Argentina Lithium & Energy Corp. (TSXV: LIT | FSE: OAY3 | OTCQX: LILIF) has fully exercised three option agreements for 100% interest in 22 optioned properties totalling 25,391ha at the company’s Rincon West, Pocitos, and Antofalla North Projects.
“Following the receipt of the investment from Stellantis, we deployed the funds to secure a large portion of our most prospective optioned properties, where we have advanced drilling and geophysics throughout 2024.These acquisitions secure large land packages where our reconnaissance work has validated initial exploration hypotheses.” stated Nikolaos Cacos, president and CEO.
Argentina Lithium previously announced the option to acquire 100% ownership of three mining concessions totalling 5,380.5ha at the Antofalla Salar in Salta Province from a group of local vendors. The agreed terms stipulated US$ 4,000,000 in payments spaced over 42 months, plus an exploration investment commitment.
In November 2023, the company exercised the option by advancing US$ 3,200,000 to complete the remaining payments. At the time of the final exercise payment, the parties agreed that outstanding exploration investment commitments would be waived. A 2% net smelter royalty remains payable to the local vendors from the time the property enters production.
The Argentina Lithium news releases dated 28 September, 14 October 2021, and 16 March 2022 announced the option agreement with a local vendor to acquire 100% ownership of multiple mining concessions in Salta Province including: 11 contiguous properties at Pocitos Salar (Pocitos 200-209 & 211, totalling 15,857.5ha), and at Rincon Salar, the Villanoveño II property (2370.5ha) and other properties advancing through the mining claim process including Demasia Villanoveño II (20.5ha). The total contracted value of the option was US$ 4,200,000 and C$ 700,000 in Argentina Lithium shares, payable to the vendors over 36 months.
This option was exercised by the company in November 2023, by advancing the remaining payment of US$ 2,900,000 to complete the terms of the option agreement, thereby earning 100% title and with no royalties pending to the vendors
To read more about this, please visit www.argentinalithium.com
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