Regulatory approvals obtained for exploration works to commence. Historical exploration data acquired over central area of Salar de Pocitos.
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Argosy Minerals Limited (ASX: AGY) (“Argosy” or “Company”) is pleased to confirm it has received regulatory approvals to commence exploration at all three mining concessions comprising its Pocitos Lithium Project in Salta Province, Argentina.
The receipt of these regulatory approvals has triggered the commencement of the 12- month exclusive option period with Ekeko S.A., which will expire on 3 September 2017. This option period expiry date also applies to the Mina Teresa Lithium Project in Jujuy Province, where the Company is progressing the community consultation process to obtain the regulatory approvals to conduct exploration works.
The Company has also acquired a substantial historical exploration data package over the central portion of the Salar de Pocitos, which covers part of the three mining properties of the Pocitos Lithium Project. The data comprises exploration conducted during 2010 to 2012, including extensive geochemical augur drilling and brine sampling, electrical geophysical surveying and interpretation, geological and stratigraphic mapping, and limited drilling.
An extract of a technical report prepared in 2011 from the historical data notes the following observations;
Salar de Pocitos may have a similar geological setting to Salar del Rincon to the north;
Elevated levels of lithium and potassium were confirmed by shallow auger brine sampling conducted during 2010; and
Interpretation of the vertical electrical sounding geophysical study conducted over the central part of the Salar de Pocitos in 2010 suggests geological units may host brines, with potentially elevated concentrations of lithium and potassium.
An exploration target was defined within the 2011 technical report, using exploration data collected from the central area of the Salar. Exploration drilling, comprising two drill-holes, was subsequently carried out in 2012 and may supplement the findings.
The expanded data-set will allow the Company to progress faster towards an advanced stage at the Pocitos Lithium Project and in a more cost effective manner.
Argosy has engaged an independent consultant to review and evaluate the historical data. The Company will then integrate the data to expedite exploration works and progress towards delineating a JORC Resource.
Argosy Minerals Limited
ACN 073 391 189
Level 3, 216 St Georges Terrace, Perth, WA 6000 PO Box 7775, Cloisters Square, Perth, WA 6850 Ph: (08) 9226 4500 Fax: (08) 9226 4300
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AGY Price at posting:
2.5¢ Sentiment: Buy Disclosure: Held
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