Argentina Lithium and Energy Corp. (LIT:TSX; PNXLF:OTC; OAY3:FSE) announced in a news release it entered an agreement with a set of vendors to earn a 100% interest in three granted mine concession properties next to its existing project in Argentina's Salar de Antofalla. These properties would expand Argentina Lithium's existing 9,000 hectare (9,000 ha) land package to 14,380 ha.
To earn a 100% stake in the trio of properties, Canada-based Argentina Lithium is to pay a total of $4 million ($4M) in cash over 42 months but not exceed $600,000 in the first 18 months. The company also is to pay for exploration, a specific amount in each of four years, $500,000 in the first, $1.5M in the second, $2M in the third and $3M in the fourth.
These properties have already seen some exploration work. The vendors conducted surface sampling of brines, down to 4 meters, in 14 places. These samples showed lithium values of up to 61.1 milligrams per liter.
As for Argentina Lithium's own project in the Salar de Antofalla, the company had a controlled-source audiofrequency magnetotellurics geophysical survey of the property done in 2018 to hone in on potential drill targets. The survey identified spots with high conductivity within the first 100m of surface as well as areas of moderate conductivity deeper down, all amounting to possible targets.
Consulting geophysicists recommended the company do reconnaissance drilling to discover the cause of the anomalies and test for the presence of lithium.
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