VANCOUVER, BC, Oct. 6, 2022
/CNW/ - Argentina Lithium & Energy Corp. (TSXV: LIT)
(FSE: OAY3) (OTC: PNXLF), ("Argentina Lithium" or the
"Company") is pleased to announce two new option agreements at
lithium salars in Argentina. The
Company has entered into an option agreement with a local
vendor to earn a 100% interest in four contiguous mine concessions
totalling 791.3 hectares at the Salar de Rincon (the "Paso de Sico
option"). The Company has also entered into a second option
agreement with a second local vendor to earn a 100% interest in a
single mine concession measuring 843.5 hectares at the Salar de
Antofalla (the "Volcan option").
Nikolaos Cacos, President and
CEO, stated "The Rincon and Antofalla salars have been our focus
for property acquisitions, for their potential for high-grade
lithium resources and their favorable locations. Each of these new
properties border landmark projects operated by major producers,
where large resources have already been defined. Our new properties
represent significant increases to the resource potential for our
Rincon West and Antofalla North projects. The exploration team will
now incorporate the new areas into our ongoing and near-term
exploration programs."
Argentina Lithium's Rincon West project, located in Salta
province, includes both 100% held and optioned properties (see News
Release dated July 21, 2022). The
project now totals 3742.8 hectares with the Paso de Sico
acquisition.
Argentina Lithium's Antofalla North project, located within
Salta and Catamarca provinces, includes both 100% held and optioned
properties (see News Release dated April 11,
2022). With the Volcan acquisition, the Company controls
15,830.5 hectares at Antofalla for exploration and
development.
Map 1 shows the Paso de Sico option properties in relation
to Argentina Lithium's Rincon West project, where exploration
drilling is currently underway. International Highway 51 passes the
northern edge of the Paso de Sico property.
Map 2 shows the Volcan option property in relation to
Argentina Lithium's Antofalla North project. The northern tip of
the Company's Incahuasi brine project is shown in the lower-right
portion of the map.
Option Agreement Details
Terms of the Paso de Sico option include cash payments totalling
US$1,500,000 paid over two years,
including obligatory payment commitments totalling US$300,000 in the first six months. The option
grants a 3% NSR to the Vendor, which can be purchased by the
Company for an additional US$1.5MM.
The Paso de Sico option agreement also includes a total of
US$2.3MM of exploration and
development expenditures over a three-year period.
Terms of the Volcan option include cash payments totalling
US$590,000 paid over three years,
including the obligatory payment of US$40,000 at the time of signing. The option
grants a 1% NSR to the Vendor, which can be purchased by the
Company for an additional US$1.3MM.
Qualified Person
David Terry, Ph.D., P.Geo. is the
Company's Qualified Person as defined in National Instrument
43-101. The contents of this news release have 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 towards
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.