VANCOUVER (miningweekly.com) – Junior explorer Lithium X on Monday announced its latest acquisition in Argentina, bolstering landholdings with the district-scale 33 846 ha Arizaro project that is in one of the world’s largest and least-explored salars thought to contain high lithium brine values.
The deal buoyed Lithium X’s TSX-V-listed stock on Monday, rising 8.53% to C$2.29 apiece.
Under the terms of the transaction, Lithium X will issue 3.5-million shares and pay $250 000 in cash for a 100% stake in the project, subject to certain conditions.
According to Vancouver-based Lithium X, the entire salar is staked with other current landholders in Arizaro including Eramet, Sentient and REMSA (Salta government).
The company sees potential to increase and enhance brine processing at its flagship Sal de Los Angeles project, by combining with brine products from Arizaro.
Lithium X also on Monday reported that metallurgical testing in on-site evaporation pools at Sal de Los Angeles, had achieved 4% lithium concentration, with 5% expected by the end of the current quarter.
The Salta Exploraciones joint venture has started construction of the camp expansion, with construction equipment and supplies to be dispatched shortly to build brine capture and pumping systems.
Lithium X plans to undertake an exploration programme in February, focusing on resource expansion and resource category upgrades.
Lithium X has set itself the goal of becoming a pure-play lithium producer, with a preliminary economic assessment currently under way on Sal de Los Angeles.