Alpha Lithium Closes 3,800 Hectare Acquisition in Hombre Muerto, Argentina
March 28 2022 - 9:00AM
Alpha Lithium Corporation (TSX.V: ALLI) (OTC: APHLF)
(Germany WKN: A3CUW1) (“
Alpha” or the
“
Company”) is very pleased to announce that it has
acquired the right, through its wholly owned Argentine subsidiary,
to purchase two mining properties, totaling 3,800 Hectares,
situated in the renowned Salar del Hombre Muerto, Argentina.
Subsequent to two previous acquisitions in the
same salar (see news releases June 15, 2021 and August 24, 2021),
Alpha now controls a 100% interest in 5,072 hectares in the Salar
del Hombre Muerto and is the second largest landholder (second only
to Posco) on the Salta side of the famous salar.
All of Alpha’s 5,072 hectares are immediately
bordered by Korean giant, Posco, which announced last week that it
was investing US$4 billion in Hombre Muerto, up from its originally
planned investment of US$830 million. This, after a drilling
campaign increased its estimated lithium carbonate equivalent to
13.5 million tonnes – a sixfold increase over what was originally
estimated when it acquired the property in 2018.
Brad Nichol, President and CEO of Alpha,
commented, “The closing of this acquisition places Alpha amongst
lithium giants and establishes the Company as a noteworthy
participant in the world’s highest quality lithium brine salar. As
is the case for our operations in nearby Tolillar Salar, our focus
is purely on achieving production as quickly as possible. To that
end, we expect to commence drilling in Hombre Muerto very shortly.”
Nichol added, “The unique brine chemistry found in the Salar del
Hombre Muerto makes it ideal for production of very high quality,
battery grade lithium products. Livent Corporation has demonstrated
this for over two decades, as they have produced lithium
concentrates and lithium products from Hombre Muerto since
1998.”
Hombre Muerto in Argentina, together with salars
in neighboring Bolivia and Chile, is at the center of the so-called
“Lithium triangle,” which is claimed to host the world’s largest
lithium brine reserves.
Argentina Prime Holdings Inc.
(“APH”) has agreed to assign the right to acquire
properties to Alpha Minerals S.A., a wholly owned Argentine
subsidiary of Alpha (“Alpha Minerals”), in
consideration for the issuance of 2,500,000 common shares of Alpha
to APH, subject to Alpha receiving all applicable regulatory
approvals, including the approval of the TSX Venture Exchange and
confirmation of registration of title to the properties under Alpha
Minerals from the Argentine mining registry. Alpha Minerals has
also agreed to assume the obligation of Alpha to pay up to
US$225,000 to the seller pursuant to the sale agreement. The first
US$25,000 payment will be due upon approval of the Environmental
Impact Report in connection with the Company’s proposed exploration
of the new property, and US$200,000 is payable six months
thereafter. APH may elect to receive up to 50% of the Second
Payment in common shares of the Company, issued at then-current
market pricing.
ON BEHALF OF THE BOARD OF ALPHA LITHIUM
CORPORATION
“Brad Nichol”
Brad NicholPresident, CEO and Director
For more information:Alpha
Lithium Investor Relations Tel: +1 844 592
6337relations@alphalithium.com
About Alpha Lithium (TSX.V: ALLI) (OTC: APHLF) (Germany
WKN: A3CUW1)
Alpha Lithium is a team of industry
professionals and experienced stakeholders focused on the
development of the Tolillar and Hombre Muerto Salars. In Tolillar,
we have assembled 100% ownership of what may be one of Argentina’s
last undeveloped lithium salars, encompassing 27,500 hectares
(67,954 acres), neighboring multi-billion-dollar lithium players in
the heart of the renowned “Lithium Triangle”. In Hombre Muerto, we
continue to expand our 5,000+ hectare (12,570 acre) foothold in one
of the world’s highest quality, longest producing, lithium salars.
Other companies in the area exploring for lithium brines or
currently in production include Allkem Limited (the combination of
Orocobre Limited and Galaxy Lithium), Livent Corporation, and Posco
in Salar del Hombre Muerto; Orocobre in Salar Olaroz; Eramine
SudAmerica S.A. in Salar de Centenario; and Gangfeng and Lithium
Americas in Salar de Cauchari.
Forward-Looking Statements
This news release contains forward-looking
statements and other statements that are not historical facts.
Forward-looking statements are often identified by terms such as
"will", "may", "should", "anticipate", "expects" and similar
expressions. All statements other than statements of historical
fact, included in this news release are forward-looking statements
that involve risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's expectations include the
results of further brine process testing and exploration and other
risks detailed from time to time in the filings made by the Company
with securities regulators. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company.
The reader is cautioned not to place undue reliance on any
forward-looking information. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements as
expressly required by applicable law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. No securities regulatory
authority has reviewed nor accepts responsibility for the adequacy
or accuracy of the content of this news release.
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