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Argentina Lithium and Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTCQB: PNXLF) has significantly expanded its lithium portfolio of properties at the Pocitos Salar in Argentina. The company and its Argentinian subsidiary have entered into three new option agreements with local vendors to acquire a 100% interest in 10,364 hectares of new properties in the heart of Argentina's world-renowned Lithium Triangle.
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These new properties grow the company's Pocitos holdings by 65%, with the company already holding options on 15,857 hectares of properties located on the west side of the Pocitos Salar.
The Pocitos Salar is located approximately 100 kilometres west of the town of San Antonio de los Cobres, the largest town in Argentina's high plain, and approximately 250 kilometres west of the provincial capital city of Salta. The Provincial Route 17 and the natural gas pipeline-fed industrial park at the settlement of Pocitos are located 17 km to the east. The rail line that crosses the middle of the Pocitos West property joins Salta with the port of Antofagasta on the Chilean Pacific coast.
The present surface expression of the Pocitos Salar is approximately 57 kilometres north-south, and approximately 10 kilometres east-west. The salt pan is almost completely flat with portions of the older salar surface covered by talus and alluvial fan.
To acquire its 100% in these properties, the company must pay a total of US$2,755,000 in scheduled payments along with 193,000 shares upon signing, and future shares worth $721,000. The El Pidio and Aquamarga properties are subject to TSX Venture Exchange approval.
Nikolaos Cacos, President and CEO, stated: ¨Pocitos, one of the largest salars within Argentina's Lithium Triangle, remains a key under-explored salar in Salta. With these new acquisitions, we are now the largest holder of claims in this very prospective basin."
Over the coming weeks, the company will be planning its exploration approach to the Pocitos properties which management believes have had little prior exploration and no drilling. The company is focused on advancing its lithium properties towards production in order to meet the growing global demand from the battery sector.
Argentina Lithium & Energy is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
The shares are trading at $0.36. For more information, please visit the company's website, www.ArgentinaLithium.com, contact Corporate Communications at 604-687-1828 or by email at info@ArgentinaLithium.com..
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