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American Salars signs an agreement with Spey Resources and AIS Resources to purchase the entire project located in the Salar de Incahuasi, province of Salta.
Canadian exploration company American Salars, focused on the prospecting and development of high-value metals projects for batteries, has announced the signing of an option agreement with Spey Resources and AIS Resources to acquire a 100% interest in the Project. Candela II Lithium Brine Plant, located in the Salar de Incahuasi, in the Argentine province of Salta.
American Salars assures that it can exercise the option and obtain a 100% participation in the acquisition of Spey Argentina Shares by paying cash for a total of CAD 2,447,500 Canadian dollars (around 1.8 million US dollars) and the issuance of 6,600,000 shares at an estimated price of 0.30 Canadian dollars per share.
As explained in a statement, this project has an estimated mineral resource estimated at “86,000 tons of lithium metal, which is equivalent to 457,500 tons of lithium carbonate equivalent in situ (LCE) and a lithium yield of 48,000 tons of LCE. from 9,000 tons of metallic lithium.”
According to American Salars director Rodney Campbell, “the Candela II lithium brine project is an established 3,000 hectare (30 km2) resource ideally situated for a direct lithium extraction project that adds enormous value to our current portfolio of lithium and metals projects for batteries.”
“The Candela II concession is contiguous and close to several major lithium companies, including: Ganfeng, Allkem (now Arcadian Plc), Power Minerals and Patagonia Lithium in the Salar de Incahuasi,” adds Campbell, concluding: “We anticipate upcoming drilling and pumping tests at the Candela II project to further expand and define an indicated mineral resource estimate.” |
