Hot off the heels of securing major investor dollars from Stellantis, Argentina Lithium & Energy (TSXV: LIT) has announced it will be spending a large portion of those funds exploring its properties in 2024.
The lithium explorer this morning announced a 30 hole drill program for its Antofalla North project, the inaugural program for the recently assembled property. Current plans call for a 110 line-km TEM geophysics survey to be conducted, followed by 6 reconnaissance holes for an aggregate 2,400 metres of drilling to test for lithium brines.
Following the success of that six hole program, Argentina Lithium intends to conduct up to 24 infill drill holes over 7,200 metres of drilling to fully prove out the asset. Those plans however are pending environmental permits.
Drilling meanwhile is currently underway at the Rincon West project, where drilling of the 11th hole of the year is ongoing. An initial 9 hole program was conducted at the Villanoveno II property earlier this year, which is now being followed up with a five hole program at the Rinconcita II property. Six holes are also planned for Paso de Sico, once permits are granted. The drill program is then to be followed by rotary wells that will see pump tests completed to enable a mineral resource to be established.
Exploration at the Pocitos and Incahuasi projects, both of which are early stage, is also planned. 170 line-km of TEM geophysics is to be conducted at Pocitos, while 90 line-km of similar studies are to be conducted at Incahuasi.
“We have cleared the biggest hurdle for any junior today, which is having financing secured for all the planned exploration activity, to the tune of up to fifteen million dollars (US) next year alone if we complete all of our plans. In fact, the Stellantis funding is expected to carry us through exploration drilling to potential resource definition and initial engineering study stages at Rincon West and Antofalla North, allowing us to build value with minimal dilution for our investors,” commented CEO Nikolaos Cacos.
The plans for substantial exploration follow Stellantis investing US$90 million in the junior explorer, in exchange for a 19.9% stake in its operating subsidiary in Argentina.
Argentina Lithium last traded at $0.335 on the TSX Venture.
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