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Tuesday, Apr 23, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Lithium

Argentina junior NOA Lithium exceeds expectations with Salta project’s maiden resource estimate

It is estimated to hold 1.9 million metric tonnes of lithium carbonate equivalent grading at 612 milligrams per litre on average

Argentina junior NOA Lithium exceeds expectations with Salta project's maiden resource estimate
Water sampling at the Rio Grande project, Salta province. Photo credit: NOA Lithium Brines

Argentina explorer NOA Lithium Brines Inc. (TSX-V: NOAL) released the maiden resource estimate for its Rio Grande project in the Salta province on Monday. The company’s leadership described the results as “robust” and said they have significantly exceeded expectations.

The site is estimated to contain 1.9 million metric tonnes of measured and indicated lithium carbonate equivalent (LCE) with an average grade of 612 milligrams per litre (mg/L). Only 12 per cent of the project’s land package has been explored to date, indicating potential for additional resource discovery.

NOA announced earlier this month that it had discovered 530 metres of lithium brine resources one metre below the surface at Rio Grande. The company says it is now completing a geophysical campaign at the site to determine the best means of conducting its second phase of exploration.

“We are very excited to announce a robust maiden resource estimate, which solidifies our Rio Grande project as one of the best undeveloped projects in Argentina,” CEO Gabriel Rubacha said. He added that the high lithium brine grade has made the project’s development feasible without relying on direct lithium extraction technologies.

Drilling at the company’s largest project, Arizaros, is expected to start by the end of June. NOA will complete a drill program at its third Salta project, Salinas Grandes, in the near future as well.

Argentina junior NOA Lithium exceeds expectations with Salta project's maiden resource estimate

The specifics. Photo credit: NOA Lithium Brines

Read more: Lithium South near completion of production well and economic assessment at flagship operation

Read more: Lithium South and POSCO Holdings ink mutual development agreement

Argentina brine yields high lithium grades

In the nation’s neighbouring Catamarca province, the junior miner Galan Lithium Limited (ASX: GLN) is currently developing a rich lithium brine resource as well. The company’s Hombre Muerto West project contains an estimated 6.6 million tonnes of LCE with an impressive average grade of 904 mg/L.

In Salta, South Korean major Pohang Iron and Steel Company (POSCO) (KRX: 005490) recently partnered with the junior miner Lithium South Development Corporation (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) to develop its Hombre Muerto North project.

That operation contains an estimated 1.6 million tonnes of LCE. Although small in comparison to Galan, core samples taken from one of the site’s claim blocks last spring had an excellent average grade of 1,176 mg/L.

Argentina’s extensive resources have inspired major companies to invest extensively. Both the French company Eramet S.A. (EPA: ERA) and the Buenos Aires-based Techint Group recently agreed to invest US$800 million each into the country’s industry.

United States Secretary of State Antony Blinken and government officials from Europe recently travelled to Argentina. They met with President Javier Milei and other Argentine representatives to discuss cooperation on mining lithium and other commodities.

 

Lithium South Development Corporation is a sponsor of Mugglehead news coverage

 

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