TSX Venture Exchange (TSX-V):
LIT
Frankfurt Stock Exchange (FSE): OAY3
OTCQB Venture Market (OTC): PNXLF
VANCOUVER, BC, Oct. 25,
2022 /CNW/ - Argentina Lithium & Energy
Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF), ("Argentina
Lithium" or the "Company") reports positive lithium brine
values from the third and fourth diamond drill holes at its Rincon
West Project in Salta Province,
Argentina. The Rincon West project
covers 3742.8 hectares of the salar basin, located west and north
of the adjacent Rincon Project owned by Rio Tinto. The
property is currently permitted for up to 9 exploration drill
holes. The fifth exploration hole is currently in final steps to
completion. The brine analytical results from the third and fourth
holes have been received and are reported below.
"The fourth exploration hole has produced our best results to
date. Lithium brines start at 38 metres depth, but the exciting
result is the interval from 95 m to
227 m, with lithium values ranging
from 334 to 382 mg/litre over a continuous 132 m interval. The third hole, located in the
southern portion of the property produced lower grade brines at the
bottom of the hole. Though the lithium potential appears to
decrease in the southern portion of the basin, it is notable that
we still produce lithium brines while stepping out 1.8 km south
from our previous drilling. We have more drilling to do, to fully
delineate our brine aquifer, particularly in the west and
north." 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.
Figure 1 shows the positions of the five initial exploration
holes on the Rincon West property, including RW-DDH-003 and
RW-DDH-004, and the previously announced RW-DDH-001 (see
July 13, 2022 News Release) and
RW-DDH-002 (see October 3, 2022 News
Release). Exploration drilling is ongoing at RW-DDH-005. The map
presents the drill locations overlaid on the conductive zones
delineated with TEM geophysics (see May 2,
2022 News Release; Note: the easternmost property was
acquired after the completion of the TEM survey and therefore has
no survey results showing).
Technical Details
Both holes were executed with diamond drilling (HQ-size),
permitting the extraction of core samples of the salar basin
formations, and recovery of brine samples where possible.
RW-DDH-003 was executed between July 26 and
August 22, stopping at 353 metres depth in igneous rock
units. Lining the hole with 2" diameter PVC filters and tubing was
completed on August 23, 2022.
RW-DDH-004 was executed between August 26
and September 21, stopping at 254 metres depth in igneous
basement rock units. Final sampling and lining the hole with 2"
diameter PVC filters and tubing were completed by September 22, 2022.
Drilling was carried out by Salta-based AGV Falcon Drilling SRL,
under the supervision of Argentina Lithium's geologists.
Brine sampling was conducted using a single packer sampling unit
during drilling of both holes. 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.
Table 1: Interval data and results of brines analyses
for lithium, potassium, and magnesium for drill holes
RW-DDH-003 and RW-DDH-004
Sample Interval
(m)
|
Brine
Sample
|
Li
|
K
|
Mg
|
Density
|
From
|
To
|
Thickness
|
Method
|
|
(mg/litre)
|
|
(g/ml)
|
RW-DDH-003
|
|
|
|
|
|
299
|
353
|
54
|
single
packer
|
152
|
3058
|
1288
|
1.090
|
RW-DDH-004
|
|
|
|
|
|
38
|
50
|
12
|
single
packer
|
149
|
2462
|
1743
|
1.090
|
50
|
59
|
9
|
single
packer
|
172
|
3103
|
2026
|
1.110
|
64
|
68
|
4
|
single
packer
|
247
|
4683
|
2564
|
1.162
|
68
|
77
|
9
|
single
packer
|
269
|
5083
|
2819
|
1.162
|
86
|
95
|
9
|
single
packer
|
293
|
5412
|
2864
|
1.172
|
95
|
104
|
9
|
single
packer
|
334
|
6194
|
3246
|
1.184
|
104
|
113
|
9
|
single
packer
|
354
|
6699
|
3368
|
1.190
|
113
|
122
|
9
|
single
packer
|
351
|
6653
|
3303
|
1.190
|
122
|
131
|
9
|
single
packer
|
338
|
6377
|
3061
|
1.182
|
131
|
140
|
9
|
single
packer
|
352
|
6766
|
3260
|
1.186
|
140
|
149
|
9
|
single
packer
|
368
|
7189
|
3457
|
1.196
|
149
|
158
|
9
|
single
packer
|
361
|
7427
|
3443
|
1.210
|
158
|
167
|
9
|
single
packer
|
376
|
8071
|
3442
|
1.210
|
167
|
179
|
12
|
single
packer
|
382
|
8266
|
3391
|
1.22
|
179
|
191
|
12
|
single
packer
|
365
|
8023
|
3313
|
1.214
|
191
|
203
|
12
|
single
packer
|
368
|
8167
|
3387
|
1.22
|
203
|
227
|
24
|
single
packer
|
369
|
7718
|
3429
|
1.214
|
*Both drill holes were
inclined vertically; the salar strata are believed to be flat lying
resulting in reported intervals approximating true
thickness.
|
Table 2: Collar and maximum depth information for
RW-DDH-003 and RW-DDH-004
|
Hole ID
|
East
|
North
|
Elevation
|
Azimuth
|
Dip
|
Depth
|
|
UTM Zone 19S
(WGS84)
|
(m)
|
(deg.)
|
(deg.)
|
(m)
|
RW-DDH-003
|
682231
|
7335900
|
3799
|
n/a
|
90
|
353
|
RW-DDH-004
|
682086
|
7338774
|
3744
|
n/a
|
90
|
254
|
Observations on
RW-DDH-003
RW-DDH-003 is the southernmost hole planned for this program,
being located approximately 1800 m
south of RW-DDH-002. The hole passed through interbedded sands and
gravels from surface to 90.7 metres depth. From 90.7 m to 102.8 m,
the hole traversed ignimbrites. Sandy units interbedded with
gravels were logged from 102.8 m to
303.4 m depth. Clays were logged in
this sequence in the interval 114 m
to 133.8 m. The drill entered
ignimbrites with a significant degree of fracturing and secondary
porosity at 303.4 m, extending to
308 m depth. From 308 m the ignimbrites lacked alteration and
fracturing. The hole was terminated in this unit at 353 m depth.
In frequent packer tests through the sequence of sediments,
insufficient recovery of liquid was obtained for sampling. The
final packer test, situated at the interval between 299 m and 353 m
depths was successful, producing the brine sample presented in
Table 1.
Observations on
RW-DDH-004
Lithium brines were sampled from 39
m depth, tending to increase in density and lithium values
to 149 m, where density values
plateaued, as reported in Table 1. Fresh water was not encountered
in the hole.
Poorly consolidated sands and gravels were logged from the
surface to 32 m depth, followed by a
3 m layer of clay. Frequently
high-porosity sandy sediments (red, brown, grey and black sandy
units) were then logged from 35 m
depth to 107 m, with minor yellow
clays occurring in the narrow interval between 38 m and 41 m.
A silty unit with clay was logged from 107 m to 113 m.
Sulphates and also orpiment were observed with this unit.
Interbedded units of sandy sediments and gravels were logged from
113 m to 193
m, where sulphates and occasional levels with ignimbrite
clasts were observed. A fractured ignimbrite was traversed between
193 m and 204
m. At 204 m, the drill entered
competent andesites with low porosity. The drill was stopped in
this unit at 254 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. The blank (3) and duplicate
(2) samples reported herein were analysed at Alex Stewart all
reported in the acceptable range. Low-grade (3) and medium-grade
(2) reference standards were included in the sample submissions to
Alex Stewart. Two of the low-grade reference standard analyses were
greater than the acceptable range of 3 standard deviations (SD) and
one was at the 2 SD acceptable limit; relative percent difference
(RPD) ranged from 1.00-5.83%. The medium-grade standard returned
one analyses at 2 SD; the second was less than 3 SD but RPD was low
(1.01-2.02%). Select samples have also been submitted to a second
laboratory as a standard check protocol.
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). The Company entered into an option
agreement to earn a 100% interest in four contiguous mine
concessions, the "Paso de Sico" option, totalling 791.3
hectares in the northern part of the Salar de Rincon (see
October 6 News Release).
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.