Overview
Demand for lithium is expected to grow at a compounded annual growth rate of 11.75 percent, reaching a market size worth $15.45 billion by 2028, due to the popularity of EVs. This renewed focus on lithium is also shining a spotlight on the famed Lithium Triangle, where about 60 percent of the world’s lithium reserves are located. The Lithium Triangle spans portions of Chile, Bolivia and Argentina. With its rich lithium resource base and a stable, mining-friendly regulatory environment, Argentina has the perfect formula to become a leader in lithium production.
Argentina Lithium and Energy (TSXV:LIT, OTC:PNXLF, FWB:OAY3) is a mineral exploration company focused on developing a portfolio of highly prospective lithium projects in Argentina. The company is a member of the Grosso Group, a resource management firm that has pioneered exploration in Argentina since 1993.
Argentina Lithium has a strong land position and extensive mining track record in Argentina with nearly 64,000 hectares consisting of four key projects located in the Salta and Catamarca provinces. The company’s properties are strategically located next to some of the world’s leading lithium producers and near key infrastructures vital to its operations. Proximity to other deposits doesn’t guarantee success, but it is an indicator of potential and provides models for exploration.
The company’s 3,742-hectare flagship Rincon West project is next-door to the west and north of the Rincon Project owned by Rio Tinto Ltd., which it purchased for $825 million last year. Rincon West is also across the salar from Argosy Minerals’ Rincon Lithium Project, which hosts a JORC resource of 245,000 tons of lithium carbonate equivalent grading 325 mg/L and is producing battery quality lithium carbonate from an operating pilot plant.
Argentina Lithium’s drill results thus far demonstrate multiple long intervals of brine with lithium grades often averaging similar grades to the resources quoted by Argosy.
The company’s second project Antofalla North – is just 500 meters north of the project controlled by Albemarle Inc., one of the world’s largest lithium producers. The Antofalla North project is also located approximately 25 kilometers west of Argentina’s largest lithium-producing operations at Salar de Hombre Muerto.
Argentina Lithium’s other properties include 25,000 hectares in the Incahuasi Salar and more than 26,000 hectares in the Pocitos Salar.
Argentina Lithium is led by Grosso Group’s management team which has a history of major mineral discoveries in Argentina, specifically the Chinchillas silver-lead-zinc deposit now owned and being mined by SSR Mining (TSX:SSRM) and Blue Sky Uranium’s (TSXV:BSK) Amarillo Grande uranium and vanadium project. Plus the team was involved with the discovery of the Gulacamayo gold mine, now owned by Mineros S.A. (TSX:MSA), Pan American Silver’s (TSX:PAAS) very large Navidad silver-lead deposit.
Company Highlights
The company’s other projects include Pocitos and Incahuasi, which are strategically located near high-grade lithium projects.The company is backed by Grosso Group Management Ltd., which has already been involved with multiple significant mineral discoveries in Argentina.
Key Projects
Rincon West
Rincon West is a prospective lithium project located in the Salta province in Argentina, in which Argentina Lithium holds a 100-percent interest in 460.5 hectares and controls by option an additional 3,282 hectares. The project is located west of the Rincon Salar, which hosts two significant resource development projects: Rio Tinto’s Rincon Project (which it has acquired from Rincon Mining for $825 million), and Argosy Minerals’ (ASX:AGY) Rincon lithium project.
The property is situated in the Lithium Triangle with access to an international highway, pacific ports and a major electrical power corridor.
Rincon West’s 2022 drill results reveal similar grades to that of Argosy’s reported resources, including long intervals of lithium values ranging from 334 to 382 mg/liter.
Early in 2023, the company announced more positive lithium brine values at Rincon West, including a 153-meter interval ranging from 329 to 393 mg/l lithium from the sixth diamond drill hole. These results extend the zone of concentrated lithium brines towards the west and southwest from earlier drill intersections. A further delineation of the lithium brine zone was achieved from the seventh diamond drill hole of the program which included a 78-meter section with results ranging from 241 to 340 mg/l lithium. Nine holes were completed in the program.
Antofalla North
Argentina Lithium’s fully owned Antofalla North project is the company’s second flagship and is also considered to be highly prospective. It covers 9,080 hectares in the Puna region and is accessed via a provincial highway and unpaved roads. Its location overlaps the provinces of Salta and Catamarca, situated less than 20 kilometers from Argentina’s largest lithium-producing operations at Salar de Hombre Muerto. Antofalla North is also located just north of Albemarle Corporation’s (NYSE:ALB) Salar de Antofalla project.
Argentina Lithium has conducted a geophysical survey at the project, which identified high-conductivity targets in the upper 100 meters and additional targets at depth.
The company plans to obtain appropriate permits, conduct transient electromagnetic soundings to delineate brine targets, and drill up to six diamond holes in mid-2023.
Pocitos
Argentina Lithium’s Pocitos project controls approximately 20 percent of the Pocitos salar. The project area covers more than 26,000 hectares located in the Salta province, with access to an international railway connecting to Pacific ports, a provincial highway and a major gas pipeline.
The Pocitos project has had limited historic exploration, including geophysics, surface sampling and limited drilling. Argentina Lithium’s plan is to concentrate on its two flagship projects while other explorers advance the knowledge base on Pocitos prior to allocating significant funds and personnel to exploring its property.
The company has the option to acquire 100 percent of the Pocitos project.
Incahuasi
Argentina Lithium’s fully owned, 25,000-hectare Incahuasi project is located in the Incahuasi Salar and basin, north of Lake Resources’ (ASX:LKE) pre-production Kachi project.
In a 2017 exploration program, Argentina Lithium reported a maximum lithium value of 409 mg/L lithium and 1.56 percent potassium in near-surface sampling to an 8-meter depth. The company also conducted four drill holes which confirmed lithium-bearing brines with average grades of 109 mg/L of lithium and 6,718 mg/L of potassium.
Argentina Lithium believes the project is underexplored and may have the potential to host quality lithium brine at depth. Since the company controls nearly 100 percent of the salar, we are not expecting updates from neighboring companies to provide more information.
Management Team
Nikolaos Cacos – President, CEO and Director
Nikolaos Cacos has over 30 years of management and advisory expertise in the mineral exploration industry. He has worked with Grosso Group since its inception and serves as a senior-level executive for all of its member companies. Cacos’ career includes administration and strategic planning for public companies. He currently serves as an officer and director of several TSX Venture Exchange-listed companies. He holds a master’s degree in international management from Heidelberg, Germany, and a Bachelor of Science degree from the University of British Columbia.
Miles Rideout – Vice-president of Exploration
Miles Rideout has 34 years of experience in advanced exploration practice, responsible business management, scientific team building and mining integration with local communities and indigenous peoples. Rideout has directly managed the acquisition and exploration of dozens of lithium properties in northern Argentina. He served as CEO of Latin American Minerals Inc. (TSX:LAT) for 5 years, during which he advanced gold and diamond projects in Paraguay. Rideout also spent 23 years with Quantec Geoscience Inc. where he initiated operations in South America and managed subsidiaries in several countries. He has experience in mine permitting, financing, construction and operations, including implementing the first operating mine in Paraguay. He participated in the discovery of several world-class deposits including the Collahuasi and Ujina copper-porphyry deposits, Veladero epithermal gold deposit and Navidad VMS/epithermal silver deposit. Rideout received a Bachelor of Science with Honors Certificate in Geophysics from Western University in 1987. Rideout is fluent in English and Spanish and has lived in Mendoza, Argentina for more than 20 years.
Darren Urquhart – CFO
Darren Urquhart is a chartered professional accountant with twenty years of experience working in public practice and industry. Urquhart operates his own public practice accounting firm offering chief financial officer and accounting services to TSX Venture Exchange-listed companies in Vancouver. He has also served as director for some of his corporate clients. Urquhart began his career working as an audit accountant with Grant Thornton LLP, then later worked as a senior tax accountant with Lohn Caulder Chartered Accountants. He obtained his chartered accountant designation in 2001 and is a member of the Chartered Professional Accountants of British Columbia. In 1995, Urquhart graduated from the University of British Columbia with a Bachelor of Applied Science in Electrical Engineering.
Joseph Grosso – Chairman of the Board and Director
Joseph Grosso became one of the early pioneers of the mining sector in Argentina in 1993 when mining was opened to foreign investment. He was named Argentina’s ‘Mining Man of The Year’ in 2005. His knowledge of Argentina was instrumental in attracting a premier team that led to the acquisition of key properties in Golden Arrow’s portfolio. He has successfully formed strategic alliances and negotiated with mining industry majors such as Barrick, Teck, Newmont, Viceroy (now Yamana Gold) and Vale S.A. and government officials at all levels. Grosso’s specialty is financing, negotiations, corporate and marketing strategy. He was an early and passionate adopter of best practices in environmental protection and socio-economic development through mineral exploration. He is the founder and president of Grosso Group Management Ltd.
John Gammon – Director
John Gammon has 40 years of experience in mineral exploration and management. His experience includes international positions with Falconbridge, assistant deputy minister mines and minerals with the Government of Ontario and, since his retirement, as ADM as a consultant working with industry, governments and universities. Gammon also spent a significant amount of time on the Aboriginal community and environmental issues. His knowledge of the Spanish language, South American culture and local societies coupled with his industry experience can assist the company with the advancement of its projects in Argentina.
Martin Burian – Director
Martin Burian holds ICD.D (Institute of Corporate Directors) and Chartered Professional Accountant designations. He has a 30-year career in investment banking to the mining sector, is currently Managing Director at RCI Capital Group and held similar senior positions at Haywood Securities, Bolder Investment Partners and Canaccord Capital. Burian is an independent member of several other public company boards where his roles include chairman, lead independent director and audit committee chair, as well as privately-held Heffel Gallery Limited where he is also part-time CFO. Burian’s early career was with KPMG where he obtained his CPA and CBV designations.
In Summary:
Argentina Lithium is one of the most exciting exploration companies in the ideal location for lithium discovery, the Lithium Triangle. For the speculative thrills of exploration with the potential for rapid and large advances, and as controlled by one of the most successful discovery teams, learn more about this company.