TSX Venture Exchange (TSX-V):
LIT
Frankfurt Stock Exchange (FSE): OAY3
OTCQB
Venture Market (OTC): PNXLF
VANCOUVER, BC, Oct. 3, 2022
/CNW/ - Argentina Lithium & Energy Corp. (TSXV: LIT)
(FSE: OAY3) (OTC: PNXLF), ("Argentina Lithium" or the
"Company") reports positive lithium brine values from the
second diamond drill hole at its Rincon West Project in
Salta Province, Argentina. The Rincon West project covers
2,951.5 hectares of the salar basin, located west of the adjacent
Rincon Project owned by Rio Tinto. The property is currently
permitted for up to 9 exploration drill holes. The fourth
exploration hole is currently in final steps to completion. The
brine analytical results from the second hole have been received
and are reported below.
"The results of the second exploration hole demonstrate
remarkably consistent lithium grades, when compared to the first.
RW-DDH-002 results reveal an impressive concentrated brine aquifer,
tested with packer sampling over ~77% of the interval between 182
and 305 metre depths, with lithium values ranging from 337 to 367
mg/litre. Additional concentrated brines with lower lithium
contents were also recovered from above this 118 metre interval.
Drilling thus far validates that the adjacent lithium salar extends
under our properties, with consistently high lithium grades. The
drill program will continue as planned with the aim of delineating
an initial lithium mineral resource." stated Miles Rideout, V.P. of Exploration.
The results of the brine analyses and the respective intervals
from which brine was recovered are shown in Table 1. Drill collar
information is presented in Table 2.
Map 1 presents a map of the Rincon West property showing the
positions of the four initial exploration holes, including
RW-DDH-002 and the previously announced RW-DDH-001 (see
July 13, 2022 News Release).
Exploration drilling is ongoing. The map presents the completed
drill locations overlaid on the conductive zones delineated with
geophysics (see May 2, 2022 News
Release).
Table 1:
Interval data and results of brines analyses for lithium,
potassium, and magnesium
for drill hole
RW-DDH-002
|
Sample interval (m)
|
Sample
method
|
Li
|
K
|
Mg
|
Density
|
top
|
bottom
|
Thickness
|
|
(mg/litre)
|
(g/ml)
|
112
|
155
|
43
|
single
packer
|
247
|
4266
|
2196
|
1.144
|
182
|
207
|
25
|
single
packer
|
361
|
6827
|
3050
|
1.2
|
208
|
239
|
31
|
single
packer
|
337
|
6503
|
2844
|
1.19
|
255
|
267
|
12
|
single
packer
|
366
|
7103
|
3053
|
1.204
|
287
|
293
|
6
|
single
packer
|
362
|
7036
|
3028
|
1.21
|
296
|
305
|
9
|
single
packer
|
367
|
7068
|
3047
|
1.21
|
|
|
|
|
|
|
|
|
61.3
|
65.2
|
3.9
|
double
packer
|
22
|
323
|
256
|
1.016
|
67.3
|
71.2
|
3.9
|
double
packer
|
68
|
1092
|
1029
|
1.05
|
154.3
|
158.2
|
3.9
|
double
packer
|
122
|
2425
|
1093
|
1.076
|
175.3
|
179.2
|
3.9
|
double
packer
|
243
|
4462
|
2007
|
1.146
|
217.3
|
221.2
|
3.9
|
double
packer
|
348
|
6797
|
2956
|
1.19
|
*Drill hole RW-DDH-002 was drilled vertically
to a depth of 323m below surface; the
salar strata
are believed to be flat lying resulting in reported intervals
approximating true thickness
Technical Details
Hole RW-DDH-002 was executed with diamond drilling (HQ-size),
permitting the extraction of core samples of the salar basin
formations and recovery of brine samples, where possible. Drilling
was conducted between July 7 and July
22, stopping at 323 metres depth in igneous basement rock
units. Final sampling and lining the hole with 2" diameter PVC
filters and casing were completed by July
25, 2022. Drilling was carried out by Salta-based AGV Falcon
Drilling SRL, under the supervision of Argentina Lithium's
geologists.
Table 2:
RW-DDH-002 Collar Information
|
Hole
ID
|
East
|
North
|
Elevation
|
Azimuth
|
Dip
|
Depth
|
|
UTM Zone 19S
(WGS84)
|
(m)
|
(deg.)
|
(deg.)
|
(m)
|
RW-DDH-002
|
682198
|
7337700
|
3761
|
n/a
|
90
|
323
|
Brine sampling was conducted using a single packer sampling unit
during drilling. Upon completion of the drilling, selected
intervals of the hole were re-sampled with a double packer system,
permitting isolation of certain intervals. The packer sampling
method allows the collection of brine samples at specific depths
while sealing the hole at the top and bottom of the interval.
As anticipated by the exploration team, fresh water layers were
found to overly the much denser concentrated brine aquifer.
Recovered brine samples indicate relatively fresh water in the
interval 61.3 to 65.2 metres depth, transitioning to brackish in
the interval 67.3 to 71.2 m depth.
Brine concentration increased below this level, as reported in
Table 1. A number of additional packer sampling attempts from
intervals outside of those reported in Table 1 did not return a
sufficient quantity of brine considered representative for
analysis.
No casing was required during drilling. Poorly consolidated
gravels were logged from the surface to 23
m depth, where sandy sediments began. Black and dark sands
were logged to 66 m depth, at which
point sulphates appear, likely indicating the presence of the salar
formation. Sandy units with bands of sulphates and gravels were
logged from 66 m to 90 m depth, entering a silt layer logged between
90 m and 92
m. Dark sands with abundant layers of clays and occasional
gravels were logged from 92 m to
154.25 m depths. Dark sands with
abundant interbedding of sulphates continued from 154.25 m to 199 m
depth. Sands with intercalated gravels were logged between
199 m and 236
m, followed by gravels logged to 245
m depth. At 245 m, the drill
entered aplite (fine-grained igneous rock), displaying varying
degrees of fracturing. Sulphates were observed from 66 m depth through the sediment units and within
some fractures in the aplite. Metamorphosed quartzite was
encountered from 293m, the upper
10 m with significant fracturing. The
hole was stopped in metamorphosed quartzite at 323 m depth. All core samples recovered in
drilling are retained for logging and are available for subsequent
laboratory evaluation of factors such as total and effective
porosity, permeability and other measurable characteristics of the
aquifer formation.
Analyses and QA/QC
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 9001:2008 certified
laboratory, with ISO 17025:2005 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 sequence. In addition, 11 samples
including 1 blank and two standards were submitted for re-analysis
at Alex Stewart. The blank (2), duplicate (1) and re-submitted
samples (8) analysed at Alex Stewart all reported in the acceptable
range. A low-grade and medium-grade reference standard were
included in the initial and second submission to Alex Stewart. The
low-grade reference standard analyses were within the acceptable
range of 2 standard deviations (SD) and with less than 2% relative
percent difference (RPD); the medium-grade standard returned
results less than 3 SD, but with a low RPD (1.75% and
-3.25%).
As well, two duplicate check samples were submitted to SGS
Argentina and also analyzed by ICP-OES. Initial results were
significantly higher than expected and the samples were re-run in
addition to a low-grade standard sample. The lithium grades from
the re-analysis of the check samples correlated well with the
grades reported by Alex Stewart; the standard sample, however,
returned a grade 15% below the acceptable lithium value for the
standard. Further investigation to determine the cause of this
standard failure is ongoing.
Rincon West Project
The Rincon West Project comprises the following properties:
Villanoveño II and Demasia Villanoveño II, totaling 2491 hectares,
are held under an option whereby the Company can earn a 100%
interest, as described in the Company's September 28, 2021 News Release. Argentina
Lithium has also purchased the 460.5 hectare Riconcita II property,
adjacent to Villanoveño II, (see August 25,
2022 News Release).
Corporate Update: New Stock Option
Plan and Equity Incentive Plan
On August 12, 2022, the Company
adopted a 10% rolling stock option plan (the "Stock Option Plan")
and a restricted share unit, performance share unit and deferred
share unit plan (the "Equity Incentive Plan"). The number of common
shares of the Company reserved for issuance under the Stock Option
Plan cannot exceed 10% of the number of common shares of the
Company that are outstanding on each applicable grant date, and
7,416,012 common shares of the Company are reserved for issuance
under the Equity Incentive Plan.
Qualified Person
David Terry, Ph.D., P.Geo. is the
Company's Qualified Person as defined in National Instrument
43-101. Dr. Terry is responsible for oversight of the Company's
early-stage exploration at the Rincon West property. The disclosure
in this news release has been reviewed and approved by Dr.
Terry.
About Argentina Lithium
Argentina Lithium & Energy Corp is focused on acquiring high
quality lithium projects in Argentina and advancing them toward production
in order to meet the growing global demand from the battery sector.
The management group has a long history of success in the resource
sector of Argentina and has
assembled a first-rate team of experts to acquire and advance the
best lithium properties in the "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.