VANCOUVER, BC, Nov. 20,
2023 /CNW/ - Argentina Lithium & Energy
Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF) ("Argentina
Lithium" or the "Company") is pleased to announce its
accelerated exploration plans for 2024, following the major
financing agreement with Peugeot Citroen Argentina S.A., a
subsidiary of Stellantis N.V., ("Stellantis") as reported on
September 27th, 2023.
The revised program includes a plan to complete up to 30
drill holes at the Company's large and highly prospective 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, where the 11th of 20 planned exploration drill
holes is underway.
Miles Rideout, VP of Exploration
for the Company stated, "Our 2023 field work focused on drilling
Rincon West and was extremely successful in identifying
lithium-rich brines and advancing the project. At the same
time, we assembled the large Antofalla North property package
adjacent and to the north of Albemarle Corp's lithium project and
now that we are funded we will be as aggressive as possible to
advance the project alongside Rincon West. While Antofalla
North is undrilled, our previous CSAMT geophysics show conductive
units in horizontal bedding, extending to approximately
500 m depth. Based on these results
and historic prospective results reported from elsewhere on the
salar, we hope to delineate another major source of lithium in
brines at Antofalla. Our property package at Antofalla is more than
twice as large as Rincon West, and exploration success here would
be a breakthrough."
[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.]
The Company has also expanded the exploration program plans for
its pipeline projects, Pocitos and Incahuasi. These are
earlier stage and are generally expected to be advanced behind the
work at the Rincon and Antofalla salars. However, with
permits and funding secured, the Company is in the process of
mobilizing a geophysics crew to the Pocitos Salar to begin a
reconnaissance program of 170 line-km of TEM (Transient
Electromagnetic) surveying on the 26,221 hectares of
properties. This program at Pocitos is an increase of
approximately 40% from the previous plans.
Nikolaos Cacos, CEO of Argentina
Lithium commented, "We expect 2024 to be a transformative year
for the Company, one in which we can significantly advance towards
resource delineation at our two primary projects. We have cleared
the biggest hurdle for any junior today, which is having financing
secured for all the planned exploration activity, to the tune of up
to fifteen million dollars (US) next
year alone if we complete all of our plans. In fact, the Stellantis
funding is expected to carry us through exploration drilling to
potential resource definition and initial engineering study
stages at Rincon West and Antofalla North, allowing us to build
value with minimal dilution for our investors."
Program Highlights
Rincon West Project
Following the completion of a successful 9-hole drill program on
the Villanoveño II property earlier this year, the Company launched
a new 5-hole exploration drill program (~ 1,700 m total) at the Rinconcita II property,
where the second hole is now in progress. Permitting is underway
for the third property, Paso de
Sico, and once received the Company plans to execute a
program of at least 6 drill holes (~2,100m). The Company is
confident in the permitting process, having completed applications
and successfully been awarded new permits for the Rinconcita II
property of Rincon West as recently as this summer.
Following the drill programs at the Rincon West properties a
series of rotary wells will be completed and pump tests executed,
to provide high-quality data on porosity and permeability to
support a mineral resource estimate. This work will require
additional permits, which have been submitted. The exact
number and timing of wells and tests will be determined based on
the results of the drilling programs.
Antofalla North Project
Argentina Lithium plans to complete 110 line-km of TEM
geophysics at Antofalla North Project covering approximately 16,620
hectares. This work will further map the basin and provide final
targets for drilling of an initial 6 broadly spaced reconnaissance
holes totaling approximately 2,400 metres to test for lithium
brines. With positive results, the Company now envisages
following this work with as many as 24 infill holes or
approximately 7,200 m of drilling to
fully test the property holdings.
Argentina Lithium is currently awaiting the issuance of
environmental permits at Antofalla which will allow work to
commence. The review process is well underway and the Company
does not foresee any issues with its applications.
Pocitos and Incahuasi Projects
As indicated above, the Company is currently mobilizing a
geophysics crew to the Pocitos Salar to execute 170 line-km of TEM
surveys, to map the subsurface of properties for future drill
program targeting.
In 2024, the Company expects to follow the Pocitos geophysics
work with a survey at its Incahuasi salar properties. The
planned program has been expanded by nearly 20%, to 90 line-km of
TEM covering the entire 25,582 hectares of the project.
Qualified Person
Frits Reidel, CPG is a Qualified
Person as defined in National Instrument 43-101, and the Principal
of Atacama Water, and is independent of Argentina Lithium. The
disclosure in this news release has been reviewed and approved by
Mr. Reidel.
About Argentina Lithium
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
www.argentinalithium.com
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.
