Mike Fagan,
Editor
Nov. 3, 2023
Argentina Lithium & Energy Corp. (TSX-V: LIT)(OTC: PNXLF) — currently trading around C$0.40 per share — has resumed drilling at the flagship Rincon West lithium brine project in Salta Province, Argentina, with a focus on confirming the presence of enriched lithium brines at depth.
Situated in the Salar de Rincon, the Rincon West project lies in close proximity to lithium brine projects entering production by Rio Tinto and Argosy Minerals.
With environmental permits now in hand, Argentina Lithium & Energy (“LIT”) is focusing its current drill program on the contiguous Rinconcita II concession, which represents the eastward extension of the Rincon West project over the salt flat towards Rio Tinto’s Rincon project.
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The current drill phase is a continuation of earlier drilling at the Villanoveño II block wherein Hole No. 9 returned the highest peak lithium value and longest concentrated brine interval (258 meter interval ranging from 287 to 402 mg/liter lithium) reported to date at Rincon West.
LIT subsequently completed a 12-line-km ground geophysical survey on the property and mobilized a diamond drill rig to site wherein the field team is currently executing the second hole of a 6-hole exploration program.
Results from the program, along with 3D modeling, will combine to support a future Mineral Resource Estimate (MRE) for the Rincon West property.
Also of note, earlier this month, LIT closed a US$90M investment into the company by major automaker Stellantis, which includes an offtake agreement for up to 15,000 tonnes of lithium per annum.
That US$90M investment by Stellantis was more than 3X LIT’s total market cap at the time of the announcement, further underpinning the robust potential of LIT’s projects in the Argentinean portion of the Lithium Triangle.
Argentina Lithium & Energy CEO Niko Cacos — whom you’re about to hear from directly in our exclusive interview — commented via press release:
“The US$90M equivalent investment in our company by automotive giant Stellantis comes with the mandate to accelerate exploration at our core projects, with the aim of advancing to the assessment of development potential as quickly as possible. We anticipate increasing the scale and number of our exploration programs as permits are received for our projects. This is a big undertaking, and we are now well financed to aggressively move forward with this work.”
Miles Rideout, VP Exploration, added:
“The Rinconcita II property extends our holdings eastwards over the salt flat and has not previously been explored. The new CSAMT geophysics demonstrate that all parts of this block exhibit extremely low electrical resistivities at depth, consistent with the presence of brine-saturated formations. The current drill program is intended to verify the presence and lithium grades of these brines, in order to incorporate them into the resource model we are building for Rincon West.”
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View PublicationsIn addition to the ongoing drill phase at Rinconcita II, the contiguous Paso de Sico concession block, which is presently undrilled, has now entered the permitting process for exploration geophysics and drilling. And that means an uptick in news flow across multiple targets is just around the corner.
For more information on Vancouver-based Argentina Lithium & Energy, be sure to contact the company’s IR department at 604-687-1828 or via email at info@argentinalithium.com.
Sign up to receive updates directly from the company at the Argentina Lithium & Energy corporate website.
Mike Fagan
Editor, Resource Stock Digest
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