Argosy Minerals Limited (ASX:AGY) has executed an agreement to increase its stake in the Rincon Lithium Project in Argentina’s Lithium Triangle to 77.5%.
READ: Argosy Minerals rides high on lithium wave
Argosy continues to have the right to ultimately earn a 90% interest in Puna Mining (the entity that owns the project) upon completing stage III development of Rincon.
Fast-tracking lithium carbonate production
Stage II development at Rincon is progressing while production of lithium carbonate from stage I is expected within months.
Jerko Zuvela, managing director, said: “Completing the move to 77.5% early demonstrates Argosy’s intent, ambition, strategy and its absolute confidence to fully develop the Rincon Lithium Project.
“We are extremely fortunate to be working with our JV Partners – with their significant experience in LCE production and the Rincon Solar – and to arrive at this position.
“We are committed to building a sustainable lithium production company and become the next ASX-listed LCE producer.”
READ: Argosy Minerals drilling delivers better than expected lithium grades
The company’s recent drilling revealed better than expected lithium content over thicker brine-bearing zones at the Rincon project.
Drilling has also confirmed a thick sequence of black sand in the project area, which is positive for future brine extraction requirements.
Lithium concentrate processing test work planned
Argosy is building a pilot plant at its nearby industrial warehouse site in preparation for lithium concentrate processing test work.
The tests are expected to take place this quarter with the production of targeted battery grade lithium carbonate product shortly after.
Stage I evaporation ponds have been concentrating lithium brine since April 2017 and are progressing to a suitable lithium concentrate for processing through the plant.