Argentina Lithium and Energy Corp. (LIT:TSX; PNXLF:OTC; OAY3:FSE) announced in a news release it entered an agreement with a set of vendors to earn a 100% interest in three granted mine concession properties next to its existing project in Argentina's Salar de Antofalla. These properties would expand Argentina Lithium's existing 9,000 hectare (9,000 ha) land package to 14,380 ha.
To earn a 100% stake in the trio of properties, Canada-based Argentina Lithium is to pay a total of $4 million ($4M) in cash over 42 months but not exceed $600,000 in the first 18 months. The company also is to pay for exploration, a specific amount in each of four years, $500,000 in the first, $1.5M in the second, $2M in the third and $3M in the fourth.
These properties have already seen some exploration work. The vendors conducted surface sampling of brines, down to 4 meters, in 14 places. These samples showed lithium values of up to 61.1 milligrams per liter.
As for Argentina Lithium's own project in the Salar de Antofalla, the company had a controlled-source audiofrequency magnetotellurics geophysical survey of the property done in 2018 to hone in on potential drill targets. The survey identified spots with high conductivity within the first 100m of surface as well as areas of moderate conductivity deeper down, all amounting to possible targets.
Consulting geophysicists recommended the company do reconnaissance drilling to discover the cause of the anomalies and test for the presence of lithium.
Disclosures:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Argentina Lithium. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Argentina Lithium, a company mentioned in this article.
