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- Xantippe Resources (XTC) enters an option agreement with Carolina Lithium to acquire lithium brine tenements in Catamarca, Argentina
- The Carachi Pampa licenses are believed to offer proven lithium bearing brines that can host a feasible project
- Xantippe will pay one billion fully paid ordinary shares to Carolina Lithium shareholders, along with a non-refundable option fee of US$40,000 (around A$56,000) to conduct due diligence
- US$100,000 (approximately A$140,000) will then be payable to the owenr upon exercise of the option and signing a definitive acquisition agreement before the end of May 2022
- Xantippe Resources is down 11.1 per cent, trading at 0.4 cents at 12:15 pm AEDT
Xantippe Resources (XTC) has entered an option agreement to acquire lithium brine tenements in Argentina.
The agreement was penned with Carolina Lithium, which holds rights to aquire two tenements prospective for lithium brine deposits in Catamarca, Argentina, known as the Carachi Pampa Licences.
The exclusive six-month option agreement with the shareholders of Carolina Lithium will see Xantippe acquire all of its shares.
Upon the exercise of the option, Xantippe will pay one billion fully paid ordinary shares to shareholders, along with a non-refundable option fee of US$40,000 (around A$56,000) to Carolina to conduct due diligence on the project, which will then be passed onto the owner of the properties, Fabiana Ramos.
Mr Ramos will also get US$100,000 (about A$140,000) if the option is exercised and a formal acquisition agreement is signed by the end of May 2022, with a further US$2,060,000 (approximately A$2,886,000) paid in two separate instalments.
Following the acquisition, the company will hold the right to acquire all the shares in Arlupo SA, the holder of the rights to the Carcahi Pampa Lithium Project.
The target is a paleo salt flat with proven lithium brine at depths of up to 200 metres, covering 9100 hectares and has been dubbed suitable for direction lithium exchange (DLE) processing.
It’s believed that Carachi Pampa offers proven lithium-bearing brines that can host a feasible project.
Managing Director, Richard Henning said the company’s recent capital raising has given Xantippe the opportunity to seek and explore new resource projects.
“The option to investigate and potentially acuiqre two tenements in this proven region of Argentina with known resources of lithium, another crucial element in battery technology, is an obvious extension to the XTC strategy to participate in the develop of new world elements,” said Richard Henning.
Xantippe Resources was down 11.1 per cent, trading at 0.4 cents at 12:15 pm AEDT.
