.

Table 2:  Collar and maximum depth information for RW-DDH-013

LIT's preferred method for brine sampling deploys a 'single packer' sampling unit during drilling. The packer sampling method allows the recovery of brine samples at specific depths while sealing the hole at the top and bottom of the interval. For single packer sampling, an inflatable seal closes the top of the interval; the lower limit of drilling represents the bottom of the interval. In certain instances, double packer sampling is conducted following the completion of drilling. In this case, inflatable seals are employed to close both the top and bottom of the sample interval. With both methods the Company has opted to recover brine samples over 3 metre intervals.

Geophysical profiling and lining the hole with 2" diameter PVC filters have been completed. All core samples recovered in drilling were retained for geologic logging.

Observations regarding RW-DDH-013

RW-DDH-13 extends drilling eastwards from previous holes, to the northeast corner of the Rinconcita II property on the Rincon salt flat. The hole was drilled to 471.5 m depth. A total 24 brine samples, extracted using the single and double packer methods, were submitted for chemical analysis.

Brine samples collected between 30.5 m depth and 357.5 m depth (the deepest sample) ranged from 269 to 340 mg/l lithium.  Over this 327 m interval, 24 single and double packer brine samples were collected from discrete 3 m intervals, totalling 72.0 m of sampling, representing 22.0% of the total interval.  

Drilling from surface to 41 m depth intersected mixed sediments with dominant clay. Altered and fractured ignimbrite was drilled between 41 and 77 m depth. Fine black sand was then sampled to 101 m, followed by clays with sand to 113 m. Crystalline halite (salt) was drilled between 113 and 184 m, though sandy layers were crossed at 151 and 153 m. Fine sand with a clay matrix was drilled from 184 to 191.5 m depth. Crystalline halite was then intersected to 206 m, also containing sandy layers in the lower part of the interval. Medium sand with a clay matrix was drilled between 206 and 228.5 m, interrupted by a layer of crystalline halite between 211.6 and 217 m. A sandy breccia was drilled from 228.5 to 236.4 m, followed by sand in a clay matrix to 242 m. Crystaline halite was drilled from 242 to 295.8 m. Units with fine sands were then intersected to 317 m. Multiple units of clayey breccias were drilled between 317 and 389 metres, followed by multiple massive clay layers to 422 m. Breccias, brecciated ignimbrite and ignimbrites dominated the drilling from 422 m to the bottom of the hole at 471.5 m. The sandy units described in this sequence are expected to be the most productive levels for extracting lithium brine.

Analyses and QA/QC 

Samples of brine were submitted for analysis to Alex Stewart International Argentina S.A. ("Alex Stewart"), the local subsidiary of Alex Stewart International, an ISO 9001:2017 certified laboratory, with ISO 17025:2017 certification for the analysis of lithium, potassium and other elements. Alex Stewart employed Inductively Coupled Plasma Optical Emission Spectrometry ("ICP-OES") as the analytical technique for the primary constituents of interest, including boron, calcium, potassium, lithium, and magnesium. Measurements in the field included pH, electrical conductivity, temperature and density.

The quality of sample analytical results was controlled and assessed with a protocol of blank, duplicate and reference standard samples included within the sample sequences. For hole RW-DDH-013 the lot contained two blank and two duplicate samples, which all reported within the acceptable range. Single low-grade, medium-grade and high-grade reference standard samples (3 standards in total) were included within the submitted sample suite.  The low-grade reference standard analysed higher than 3 standard deviations (SD) of best value, with 9.5 relative percent difference (RPD); the medium-grade reference standard analysed below 3 SD of best value, with 2.3 RPD; the high-grade reference standard analysed below 3 SD of the best value; with 3.6 RPD.  

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.

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 Company's recent strategic investment by Peugeot Citroen Argentina S.A., a subsidiary of Stellantis N.V., one of the world's leading automakers, places Argentina Lithium in a unique position to explore, develop and advance its four key projects covering over 70,000 hectares in the Lithium Triangle of Argentina. Management has a long history of success in the resource sector of Argentina and has assembled some of the most prospective 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

www.argentinalithium.com 

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/argentina-lithium-announces-a-327-metre-lithium-brine-interval-at-the-13th-exploration-well-on-the-rincon-west-project-302263684.html

SOURCE Argentina Lithium & Energy Corp.