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Argosy Minerals reveals maiden lithium resource at Rincon

Shares have opened trading higher this morning, up 11% early on.

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The company is confident the resource will support project production targets

Argosy Minerals Ltd (ASX:AGY) has estimated a maiden JORC resource of 207,957 tonnes of lithium carbonate equivalent (LCE) within the brine aquifers of its Rincon Lithium Project.

READ: Argosy Minerals switches on gas at lithium pilot plant

Argosy’s managing director Jerko Zuvela said: “We are very confident the resource estimate will support our project production targets that we expect to report within our preliminary economic assessment, and together with additional drilling works will also enable future upgrades to the maiden JORC mineral resource.

“The resource estimate further validates the company’s fast-track development strategy to fully develop the Rincon Lithium Project toward commercial production.

“We are committed to building a sustainable lithium production company.”


 

Resource exceeded expectations

The resource estimate has exceeded the company’s expectations and forms a solid basis to advance the preliminary economic assessment (PEA) for Rincon.

The lateral extent of the resource is limited to areas within project tenements and to a depth of 102.5 metres, with resource and brine aquifer remaining open at depth.

There is good potential for resource expansion from additional drilling and continued tenement acquisitions.

Hydrogeological work in progress

The following hydrogeological works are planned and/or in progress with respect to brine aquifer investigations in association with the PEA works currently in progress:

• Deep bore pumping tests to determine the dynamic hydrogeological properties of the brine aquifer; and
• Shallow exploration and test bores with pumping tests, to provide more information on geological and hydrogeological properties of the fractured halite aquifer.

Quick facts: Argosy Minerals Ltd

Price: 0.054 AUD

ASX:AGY
Market: ASX
Market Cap: $55.05 m
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