TSX Venture Exchange (TSX-V):
LIT
Frankfurt Stock Exchange (FSE): OAY3
OTCQX
Venture Market: LILIF
VANCOUVER, BC, Oct. 31,
2024 /CNW/ - Argentina Lithium & Energy
Corp. (TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF),
("Argentina Lithium" or the "Company") announces that it has
received the exploration permit for the Paso de Sico mining
concession, part of the Rincon West Project located adjacent to Rio
Tinto's Rincon Project in Salta
Province, Argentina. The
two-year permit is issued by the provincial Secretariat of Mines
and Energy for exploration work including diamond and rotary
drilling. The Company intends to mobilize a diamond drill shortly
to begin a six-hole exploration program to evaluate the potential
for lithium brines within the property.
Nikolaos Cacos, President and
CEO, stated "The grant of the drilling permit is a long awaited
step which allows us to advance the Rincon West project evaluation.
Recent drilling on our West Block properties has successfully
identified extensive host formations saturated with lithium-rich
brines. We intend to execute a similar programme on this northern
block, which is currently undrilled. We have also identified Paso
de Sico as the likely site of any potential future processing plant
and related extraction facilities for the project due to its very
favorable setting. The Paso de Sico property is adjacent to major
provincial and national highways and is crossed by a new 345 kW
power corridor."
Including the planned program at Paso de Sico, approximately
8000 metres of drilling are planned throughout the Rincon West
project over the next 18 months to complete brine resource, water
resource and related drilling. This work continues to be funded by
the prepaid drilling contract established in 2023 for up to
15,500-metres of drilling (see the latest Financial Statements
for details).
The Paso de Sico property is a contiguous assemblage of four
mining concessions totalling 791.3 hectares located at the northern
edge of the Salar de Rincon (see Figure 1). The property is located
50 km northwest of the village of Olacapato, where the Company
maintains an operational base.
In the October 6, 2022 News
Release, the Company announced the acquisition of the Paso de Sico
option, an agreement with a local vendor to earn a 100% interest in
the properties. Terms of the Paso de Sico option agreement include
cash payments totalling US$1.5MM paid
over two years and a total of US$2.3MM of exploration and development
expenditures over a three-year period beginning at the grant of the
exploration permit. Currently there is one payment of US$400,000 remaining. The option agreement grants
a 3% NSR to the Vendor, which can be purchased by the Company for
an additional US$1.5MM.
Qualified Person
Frits Reidel, CPG is a Qualified
Person as defined in National Instrument 43-101, is the Principal
of Atacama Water Consultants, 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 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 70,000 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 contains forward-looking statements.
Generally, forward-looking statements can be identified by the use
of terminology such as "anticipate", "will", "expect", "may",
"continue", "could", "estimate", "forecast", "plan", "potential"
and similar expressions. 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 management of
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.
Accordingly, readers should not place undue reliance on the
forward-looking statements. Factors that could cause actual results
or events to differ materially from current expectations include,
among other things: 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
exploration activities; the possibility that future exploration.
There may be other factors that cause results or events to not be
as anticipated. Actual results may differ materially from those
currently anticipated in such statements. Readers are encouraged to
refer to the Company's Management's Discussion and Analysis for a
more detailed discussion of factors that may impact expected future
results. The forward-looking statements contained in this press
release are made as of the date hereof or the dates specifically
referenced in this press release, where applicable. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, unless required pursuant to applicable
laws. All forward-looking statements contained in this press
release are expressly qualified by this cautionary
statement.
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.