VANCOUVER, BC, Oct. 19,
2023 /CNW/ - Argentina Lithium & Energy
Corp. (TSX-V: LIT) (FSE: OAY3) (OTC: PNXLF),
("Argentina Lithium" or the "Company") is pleased
to announce that drilling has resumed at the Rincon West Lithium
Project in Salta Province,
Argentina. In July 2023, the Company received the environmental
permit to begin exploring the contiguous Rinconcita II concession,
representing the eastward extension of the project over the salt
flat. The Company subsequently completed 12 line-km of ground
geophysical surveys on the property and mobilized a diamond drill
rig to site. The drill is currently executing the second hole of a
six-hole exploration program.
![Argentina Lithium & Energy Logo (CNW Group/Argentina Lithium & Energy Corp.) Argentina Lithium & Energy Logo (CNW Group/Argentina Lithium & Energy Corp.)](https://mma.prnewswire.com/media/2251486/Argentina_Lithium___Energy_Corp__Argentina_Lithium_Commences_Dri.jpg)
"The Rinconcita II property extends our holdings eastwards
over the salt flat and has not previously been explored. The new
CSAMT geophysics demonstrate that all parts of this block exhibit
extremely low electrical resistivities at depth, consistent with
the presence of brine-saturated formations. The current drill
program is intended to verify the presence and lithium grades of
these brines, in order to incorporate them into the resource model
we are building for Rincon West." stated Miles Rideout, V.P. of Exploration.
Nikolaos Cacos, CEO of
Argentina Lithium adds "The USD 90MM equivalent investment in our
company by automotive giant Stellantis comes with the mandate to
accelerate exploration at our core projects, with the aim of
advancing to the assessment of development potential as quickly as
possible. We anticipate increasing the scale and number of our
exploration programs as permits are received for our projects. This
is a big undertaking, and we are now well financed to aggressively
move forward with this work."
The 460.5 hectares Rinconcita II mining concession is contiguous
to the Company's Rincon West Project, extending the project area
eastwards over the salt flat towards Rio Tinto's Rincon Project
(see Figure 1). In July 2023, the
Company completed 12 line-km of Controlled Source Audio-frequency
Magnetotelluric (CSAMT) geophysics surveys over the Rinconcita II
property, demonstrating the presence of extremely conductive strata
(low resistivity) at less than 100 metres below surface, consistent
with formations saturated with lithium-bearing brines. With these
results in-hand, the Company has engaged AGV Falcon Drilling SRL to
drill-test the property to confirm the presence of enriched brines
at depth. With supervision from LIT's geological team, the brines
will be sampled for laboratory analysis, and the core samples
extracted during diamond drilling will be tested to determine
formation porosity and Relative Brine Recovery. The Company
anticipates five diamond drill holes to be followed by one rotary
drill well for pump testing during this campaign. The Company
completed the first hole of this campaign during September 2023, and has now begun drilling the
second exploration hole. Figure 1 shows completed drill holes in
red, and the current drill platform is shown in blue. The northern
Paso de Sico concession block is
currently undrilled and is undergoing permitting required for
exploration geophysics and drilling.
The results of the successful drill program on the initial
Villanoveño II block were announced previously (see News
Releases dated July 13, 2022,
October 3, 2022, October 25, 2022 , January
26, 2023, April 24, 2023 and
May 31, 2023), with highlights
summarized in Table 1.
Table 1: Summary of key results from initial
Villanoveño II drill program at Rincon West
East
|
North
|
Elevation
|
Sample interval
(m)
|
Lithium
|
News
release
|
UTM Zone19S
WGS84
|
(m)
|
From
|
To
|
Thickness
|
Range
(mg/litre)
|
date
|
RW-DDH-001
|
3747
|
73.3
|
156
|
82.7
|
241 to 380
|
13 July,
2022
|
681437E
|
7339184N
|
|
|
|
|
|
|
RW-DDH-002
|
3761
|
182
|
305
|
123
|
337 to 367
|
3 Oct.,
2022
|
682198E
|
7337700N
|
|
|
|
|
|
|
RW-DDH-003
|
3799
|
299
|
353
|
54
|
152
|
25 Oct.,
2022
|
682231E
|
7335900N
|
|
|
|
|
|
|
RW-DDH-004
|
3744
|
95
|
227
|
132
|
334 to 393
|
25 Oct.,
2022
|
682086E
|
7338774N
|
|
|
|
|
|
|
RW-DDH-005
|
3808
|
194
|
260
|
66
|
168 to 209
|
26 Jan.,
2023
|
680426E
|
7336767N
|
|
|
|
|
|
|
RW-DDH-006
|
3764
|
167
|
320
|
153
|
329 to 393
|
26 Jan.,
2023
|
681291E
|
7338205N
|
|
|
|
|
|
|
RW-DDH-007
|
3775
|
143
|
321
|
178
|
241 to 340
|
23 Apr.,
2023
|
681453E
|
7337379N
|
|
-30 m of interval not
sampled
|
|
|
RW-DDH-008
|
3781
|
140
|
212
|
72
|
228 to 355
|
23 Apr.,
2023
|
680688E
|
7337736N
|
|
-27 m of interval not
sampled
|
|
|
RW-DDH-009
|
3771
|
83
|
341
|
258
|
287 to 402
|
31 May, 2023
|
680579E
|
7339278N
|
|
-2 lengths (33 and 44
m) of
|
|
|
|
|
|
interval not sampled
|
|
|
*All drilling was inclined vertically; the brine hosting
strata are believed to be flat lying, resulting in reported
intervals approximating true thickness.
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.
Rincon West Project
The following summarizes the properties held within the Rincon
West Project. 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 Rinconcita 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, 2022
News Release).
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. Mr.
Reidel has reviewed the work carried out by the Company's
exploration team at the early-stage Rincon West property. 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. 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/argentina-lithium-commences-drilling-on-the-eastern-extension-of-rincon-west-project-301961613.html
SOURCE Argentina Lithium & Energy Corp.