Edison Lithium Corp. (TSX-V:EDDY, OTCQB:EDDYF) has said that it is assessing all opportunities for its lithium brine properties in Argentina’s northern Catamarca Province after it was approached by various collaborators for the development of its claims.
Updating investors on the claims, which are principally located in two geological basins known as the Antofalla Salar and the Pipanaco Salar, the company said it may enter into collaboration agreements to advance multiple claims, thereby enabling it to simultaneously develop a larger number of claims in the Salar of Antofalla.
"Argentina is second only to Bolivia for the largest identified lithium resources and has the third largest quantity of commercially viable lithium reserves behind only Chile and Australia,” Edison Lithium CEO Nathan Rotstein said in a statement. “A number of companies are actively looking for lithium acquisitions in anticipation that prices for the key raw material in electric-vehicle batteries will stay high for years to come and, consequently, we have had inquiries from several parties interested in acquiring properties in the lithium triangle from Edison."
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Meanwhile, the company said it expects an initial Environmental Impact Assessment (EIA) Report for the prospecting phase of exploration, which includes 24 claims covering approximately 100,000 hectares in the Antofalla Salar, to be approved by the mining authorities in Catamarca in the first quarter of 2023.
Once the permits are approved, the company said it intends to perform geophysics on select claims, using the TEM (transient electromagnetic) method to identify drilling targets.
It noted that claims 29 and 30 are it's most advanced and the main focus for future exploration work as geophysics results suggest the presence of a potential brine zone of at least 300 metres in thickness. Once the road construction and drilling permits are approved, Edison said it plans to commence drilling.
The company also said it intends to extend the expiry date of an aggregate of 9.7 million common share purchase warrants by 24 months to February 26, 2025.
The warrants were issued under a private placement which closed on February 26, 2021, and are currently set to expire on February 26, 2023. Each warrant entitles the holder to acquire one common share of the company for $0.12 and no warrants are held by any insiders of the company. All other terms of the warrants, including the exercise price, are to remain unchanged, it added. The warrant extension is subject to the approval of the TSX Venture Exchange.
Canada-based Edison is a junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium, and other energy metal properties.
The company's acquisition strategy is based on acquiring affordable, cost-effective, and highly regarded mineral properties in areas with proven geological potential.
Edison is building a portfolio of quality assets capable of supplying critical materials to the battery industry and intends to capitalize on and have its shareholders benefit from the renewed interest in the battery metals space.
Contact the author at stephen.gunnion@proactiveinvestors.com