Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQB:PNXLF) has kicked off its drill program at the Rincon West lithium project in Salta province and the first hole is now completed.
It comes after the company received the environmental permit to begin exploring the contiguous Rinconcita II concession.
The drill is currently advancing the second of six-holes.
"The Rinconcita II property extends our holdings eastwards over the salt flat and has not previously been explored," said Miles Rideout, exploration vice president.
“The new CSAMT geophysics demonstrate that all parts of this block exhibit extremely low electrical resistivities at depth, consistent with the presence of brine-saturated formations.
“The current drill program is intended to verify the presence and lithium grades of these brines, in order to incorporate them into the resource model we are building for Rincon West.”
Drilling at Rincon is supported by the US$90 million funding from major car conglomerate Stellantis which, as Argentina Lithium chief executive Nikolaos Cacos highlights, has mandated the company to accelerate exploration at its core projects.
The aim is to advance projects up to an assessment of development potential as quickly as possible.
“We anticipate increasing the scale and number of our exploration programs as permits are received for our projects,” Cacos said.
“This is a big undertaking, and we are now well financed to aggressively move forward with this work."