- Argosy Minerals (ASX:AGY) wraps up resource expansion drilling at its Rincon lithium brine project in Argentina
- The project is smack bang in the South American ‘Lithium Triangle’ with Rio Tinto holding acreage nearby
- The pilot plant stage of Argosy’s project saw 25 tonnes of battery-grade lithium sold into Asian markets
- The company is seeking to expand its JORC resource and overall life of mine, currently at 16.5 years
- Shares last traded at 18.5 cents
Argosy Minerals (ASX:AGY) has completed resource expansion drilling at its Rincon lithium brine project in Argentina.
The project covers some 2794 hectares in the Salar del Rincon region, right in the heart of the ‘Lithium Triangle.’ Rio Tinto also owns acreage in the area.
Argosy’s expansion drilling has confirmed a greater deposit of lithium-hosting brine underground than previously recognised, with mineralisation remaining open.
The company finished drilling six targets up to depths of 427 metres. The drilling results, management noted, boost the project’s overall bankability.
With all brine sample analysis results now in the hands of geotechs, resource modelling works have commenced for an upgraded lithium brine mineral resource set for publication before 2024.
An existing delineated JORC resource for Rincon, in tandem with a preliminary economic assessment (PEA) report, indicates the project could support a nameplate capacity of 10,000 tons per annum over a 16.5-year life of mine (LOM).
It is expected that the resource upgrade will aim to increase LOM and overall annual production capacity. During Argosy’s stage 1 pilot plant stage, the company produced over 30 tonnes of high-purity battery-grade lithium feedstock. 25 tonnes were sold to Asian markets.
A diamond drill rig was used, and the company collected samples up to depths of 386 metres.
“The brine sample results have confirmed greater lithium brine-bearing thickness from the targeted deeper aquifers that underlie the current Indicated Mineral Resource, which is very positive for the preparation of an upgraded brine Mineral Resource Estimate,” AGY Managing Director Jerko Zuvela said.
“The company is working toward finalising upcoming significant milestones that will support Argosy’s ambitions and near-term growth phase to fully develop the Rincon lithium project.”
Shares last traded at 18.5 cents.