Argentina Lithium & Energy Corp.(TSXV: LIT) (FSE: OAY3) (OTC: PNXLF), ("Argentina Lithium" or the "Company") is pleased to announce it has closed the 1st Tranche of the non-brokered private placement financing announced on November 1, 2021 through the issuance of 6,108,504 units ("Units") at a subscription price of $0.45 per Unit for aggregate gross proceeds to the Company of $2,748,826.80.
Each Unit consists of one common share and one transferrable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.70 per share for three years from the date of issue, expiring on November 10, 2024.
The proceeds of the financing will be used for general working capital and exploration on its properties in Argentina.
Finder's fees of $80,794.22 are payable in cash on a portion of the private placement to parties at arm's length to the Company. In addition, 179,543 non-transferable finder's warrants are issuable (the "Finder's Warrants"). Each Finder's Warrant entitling a finder to purchase one common share at a price of $0.70 per share for three years from the date of issue, expiring on November 10, 2024.
Certain insiders of the Company participated in the Private Placement for $112,500 in Units. Such participation represents a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceed 25% of the Company's market capitalization.
This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period expiring on March 10, 2022.
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.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
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For further information: Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email: info@argentinalithium.com
Demand for lithium is expected to reach 3.8 million tons by 2035, driven by increased demand in batteries for electric vehicles (EVs). This renewed focus on lithium is also shining a spotlight on the famed Lithium Triangle, where about 60 percent of the world’s lithium reserves are located. The Lithium Triangle spans portions of Chile, Bolivia and Argentina. With its rich lithium resource base and a stable, mining-friendly regulatory environment, Argentina has the perfect formula to become a leader in lithium production.
Argentina Lithium and Energy (TSXV:LIT, OTC:PNXLF, FWB:OAY3, OTCQX:LILIF) is a mineral exploration company focused on developing a portfolio of highly prospective lithium projects in Argentina. The company is a member of the Grosso Group, a resource management firm that has pioneered exploration in Argentina since 1993.
Argentina Lithium has a strong land position and extensive mining track record in Argentina with nearly 67,000 hectares in four key projects located in the Salta and Catamarca provinces. The company’s properties are strategically located next to some of the world’s leading lithium producers and near key infrastructure.
In September 2023, Argentina Lithium announced that it had secured an important strategic investor. Peugeot Citroen Argentina S.A., a subsidiary of global automaker Stellantis, invested the equivalent of US$90-million in Argentina pesos to acquire a 19.9% interest in Argentina Lithium’s subsidiary Argentina Litio y Energia S.A. The two companies also negotiated a seven-year offtake agreement, in which Stellantis will buy up to 15,000 tonnes per year of lithium produced by Argentina Lithium.
The company’s flagship Rincon West Lithium Project includes over 5000 hectares of concessions next door to the west and north of the Rincon Project owned by Rio Tinto Plc (RIO.L). Rincon West is also across the salar from Argosy Minerals’ (ASX:AGY) Rincon Lithium Project, which hosts a JORC resource of 245,000 tons of lithium carbonate equivalent grading 325 mg/L and has moved from test plant production to finalizing 2,000 tpa plant operations1. Argentina Lithium’s discovery at Rincon West includes multiple long intervals of brines with promising lithium grades from its first drill program. The Company has an aggressive program underway to continue to test for brines across its large property and move towards completing its first mineral resource estimate.
The company’s second highly-prospective project, Antofalla North, covers more than 10,000 hectares of the Antofalla Salar, starting just 500 metres north of the lithium project controlled by Albemarle Inc., (NYSE: ALB) one of the world’s largest lithium producers1. The Antofalla North project is also located approximately 25 kilometers west of Argentina's largest lithium-producing operations at Salar de Hombre Muerto. The company anticipates an accelerated program at Antofalla North once permits are received.
Argentina Lithium’s other properties include 25,000 hectares in the Incahuasi Salar and more than 26,000 hectares in the Pocitos Salar.
Following the major financing deal with Stellantis, Argentina Lithium accelerated its exploration plans for 2024, which includes the completion of up to 30 drill holes in two phases at the Antofalla North project, with a goal of bringing it to a resource delineation stage shortly on the heels of the company’s flagship Rincon West project if results are positive. The company has also expanded its exploration plans for Pocitos and Incahuasi, beginning with a reconnaissance program of 170 line-kilometer of transient electromagnetic survey at Pocitos.
Argentina Lithium is led by Grosso Group’s management team which has a history of major mineral discoveries in Argentina, specifically the Chinchillas silver-lead-zinc deposit now owned and being mined by SSR Mining (TSX:SSRM) and Blue Sky Uranium’s (TSXV:BSK) Amarillo Grande uranium and vanadium project. Plus the team was involved with early work at the properties hosting the Gualcamayo gold mine, now owned by Mineros S.A. (TSX:MSA), and Pan American Silver’s (TSX:PAAS) very large Navidad silver-lead deposit.
Rincon West is a prospective lithium project covering more than 5000 hectares of concessions located in Salta province, Argentina. The project is primarily located along western side of the Rincon Salar, which hosts two significant resource development projects: Rio Tinto’s Rincon Project, and Argosy Minerals’ Rincon lithium project.
The property is situated in the Lithium Triangle with access to an international highway, pacific ports and a major electrical power corridor.
The first drill program at Rincon West included 9 holes and was completed in 2023. The program returned multiple long intervals of brine with strong lithium grades on its Villanoveño II concession. These were highlighted by a 258-metre interval starting at just 83 metres depth with lithium grades ranging from 287 to 402 mg/l lithium (including 2 internal intervals not sampled of 42m & 33m). In late 2023, the company commenced its second drill program at Rincon West, on the adjacent Rinconcita II concession. This is expected to be followed by up to six holes on the project’s third concession, as well as pump testing to provide detailed information to support a mineral resource estimate for the project.
Argentina Lithium’s Antofalla North project is the company’s second star project and is also considered to be highly prospective. It covers over 10,000 hectares spanning the border of the provinces of Salta and Catamarca, situated less than 20 kilometers from Argentina’s largest lithium-producing operations at Salar de Hombre Muerto. The project is accessed via a provincial highway and unpaved roads. Antofalla North is also located just north of Albemarle Corporation’s Salar de Antofalla project.
Argentina Lithium has conducted a geophysical survey at the project, which identified high-conductivity targets in the upper 100 meters and additional targets at depths of up to 500 metres. The company is planning an expanded 2024 exploration program, pending permitting, which includes detailed geophysics to delineate the basin and drill targets, the completion of six exploration drill holes and, if warranted, up to 24 infill holes.
Argentina Lithium’s Pocitos project controls approximately 20 percent of the Pocitos salar. The project area covers more than 26,000 hectares located in the Salta province, with access to an international railway connecting to Pacific ports, a provincial highway and a major gas pipeline.
The Pocitos project has had limited historical exploration, including geophysics, surface sampling and limited drilling. As part of its expanded 2024 exploration program, Argentina Lithium initiated a reconnaissance program of 170 line-kilometers of transient electromagnetic surveying on the properties to identify future drill targets. This program at Pocitos is an increase of approximately 40 percent from the previous plans.
In a 2017 exploration program, Argentina Lithium reported a maximum lithium value of 409 mg/L lithium and 1.56 percent potassium in near-surface sampling to an 8-meter depth. The company also conducted four drill holes which confirmed lithium-bearing brines with average grades of 109 mg/L of lithium and 6,718 mg/L of potassium.
Argentina Lithium believes the project is underexplored and may have the potential to host quality lithium brine at depth. In 2024, the company plans to conduct a 90-kilometer-line transient electromagnetic sounding survey covering the entire property to detect and delineate brine aquifers for testing.
Nikolaos Cacos has over 30 years of management and advisory expertise in the mineral exploration industry. He has worked with Grosso Group since its inception and serves as a senior-level executive for all of its member companies. Cacos’ career includes administration and strategic planning for public companies. He currently serves as an officer and director of several TSX Venture Exchange-listed companies. He holds a master’s degree in international management from Heidelberg, Germany, and a Bachelor of Science degree from the University of British Columbia.
Miles Rideout has 34 years of experience in advanced exploration practice, responsible business management, scientific team building and mining integration with local communities and indigenous peoples. Rideout has directly managed the acquisition and exploration of dozens of lithium properties in northern Argentina. He served as CEO of Latin American Minerals (TSX:LAT) for 5 years, during which he advanced gold and diamond projects in Paraguay. Rideout also spent 23 years with Quantec Geoscience Inc. where he initiated operations in South America and managed subsidiaries in several countries. He has experience in mine permitting, financing, construction and operations, including implementing the first operating mine in Paraguay. He participated in the discovery of several world-class deposits including the Collahuasi and Ujina copper-porphyry deposits, Veladero epithermal gold deposit and Navidad VMS/epithermal silver deposit. Rideout received a Bachelor of Science with Honors Certificate in Geophysics from Western University in 1987. Rideout is fluent in English and Spanish and has lived in Mendoza, Argentina for more than 20 years.
Darren Urquhart is a chartered professional accountant with twenty years of experience working in public practice and industry. Urquhart operates his public practice accounting firm offering chief financial officer and accounting services to TSX Venture Exchange-listed companies in Vancouver. He has also served as director for some of his corporate clients. Urquhart began his career working as an audit accountant with Grant Thornton LLP, then later worked as a senior tax accountant with Lohn Caulder Chartered Accountants. He obtained his chartered accountant designation in 2001 and is a member of the Chartered Professional Accountants of British Columbia. In 1995, Urquhart graduated from the University of British Columbia with a Bachelor of Applied Science in Electrical Engineering.
Joseph Grosso became one of the early pioneers of the mining sector in Argentina in 1993 when mining was opened to foreign investment. He was named Argentina's 'Mining Man of The Year' in 2005. His knowledge of Argentina was instrumental in attracting a premier team that led to the acquisition of key properties in Golden Arrow's portfolio. He has successfully formed strategic alliances and negotiated with mining industry majors such as Barrick, Teck, Newmont, Viceroy (now Yamana Gold) and Vale SA and government officials at all levels. Grosso's specialty is financing, negotiations, corporate and marketing strategy. He was an early and passionate adopter of best practices in environmental protection and socio-economic development through mineral exploration. He is the founder and president of Grosso Group Management Ltd.
John Gammon has 40 years of experience in mineral exploration and management. His experience includes international positions with Falconbridge, assistant deputy minister mines and minerals with the Government of Ontario and, since his retirement, as ADM as a consultant working with industry, governments and universities. Gammon also spent a significant amount of time on the Aboriginal community and environmental issues. His knowledge of the Spanish language, South American culture and local societies coupled with his industry experience can assist the company with the advancement of its projects in Argentina.
Martin Burian holds ICD.D (Institute of Corporate Directors) and Chartered Professional Accountant designations. He has a 30-year career in investment banking in the mining sector, is currently Managing Director at RCI Capital Group and held similar senior positions at Haywood Securities, Bolder Investment Partners and Canaccord Capital. Burian is an independent member of several other public company boards where his roles include chairman, lead independent director and audit committee chair, as well as privately-held Heffel Gallery Limited where he is also part-time CFO. Burian’s early career was with KPMG where he obtained his CPA and CBV designations.
Dr. Terry is a professional economic geologist, senior executive and corporate director with more than 30 years' of international experience in the mineral resources sector. Dr. Terry holds a B.Sc. and Ph.D. in geology from Western University in Ontario and is a member of the Association of Professional Engineers and Geoscientists of British Columbia. Dr. Terry has played key roles in the successful acquisition, exploration and development of a number of precious and base metal deposits, primarily in North and South America, and has expertise in advanced project evaluation, M&A, corporate finance, and design and execution of effective exploration programs. In the course of his career he has held executive positions and directorships with a number of publicly-listed and private mineral resource companies; he currently serves as a director of Blue Sky Uranium Corp., Golden Arrow Resources Corporation, and Aftermath Silver Ltd..
Argentina Lithium is a well-funded exploration company with a global automaker strategic partner, making discoveries in the Lithium Triangle. For exploration results offering leverage to the new battery supply chain, learn more about this company.
1[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.]
Argentina Lithium and Energy (TSXV: LIT) (OTCQX: LILIF) is pleased to announce that the company will be presenting at Red Cloud's Pre-PDAC 2024 Mining Showcase. We invite our shareholders and all interested parties to join us.
The annual conference will take place in-person at the Sheraton Centre Toronto Hotel February 29-March 1, 2024.
VP of Exploration Miles Rideout will be presenting on February 29th at 10:40 am Eastern Standard time.
For more information and/or to register for the conference please visit: https://redcloudfs.com/prepdac2024/.
We look forward to seeing you there.
About Argentina Lithium and Energy
The global demand for a cleaner, greener future is a goal which Argentina Lithium & Energy Corp. (TSXV: LIT) (OTCQX: LILIF) (FSE: OAY3) believes it can support through exploration for alternative fuel materials. Lithium batteries have become the front-running rechargeable energy storage medium, particularly for the rapidly growing electric vehicle industry, creating a strong demand forecast for lithium.Argentina comprises a significant portion of the Lithium Triangle, which is home to more than half of the world's resources of lithium. Argentina Lithium & Energy Corp. is a member of the Grosso Group, a resource management team that pioneered the mineral exploration industry in Argentina and has operated there since 1993. The group has been involved with four exceptional metal deposit discoveries, and it broadened its focus to include alternative fuels in the mid 2000's. The Grosso Group has been following the lithium battery sector and believes this is the time to expand its efforts in lithium resource development in the highly prospective Argentinean portion of the Lithium Triangle. The Grosso Group leverages its vast network of local, regional and international industry contacts to support the exploration team in their search for quality resource opportunities.
For further information:
Argentina Lithium and Energy
shawn Perger
17786860135
perger@grossogroup.com
info@argentinalithium.com
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TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FSE): OAY3
OTCQX Venture Market: LILIF
Argentina Lithium & Energy Corp. (TSX-V: LIT) (FSE: OAY3) (OTCQX: LILIF) ("Argentina Lithium" or the "Company") reports positive results from the tenth and eleventh exploration holes at its Rincon West Project in Salta Province Argentina . Samples collected over a 295.5 m section of RW-DDH-010 ranged from 245 to 366 mgl lithium. Samples collected over a 321 m section of RW-DDH-011 ranged from 246 to 344 mgl lithium.
"Our tenth exploration hole was situated to test the continuity of the brine aquifer as our drilling extends eastward into the main salar basin. These results demonstrate continued strong grades and an exceptional interval length. For our eleventh hole, we moved 2.7 kilometres to the southeast, to test the salt flat in the southern and eastern portion of our main block at the Rincon West project. This produced another long interval of concentrated brines and recovered cores containing fractured crystalline halite and coarse, poorly cemented sediments, which may be excellent formations for pumping potential. We were not able to reach the bottom of the basin formation in the eleventh hole. We plan to extend our ongoing drilling to greater depths, with the objective of drilling into basement rock and defining the bottom of the aquifer." stated Miles Rideout , V.P. of Exploration.
The results including sampling method, the sample interval data and the brine analyses for RW-DDH-010 and RW-DDH-011 are shown in Tables 1 and 2 respectively. Drill collar information is presented in Table 3. An extensive selection of samples has also been sent for brine recovery testing at an independent laboratory; results are awaited.
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 holes RW-DDH-010 and RW-DDH-011 represent the first two holes of the 6-hole program planned for the Rinconcita II property, announced in the Company's October 19, 2023 News Release. The Rinconcita II property represents a continuous extension of the sandy western basin at Rincon West, eastwards over the Rincon salt flat.
Figure 1 presents a map of the western (main) block of the Rincon West project showing the positions of eleven completed exploration holes (see News Releases dated July 13, 2022 , October 3, 2022 , October 25, 2022 , January 26, 2023 , April 24, 2023 and May 31, 2023 ). The drill locations are overlain on the conductive zones (yellow shading) 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-010 *
Sample Interval (m) | Sample Method | Li | K | Mg | Density | ||
From | To | Thickness | (mg/litre) | (g/ml) | |||
RW-DDH-010 | |||||||
31.5 | 36.5 | 5.0 | Single packer | 102 | 1766 | 1601 | 1.066 |
39.5 | 42.5 | 3.0 | Single packer | 47 | 910 | 925 | 1.035 |
51.5 | 54.5 | 3.0 | Single packer | 58 | 1113 | 798 | 1.04 |
57.5 | 60.5 | 3.0 | Single packer | 131 | 2461 | 1469 | 1.087 |
63.5 | 66.5 | 3.0 | Single packer | 245 | 4262 | 2403 | 1.153 |
69.5 | 72.5 | 3.0 | Single packer | 294 | 5240 | 2907 | 1.176 |
75.5 | 78.5 | 3.0 | Single packer | 230 | 4087 | 2142 | 1.143 |
81.5 | 84.5 | 3.0 | Single packer | 275 | 4859 | 2565 | 1.165 |
87.5 | 90.5 | 3.0 | Single packer | 269 | 4824 | 2385 | 1.159 |
93.5 | 96.5 | 3.0 | Single packer | 343 | 6206 | 2925 | 1.201 |
141.5 | 144.5 | 3.0 | Single packer | 251 | 4530 | 2200 | 1.149 |
153.5 | 156.5 | 3.0 | Single packer | 351 | 6565 | 3015 | 1.204 |
159.5 | 162.5 | 3.0 | Single packer | 342 | 6389 | 2925 | 1.197 |
165.5 | 168.5 | 3.0 | Single packer | 366 | 6961 | 3075 | 1.212 |
171.5 | 174.5 | 3.0 | Single packer | 354 | 6709 | 2992 | 1.207 |
177.5 | 180.5 | 3.0 | Single packer | 365 | 6968 | 2999 | 1.21 |
183.5 | 186.5 | 3.0 | Single packer | 363 | 6923 | 3000 | 1.215 |
189.5 | 192.5 | 3.0 | Single packer | 353 | 6849 | 2929 | 1.215 |
192 | 196 | 4.0 | Double packer | 354 | 6824 | 3062 | 1.211 |
265.5 | 294.5 | 29.0 | Single packer | 325 | 6266 | 2766 | 1.194 |
310 | 314 | 4.0 | Double packer | 364 | 7122 | 3071 | 1.21 |
319 | 323 | 4.0 | Double packer | 360 | 6932 | 3072 | 1.211 |
333 | 337 | 4.0 | Double packer | 354 | 6767 | 3045 | 1.21 |
344 | 348 | 4.0 | Double packer | 350 | 6752 | 3019 | 1.209 |
355 | 359 | 4.0 | Double packer | 323 | 6185 | 2797 | 1.196 |
Table 2: Interval data and results of brine analyses for lithium, potassium, and magnesium for drill hole RW-DDH-011*
Sample Interval (m) | Sample Method | Li | K | Mg | Density | ||
From | To | Thickness | (mg/litre) | (g/ml) | |||
RW-DDH-011 | |||||||
12.5 | 15.5 | 3.0 | Single packer | 156 | 3183 | 2312 | 1.123 |
24.5 | 27.5 | 3.0 | Double packer | 264 | 5140 | 3393 | 1.18 |
30.5 | 33.5 | 3.0 | Double packer | 262 | 5327 | 3040 | 1.202 |
36.5 | 38.0 | 1.5 | Double packer | 256 | 5265 | 2929 | 1.196 |
54.5 | 57.5 | 3.0 | Single packer | 279 | 5885 | 2896 | 1.214 |
60.5 | 63.5 | 3.0 | Single packer | 276 | 5779 | 2857 | 1.211 |
66.5 | 69.5 | 3.0 | Single packer | 275 | 5855 | 2874 | 1.208 |
72.5 | 75.5 | 3.0 | Single packer | 281 | 5979 | 2792 | 1.209 |
78.5 | 81.5 | 3.0 | Single packer | 280 | 5956 | 2862 | 1.207 |
84.5 | 87.5 | 3.0 | Single packer | 315 | 6748 | 2963 | 1.216 |
90.5 | 93.5 | 3.0 | Single packer | 320 | 6801 | 2997 | 1.215 |
96.5 | 99.5 | 3.0 | Single packer | 293 | 6249 | 2897 | 1.208 |
102.5 | 105.5 | 3.0 | Single packer | 321 | 6841 | 3013 | 1.213 |
108.5 | 111.5 | 3.0 | Single packer | 313 | 6639 | 2937 | 1.204 |
114.5 | 117.5 | 3.0 | Single packer | 286 | 6096 | 2777 | 1.194 |
120.5 | 123.5 | 3.0 | Single packer | 295 | 6279 | 2820 | 1.196 |
126.5 | 129.5 | 3.0 | Single packer | 296 | 6226 | 2768 | 1.197 |
132.5 | 135.5 | 3.0 | Single packer | 317 | 6680 | 2905 | 1.2 |
138.5 | 141.5 | 3.0 | Single packer | 303 | 6437 | 2846 | 1.203 |
144.5 | 147.5 | 3.0 | Single packer | 299 | 6381 | 2837 | 1.202 |
150.5 | 153.5 | 3.0 | Single packer | 299 | 6197 | 2850 | 1.205 |
156.5 | 159.5 | 3.0 | Single packer | 292 | 6029 | 2722 | 1.195 |
168.5 | 171.5 | 3.0 | Single packer | 315 | 6280 | 2856 | 1.208 |
174.5 | 177.5 | 3.0 | Single packer | 302 | 6356 | 2890 | 1.209 |
180.5 | 183.5 | 3.0 | Single packer | 292 | 5826 | 2693 | 1.209 |
186.5 | 189.5 | 3.0 | Single packer | 274 | 5896 | 2739 | 1.208 |
192.5 | 195.5 | 3.0 | Single packer | 275 | 5908 | 2679 | 1.205 |
210.5 | 213.5 | 3.0 | Single packer | 246 | 5391 | 2431 | 1.202 |
240.5 | 243.5 | 3.0 | Single packer | 278 | 5697 | 2741 | 1.215 |
276.5 | 279.5 | 3.0 | Single packer | 335 | 6890 | 3032 | 1.218 |
282.5 | 285.5 | 3.0 | Single packer | 338 | 7004 | 3035 | 1.219 |
288.5 | 291.5 | 3.0 | Single packer | 334 | 6966 | 3062 | 1.216 |
336.5 | 339.5 | 3.0 | Single packer | 344 | 6971 | 3028 | 1.218 |
342.5 | 345.5 | 3.0 | Single packer | 319 | 6537 | 2865 | 1.212 |
*Both drill holes were inclined vertically; the brine hosting strata are believed to be flat lying resulting in reported intervals approximating true thickness.
Both RW-DDH-010 and RW-DDH-011 were 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 3: Collar and maximum depth information for RW-DDH-010 and RW-DDH-011 | ||||||
Hole ID | East | North | Elevation | Azimuth | Dip | Depth |
UTM Zone 19S (WGS84) | (m) | (deg.) | (deg.) | (m) | ||
RW-DDH-010 | 683150 | 7337904 | 3743 | n/a | 90 | 401.0 |
RW-DDH-011 | 685111 | 7336135 | 3720 | n/a | 90 | 356.0 |
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. The maximum span of double packer sampling is limited to less than 4 m by the height of the drill mast and other equipment limitations.
Geophysical profiling and lining the hole with 2" diameter PVC filters was completed for both holes. All core samples recovered in drilling were retained for geologic logging.
RW-DDH-010 extends drilling eastwards from previous holes, towards Rincon salt flat. The hole was completed to 401.0 m depth and a total 24 brine samples using the single and double packer method were collected and submitted for analysis. Samples collected between 63.5 m depth and 359.0 m depth (the deepest sample collected) ranged from 245 to 366 mg/l lithium. Over this 295.5 m interval 21 single and double packer brine samples were collected from intervals totalling 95.0 m , representing 32.1% of the total interval.
From surface to 23 m , gravels with a sandy-clayey matrix were drilled. No core was recovered between 23 and 27.5 m . From 27.5 to 52.5 m , red and brown sandy sediments were logged. Fine and medium black sands were drilled between 52.5 and 109 m . From 109 to 162.5 m , grey and brown sands were observed. A single 20 cm clay layer was observed within this interval. A sequence primarily composed of sandy breccias was drilled between 162.5 and 197 m , though no core was recovered between 179 and 180 m . From 197 to 313.7 m , multiple units of brecciated ignimbrite were drilled, typically containing angular lithic clasts. From 313.7 to 317.7, altered breccia was observed, containing infrequent black veinlets with pyrite. Between 317.7 and 353 m , the hole intersected altered andesite with barite veins, followed by 5 m of hydrothermal breccia with traces of pyrite. From 358 to 362 m , altered andesite was drilled. Between 362 and 373 m dacitic, rhyolitic and rhyodacitic porphyry units were logged, followed by a hydrothermal breccia. Then from 378 m rhyodacitic and rhyolitic porphyry units were observed, extending the end of the hole at 401 m .
RW-DDH-011 is situated to investigate the basin below the salt flat at the southeast corner of the project area. The hole was drilled to 356.0 m depth and a total 34 brine samples using the single and double packer method were collected and submitted for analysis. Samples collected between 24.5 m depth and 345.50 m depth (the deepest sample collected) ranged from 246 to 344 mg/l lithium. Over this 321.0 m interval 33 single and double packer brine samples were collected from intervals totalling 97.5 m , representing 30.4% of the total interval.
Medium-grained, brown quartzose sands were recovered from near surface to 36.5 m . Drilling from 36.5 to 45 m featured poor recoveries, showing mainly medium-sized gravels. From 45 to 62 m , the drill intersected medium brown sands. From 62 to 113 m , brown sandy breccias were recovered. No core was recovered between 113 and 114.5 m , then coarse gray and grayish-brown sands were drilled to 161 m . Between 161 and 213.5 m the drill cored crystalline halite with an alternating distribution of solid formation and of sections with parallel fractures. During the drilling of the remainder of the hole, this halite formation eroded, eventually forming a 45 cm diameter chamber which left the HQ drill string unsupported, creating a precarious situation that led to the termination of the hole. From 213.5, the hole intersected a 3 m layer of fine-to-medium-grained dark sand and from 216.5 to 228.5 m , a solid reddish clay layer was encountered containing gypsum fragments. A sequence of sands, and conglomerates, with infrequent silty layers was drilled between 228.5 and 303.5 m . Within this sequence, no core was recovered between 249.5 and 254 m and also between 279.5 and 281 m . From 303.5 to 354.5 m , the log shows a sequence of sands and breccias. No core was recovered over the contained interval between 341 to 342.5 m . Medium-to-coarse brown sand was encountered from 354.5 m to the bottom of the hole at 356 m . The hole was stopped within this sand formation due to the risk presented by the lack of support for the drill column through the severely eroded halite interval.
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-010 the lot contained one blank and two duplicate samples, which reported within the acceptable range. A single low-grade, a single medium-grade and a single high-grade reference standard sample were included within the submitted sample suite. The low-grade reference standard analysis was higher than 3 standard deviations (SD) of best value with a relative percent difference (RPD) of 8.6; the medium-grade reference standard analysis was greater than 3 standard deviations (SD) of best value with a low relative percent difference (RPD) of 2.5; the high-grade reference standard returned less than 3 SD of the best value; with low RPD (2.75).
For hole RW-DDH-011 the lot contained two blanks and two duplicate samples, which reported within the acceptable range, with the largest variance in duplicates being 7.4% RPD. A single low-grade, a single medium-grade and two high-grade reference standard samples were included within the submitted sample suite. The low-grade reference standard analyzed higher than 3 standard deviations (SD) of best value with 5.8 relative percent difference (RPD); the medium-grade reference standard analysed at 3 standard deviations (SD) of best value with 1.5 relative percent difference (RPD); the two high-grade reference standards analyzed less than 3 and less than 2 SD of the best value; with low RPD (1.2 and 0.6, respectively).
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.
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 67,000 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
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.
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Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF), ("Argentina Lithium" or the "Company") is pleased to announce that its common shares are now trading on the OTCQX Best Market under the ticker symbol of LILIF . The OTCQX Best Market is the highest market tier of OTC Markets on which 12,000 U.S. and global securities trade. Trading on OTCQX will enhance the visibility and accessibility of the Company to U.S. investors. Argentina Lithium's common shares will continue to trade on the TSX Venture Exchange under the symbol LIT, and on the Frankfurt Stock Exchange under the symbol OAY3.
" Graduating to the OTCQX Best Market marks yet another milestone for the Company that will further enhance our visibility among US and International investors as we continue to advance our strong portfolio of lithium projects to support the global shift toward electrification and decarbonization ", commented Nikolaos Cacos , Chief Executive Officer.
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 67,000 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
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.
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SOURCE Argentina Lithium & Energy Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2024/10/c1784.html
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OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Argentina Lithium & Energy Corp (TSX-V: LIT; OTCQX: LILIF), an alternative fuel material company, has qualified to trade on the OTCQX® Best Market. Argentina Lithium & Energy Corp upgraded to OTCQX from the OTCQB® Venture Market.
Argentina Lithium & Energy Corp begins trading today on OTCQX under the symbol "LILIF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com .
The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.
" Graduating to the OTCQX Best Market marks yet another milestone for the Company that will further enhance our visibility among US and International investors as we continue to advance our strong portfolio of lithium projects to support the global shift toward electrification and decarbonization, " commented Nikolaos Cacos, Chief Executive Officer.
About Argentina Lithium & Energy Corp
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 67,000 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.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX ® Best Market, OTCQB ® Venture Market and Pink ® Open Market.
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Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Clean Energy and Precious Metals Virtual Investor Conference, held December 4 th 5 th and 6 th are now available for online viewing.
REGISTER NOW AT : https://bit.ly/46QuklX
The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download
investor materials from the company's resource section.
Select companies are accepting 1x1 management meeting requests through December 11th.
December 4 th – Uranium
| Presentation | Ticker(s) |
| Elevated Uranium Ltd. | OTCQX: ELVUF | ASX: EL8 |
| Deep Yellow Ltd. | OTCQX: DYLLF | ASX: DYL |
| Lotus Resources Ltd. | OTCQB: LTSRF | ASX: LOT |
| Nuclear Fuels Inc. | OTCQX: NFUNF | CSE: NF |
| Anfield Energy Inc. | OTCQB: ANLDF | TSXV: AEC |
| Stallion Uranium Corp. | OTCQB: STLNF | TSXV: STUD |
| Paladin Energy Ltd. | OTCQX: PALAF | ASX: PDN |
| Peninsula Energy Ltd. | OTCQB: PENMF | ASX: PEN |
| IsoEnergy Ltd. | OTCQX: ISENF | TSXV: ISO |
| Yellow Cake PLC | OTCQX: YLLXF | AIM: YCA |
| Baselode Energy Corp. | OTCQB: BSENF | TSXV: FIND |
| Terra Uranium Limited | ASX: T92 |
| Energy Fuels Inc. | NYSE American: UUUU |TSX: EFR |
December 5 th – Battery & Precious Metals
| Presentation | Ticker(s) |
| Jindalee Lithium Ltd. | OTCQX: JNDAF | ASX: JLL |
| Hochschild Mining PLC | OTCQX: HCHDF | LSE: HOC |
| Li-FT Power Ltd. | OTCQX: LIFFF | TSXV: LIFT |
| Gold Terra Resource Corp. | OTCQX: YGTFF | TSXV: YGT |
| Goliath Resources Ltd. | OTCQB: GOTRF | TSXV: GOT |
| Silver Storm Mining Ltd | OTCQB: SVRSF | TSXV: SVRS |
| Silver Tigers Metals Inc. | OTCQX: SLVTF | TSXV: SLVR |
| Stillwater Critical Minerals Corp | OTCQB: PGEZF | TSXV: PGE |
| Outcrop Silver & Gold Corp. | OTCQX: OCGSF | TSXV: OCG |
| Southern Silver Exploration Corp. | OTCQX: SSVFF | TSXV: SSV |
| Graphene Manufacturing Group Ltd. | Pink: GMGMF | TSXV: GMG |
| Novo Resources Corp. | OTCQX: NSRPF | TSX: NVO |
December 6 th - Battery & Precious Metals
| Presentation | Ticker(s) |
| WestGold Resources Limited | Pink: WTGRF | ASX: WGX |
| Onyx Gold Corp. | OTCQX: ONXGF | TSXV: ONYX |
| West Vault Mining Inc. | OTCQX: WVMDF | TSXV: WVM |
| Akobo Minerals AB | OTCQX: AKOBF | Oslo Bors: AKOBO |
| GoGold Resources, Inc. | OTCQX: GLGDF | TSX: GGD |
| European Energy Metals Corp. | OTCQB: EUEMF | TSXV: FIN |
| Giga Metals Corp. | OTCQX: GIGGF | TSXV: GIGA |
| Argentina Lithium & Energy Corp. | OTCQB: PNXLF | TSXV: LIT |
| Lavras Gold Corp. | OTCQX: LGCFF | TSXV: LGC |
| Osisko Metals Inc. | OTCQX: OMZNF | TSXV: OM |
| Idaho Copper Corporation | Pink: COPR |
| Sierra Metals, Inc. | OTCQX: SMTSF | TSX: SMT |
| Arizona Metals Corp. | OTCQX: AZMCF | TSX: AMC |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
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First Group
The Company has identified 8 large pegmatites with lengths varying between 329 metres and 887 metres, with the most extensive pegmatite measuring an impressive 281 metres in width.
Second Group
An additional 18 pegmatites ranging from 102 metres to 560 metres in length were discovered, with the thickest pegmatite reaching 195 metres in width. This group's diversity in size and shape adds to the prospectivity of AM Resources’ holdings. Many of these pegmatites are located within mica schists, a geological setting favorable for the presence of lithium-bearing minerals.
David Grondin, CEO of AM Resources commented: “Since the acquisition, we've been compiling the data available to us in preparation for our upcoming exploration program scheduled for June. We are very pleased with the number and size of the pegmatites found so far. Once we finish compiling the data, we'll have a better picture of the work that needs to be done to fully evaluate the lithium potential of our properties.”
Location, Location, Location
Qualified Person
Technical information related in this news release has been reviewed and verified by Jean Lafleur, P. Geo., of PJLEXPL Inc., a registered geologist with the Ordre des Géologues du Québec (OGQ #833) and is a qualified person (QP) as defined by NI 43-101. Mr. Lafleur is independent from the Company and has reviewed and approved the disclosure of the AM Resources geological information.
About AM Resources
AM Resources Corporation (TSXV: AMR) is a dynamic junior mining company focused on the exploration and development of high-potential pegmatite deposits. With a strategic portfolio of assets and a commitment to responsible resource development, the Company is dedicated to creating long-term value for its stakeholders while adhering to the highest standards of corporate governance and sustainability.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. AM Resources does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
David Grondin
AM Resources Corporation
President and Chief Executive Officer
1-514-583-3490
SABRE RESOURCES CEO JON DUGDALE COMMENTED:
“The large lithium and gold soil anomalies we have identified across our extensive Cave Hill tenements indicate that the large, untested, greenstone corridor discovered within the project is highly-prospective for lithium-bearing pegmatites, as well as gold deposits.
“The Company will immediately commence infill sampling, and new sampling programs on other recently granted tenements, to define aircore drilling targets for lithium and gold deposits in the underlying greenstone lithologies.
“The Company has over 100km of strike of granted tenements over this newly identified greenstone corridor. The corridor is along strike and parallel to other greenstone belts which host major lithium, gold and nickel deposits in the region, such as the Mt Marion lithium deposit, the 2.8Moz Coolgardie Goldfield and the Nepean nickel mine. The only difference appears to be that the Cave Hill greenstone corridor is under shallow cover, which is why it has remained largely un-explored.
“We look forward to further defining these highly-anomalous lithium and gold zones and testing the bedrock potential for new lithium, gold and nickel sulphide discoveries”.
Figure 1: Cave Hill Project tenements on aeromagnetics with new lithium anomalies and other lithium deposits
The results have been received from a further 876 auger soil samples collected on a 400m x 400m grid, mostly from the largest and most prospective tenement, E15/1844 (see Figure 1). An extensive greenstone belt has been identified from magnetics within this tenement and a series of northeast-trending faults are interpreted to intersect the soil-covered greenstone lithologies, which could host lithium-bearing pegmatites (see Figure 2 below).
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