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Xantippe Resources (ASX:XTC) expands landholding in ‘lithium triangle’

ASX News, Materials
ASX:XTC      MCAP $87.6K
24 May 2022 11:33 (AEDT)

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Xantippe Resources (XTC) has exercised its option to buy Luz Maria tenement in the heart of the ‘lithium triangle’ in Catamarca, Argentina.

Last year, the company entered an option agreement with Carolina Lithium to buy lithium brine tenements which make up the Carachi Pampa lithium project.

This will be the fourth tenement bought in the deal, after the recent buy of La Sofia.

Xantippe will pay the owners of the Luz Maria tenement US$2.1 million (A$2.9 million) which will follow a definitive acquisition agreement. In addition, a further US$10 million will be paid in two seperate payments within 12 months of signing the definitive agreement.

The company will offer US$10 million worth of XTC shares to the Luz Maria owner 180 days after signing the definitive agreement, which is subject to shareholder approval.

Luz Maria covers a total area of almost 3400 hectares and is in close proximity to Lake Resources (LKE) Kachi project.

Together with the La Sofia, Rita and Rita I, the company now holds nearly 12,400 hectares of the Latin American lithium triangle which strongly aligns with its goal of acquiring at least 17,000 hectares within the Catamarca region.

“We are pleased to have acquired such high quality projects, located next to tier one clean lithium projects,” Managing Director Richard Henning said.

“Work is underway to obtain necessary approvals to start exploration activities. Exploration will commence as soon as possible.”

XTC shares were trading 4.55 per cent in the green at 1.2 cents at 11:26 am AEST.

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