Argosy Minerals Ltd (ASX:AGY) is acquiring three additional tenements – Mina San Jose, Mina Jujuy and Mina San Marcos, comprising a total tenement area of 209.5 hectares for the Rincon Lithium Project in Salta Province, Argentina.
Argosy will pay a purchase fee of about US$538,702 following successful completion of due diligence works and associated regulatory requirements, for the outright purchase of the three mining titles.
Project map along with new acquisitions
Strategically, Mina Jujuy and San Marcos adjoin Argosy’s Mina Tincal tenement, allowing the company to apply to join these tenements into Mining Group status for the purposes of regulatory applications for exploitation permits.
Mining Group status will also be important for future potential commercial lithium brine pumping operations.
Argosy managing director Jerko Zuvela said: “These strategic and highly prospective tenements provide increased scale for future potential commercial operations, which will be highlighted by the long-term mine-life estimates currently being prepared as part of the PEA works.”
READ: Argosy Minerals demonstrates chemical process for battery-quality lithium production at Rincon
The Rincon Lithium Project now comprises up to 2,794.4 hectares of significant lithium and associated infrastructure services/mining easement landholdings for future stage III development and commercial production operations.
Now that the acquisition agreements have been concluded, Argosy will prepare to finalise the PEA taking into account the recently upgrade JORC resource.
Argosy recently upgraded its lithium carbonate resource by 18% at its Rincon Lithium Project.
Notably, the upgraded resource of 245,120 tonnes lithium carbonate is also all in the higher Indicated JORC category.