JOHANNESBURG (miningweekly.com) - ASX-listed mineral exploration company Latin Resources has secured 100% ownership of Condor lithium concessions in San Luis, Argentina, through the signing of a terms sheet with Kontrarian Resources Fund No 1.

The concessions are in the vicinity of historic lithium mines. Smaller scale pegmatite outcrops are evident within the concession with some larger bodies currently being exploited by openpit mining for feldspar and quartz.

Latin Resources is also in discussion with plant owners/operators to enable a spodumene circuit to be added to an existing crushing plant.

The company recently appointed Western Australia-based Primero Group, which will start test work on Latin Resources Argentinian's spodumene samples to determine a flowsheet to produce a spodumene concentrate.

The use of an existing plant will negate the normal lengthy process of mine plant approvals based on building a new plant, while the company notes that the cost saving benefits in adding a spodumene circuit into an existing plant, is also substantial.

The immediate strategy moving forward; however, for Latin Resources is to produce a Joint Ore Reserves Committee (JORC) resource and to also run in parallel the design and permitting of a spodumene plant to add to an existing operation in San Luis.

The acquisition of the lithium concessions coupled with Latin Resources other lithium pegmatite projects along with existing plant processing capacity in San Luis presents a unique opportunity for Latin Resources to fast track production of spodumene concentrate.

"The acquisition of the Condor Concessions is further to Latin Resources' strategy of building scale by controlling all of the known hard rock lithium pegmatites in Argentina," says Latin Resources MD Chris Gale.

He further adds that the company is "very focused on developing a JORC resource and then moving into production to take advantage of the buoyant and high lithium prices".