Monumental and Lithium Chile to form JV
TSX-V-listed Monumental Minerals has signed a letter of intent (LoI) to acquire a 50.01% interest in the Salar de Turi project in the prolific Lithium Triangle (LT) – a zone within the central Andes high desert that includes Chile, Argentina and Bolivia.
Monumental will buy the project from Lithium Chile, which owns the 31 exploration concessions totalling 8 500 ha through its Chilean subsidiary, Minera Kairos.
“The relationship we have built with Chile Lithium continues to develop into a growing joint effort to advance high-value salars towards lithium brine resources. The Salar de Turi project represents a great opportunity, with highly compelling geophysics and geochemistry, excellent infrastructure and year-round access,” comments Monumental CEO and director Jamil Sader.
Lithium Chile CEO Steve Cochrane says the joint venture with Monumental will benefit both parties substantially, with Lithium Chile being the biggest shareholder of Monumental.
“During a recent trip to Chile, I met with Monumental Minerals technical and social governance team, and I feel that they have the capability as demonstrated with Laguna Blanca, to advance the Salar de Turi project,” says Cochrane.
Monumental will have the option to earn-in up to a 50.01% interest in the Salar de Turi project by making staged cash payments and issuing common shares.
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