Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQB:PNXLF) said it has chosen to exercise early two option agreements for properties in the lithium triangle of northwest Argentina.
The company said one option at Rincon West/Pocitos encompasses 2,390.5 hectares at its Rincon West Project and includes properties at which a phase 1 drilling program was completed successfully this year. The option also includes 15,857 hectares of properties at the Pocitos Project.
The company also exercised the Pipo/Alcalina option encompassing 5,380.5 hectares at its Antofalla North Project at which an accelerated exploration plan is in place for 2024.
"Exercising the options at Rincon West and Antofalla North is a key step to advance planning and development of our two core projects,” Nikolaos Cacos, CEO of Argentina Lithium, said in a statement that also contains further details about both options.
“Drilling on the optioned property at Rincon West has verified the grade potential of the concentrated lithium aquifer. Drilling is pending at Antofalla North, however, our geophysics demonstrates a deep salar basin and we are confident in the prospectivity for lithium brines, so we have set ambitious plans to advance the project. We have funding secured to fully explore these two projects, and our partner, Stellantis, is entirely supportive of our approach."
The early exercise of both options was done via the company’s subsidiary Argentina Litio y Energia S.A. of which Argentina Lithium owns 80.1%.