Simple answer is I haven't looked at this pegmatite play in Argentina, although seems to have a few gold prospects in NSW as well, which look promising given historical g/t, as well as some members of BOD also in OAR as well. What has caught my attention is this table though in your post:
So they are getting to estimated spodumene content (Li20) by: length * width * depth * density * spodumene content, albeit need far far more tonnes, meaning disoveries (see below).
1. So firstly convertion variable for going to an oxide = 1/((6.941*2)/(29.8814) = 2.153
2. LiAlSi2O6 has Li of 3.73 so converting that to an oxide, by multiplying by 2.153, becomes 8.03%
3. So if saying something has 30% spodumene content in the ore, in effect saying the 'sample' grades 2.41% Li20 (which is exceptional), 25% of the ore body been spodumene equates to 2.01% Li20, 22% equates to 1.77% Li20 and 15% equates to 1.20% Li20 in the specimens.
5. So taking the topline (Ipizca 1), really saying you need 3.12 tonnes of ore to produce 1 tonne of 6% grade spodumene using a 80% recovery rate as not all spodumene is recovered on that small area, were those grades to be there deeper down - i.e. 2.41*3.12*80% = 6% grade spodumene concentrate, so Ipzca 1 has the equivalent of 700 * 3 * 15 * 3 = 94,500 tonnes ore grading 2.41% Li20 - divide this by 3.12 ore tonnes gets you 30,288 tonnes of 6% grade spodumene which is not a lot of tonnes so need to find a lot more tonnes to have the potential for a viable mine here. The alternate way is simply get the 28,350/75%*80% = 30,400 tonnes 6% grade spodumene, and the difference between the two figures is rounding errors as I rounded ore tonnes need to 3.12 tonnes of ore.
6. So need a lot more drilling to prove up a resource obviously here, but I suspect what has excited the potential JV partner (?) is the Li20 grades in the table above. The question is will drilling continue to confirm such grades at significantly more sufficient quantities, as you need a lot more resource IMO to get to a viable mine here - and others can have a look at the amount of resource other hard rock plays are quoting. Nonetheless the historical information is interesting, so a good start, drilling required to see what is actually there and the extent thereof, but the samples look ok, but more pegmatite required etc etc (and drilling is required).
7. Finally, US$1 million IMO is entry level drilling, so if the drilling is rewarding would be expecting much more drilling. A$1.3 million, i.e. converting the US$ to A$ for the link, will still get you quite a bit of drilling, especially if you limit your use of diamond drills in the initial exploration program for example and have the mix with more RC drilling. https://detcrc.com.au/2014/breakthrough-technology-will-cut-mineral-exploration-drilling-costs-by-85/ Whilst the link above is an old article in effect, in Australia, DD for A$1.3 million gets you about 2,000 metres of diamond core, whilst RC drilling gets you 3,700 metres, so given it is Argentina with probably lower drilling costs you might be able to increase the figures by a further 50% but that is a total guess by me.
I guess I will keep an interest here just t see what the drill bit does etc etc. Seems an interesting prospect.
Finally, more reply is based on your post and looking at the latest quarterly, so I could be wrong so treat post with caution as was looking at how much historical drilling done in the area. Might be more, but the data I used was only that table. Correct whatever errors need correcting in this post etc etc etc
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