Advantage Lithium Corp. (TSXV:AAL) has, further to the news release of Sept. 14, now signed the definitive agreement to acquire 100-per-cent interest in the Stella Marys project, Salta province, Argentina.
Advantage Lithium Corp. (TSXV:AAL) has, further to the news release of Sept. 14, now signed the definitive agreement to acquire 100-per-cent interest in the Stella Marys project, Salta province, Argentina. Stella Marys in an advanced lithium brine project, comprising 1,472 hectares, located in the western sector of the Salinas Grandes salar within Argentina’s Lithium Triangle of developing and producing projects, including the country’s two lithium producers. The property is adjacent to Orocobre’s Salar de Salinas Grandes lithium-potassium-boron brine project, which hosts a near-surface, low-sulphate inferred resource estimate of 56.5 million cubic metres of brine grading 795 milligrams per litre lithium (239,200 tonnes lithium carbonate equivalent (LCE)), 9,547 milligrams per litre potassium (1.03 million tonnes of potash equivalent) and 283 milligrams per litre boron.
Orocobre’s shallow inferred mineral resource potentially extends onto the Stella Marys property, where a previous operator is reported to have completed a comprehensive exploration program of mapping and sampling, geochemistry, some drilling with pump tests, and preliminary engineering.
David Sidoo, President and CEO, of Advantage Lithium, commented: “The acquisition of the highly-strategic Stella Marys project is an important milestone for Advantage Lithium and establishes our presence in this important lithium district. We plan to aggressively develop our key projects and we have the funds to do so. Just as we have commenced drilling at our Clayton NE project in Nevada, just a few months after closing the agreement, so we expect to begin exploration work at our exciting Stella Marys property within a short period of time.”
- — 1,472 ha lithium brine project immediately adjacent to a significant shallow depth, inferred resource, which has substantial grades and good chemistry
- — Prior exploration work includes mapping, sampling, geochemistry, drilling with pump tests and preliminary engineering
- — Salta province of Argentina is ranked by Fraser Institute (2015 survey) as one of the most favourable jurisdictions in Central and South America for exploration
- — Near to excellent infrastructure corridor of road, rail, and power
Details of the Agreement
In order to acquire the Property, the Company must pay: (a) a non-refundable deposit of US$100,000 upon signing of the LOI (which has been paid); (b) a further US$250,000 and 300,000 common shares of the Company on the earlier of the date of TSXV acceptance and 90 days from date of the LOI; (c) a further US$250,000 and 300,000 common shares on the six month anniversary of TSXV acceptance; and (d) a further US$650,000 and 900,000 common shares on the first anniversary of TSXV acceptance.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol., Technical Director for Advantage Lithium Corp., and the Designated Qualified Person for the company.
Connect with Advantage Lithium Corp. (TSXV:AAL) to receive an Investor Presentation.