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Highlights:
- Acquisition of 13,080 hectares of lithium assets, increasing project footprint by 1635%.
- The Pocitos 1 Project hosts an inferred 456,000 tonnes of LCE, with further resource upgrades planned.
- Located in the Lithium Triangle, with access to key infrastructure including highways and pipelines.
American Salars Lithium Inc. (CSE:USLI) is pleased to announce it has entered into a Letter of Intent Agreement (the “Agreement”) to acquire up to 100% of the Salar De Pocitos Project (the “Project”). This acquisition includes 10 mineral tenements spanning approximately 13,080 hectares and is contiguous to the Company’s existing 800-hectare Pocitos 1 Project in Salta Province, Argentina. The acquisition increases American Salars’ property size by an impressive 1,635%, resulting in a combined total of 13,880 hectares on the Pocitos Salar, placing the Company with the second-largest property asset in the area.
The Pocitos 1 Project, already a key asset for American Salars, has an NI 43-101 Mineral Resource Estimate (MRE) prepared by WSP Australia. The MRE infers 760,000 tonnes of Lithium Carbonate Equivalent (LCE) on both the Pocitos 1 (800 Ha) and neighboring Pocitos 2 block (532 Ha), with 456,000 tonnes of LCE estimated for Pocitos 1. American Salars does not currently own the Pocitos 2 block (See Press Release dated June 17, 2024). The current MRE is based on an inferred resource using a block model with porosities of 6% for clay and 14% for sand lithologies. The Company plans to conduct borehole magnetic resonance surveys to enhance the accuracy of the resource and potentially upgrade it.
The new 13,080-hectare Salar De Pocitos Project has been the subject of several historical exploration campaigns, including drilling, surface sampling, and geophysics. American Salars will initially focus on a data compilation to integrate the existing drill holes from the Pocitos 1 area with historical data from the larger project. This will enable the Company to update its NI 43-101 MRE and progress to scoping and feasibility studies, moving the project closer to commercial production.
Located approximately 100 kilometers west of San Antonio de Los Cobres, and 250 kilometers west of the Provincial Capital of Salta, the Salar De Pocitos Project benefits from strong infrastructure, including Provincial Highway Route 17 and the Pocitos Industrial Park, which offers access to a natural gas pipeline and is near the railway that connects to the Port of Antofagasta on the Chilean Pacific Coast.
CEO & Director R. Nick Horsley comments, "This acquisition represents the culmination of tremendous work by the entire American Salars team and is a game-changer for the Company and our stakeholders. Having consulted with some of the largest lithium mining companies in the world, we clearly understand the prerequisites for a takeover or production scenario. Today’s acquisition provides our engineering and exploration team with a district-scale footprint to execute on."
