Argosy Minerals has acquired the title to the Mina Tincal tenement in Argentina until May 2018, having completed its due diligence.
The company will pay $US400,000 ($524,000) to vendor Colorado SA as part of the agreement, which will expand the company’s centralised presence in the vaunted ‘lithium triangle’ that spreads across a substantial section of northwestern Argentina, southwestern Bolivia and central Chile.
The deal would increase Argosy’s Rincon lithium joint venture in the region by 196 hectares to a total of 2572.9 hectares, should the company go ahead with purchasing the tenement. Mina Tincal adjoins Argosy’s northern tenements, and the company is currently reviewing additional prospective mining concessions at the Rincon project for stage three development.
Managing director of Argosy Jerko Zuvela said, “This strategic and highly prospective acquisition further confirms Argosy’s intent, ambition, and increasing scale to continue our aggressive development strategy to fast track towards production of LCE product.”
Argosy’s pursuit of the option agreement was first announced on November 14 as part of Argosy’s plans for expansion as a sustainable lithium company and material supplier for the lithium-ion battery sector.