LSC Lithium Corp., together with its subsidiaries, has entered into a binding letter of intent to purchase all shares of Alqa Lithium S.A., the sole owner of the Mina Teresa project covering 2,595 hectares in the Salar de Salinas Grandes in Argentina’s Jujuy Province, for $2 million payable in three installments. Closing of the acquisition is expected to take place around December 15, but no later than the end of 2017.
Mina Teresa is located adjacent to LSC’s Cristina, San José and Mahoma leases. Following the transaction, LSC’s land package on the Salar de Salinas Grandes will total nearly 38,000 hectares and represent more than 50% of the salar surface.
LSC also recently announced it has obtained approval to commence its exploration program on the San José and Navidad concessions. These concessions cover a total area of 4,300 hectares and are part of a joint venture with Dajin Resources Corp. Now that LSC has access to the ground, an exploration program is currently being designed to investigate the presence of lithium-bearing brine and lithologies on the property. This includes the evaluation and the integration of historical data into the exploration target model. Thereafter, the program will potentially include geological mapping, surface sampling, a geophysical data acquisition phase, and a drilling phase to confirm the target generation results and potentially deliver a 43-101 Mineral Resource for the property.
LSC has amassed a large portfolio (300,000 hectares) of prospective lithium-rich salars located in the “lithium triangle,” an area at the intersection of Argentina, Bolivia, and Chile, where the world’s most abundant lithium brine deposits are found.