Lithium X announced it has entered into an agreement to acquire the Arizaro lithium brine project in Argentina’s Salta Province. The project consists of 33,846 hectares in 11 mining claims covering parts of the western and eastern portions of the Salar de Arizaro, one of the district’s largest known salt lakes.
“Arizaro is an accretive acquisition for Lithium X, well priced under current market conditions, with considerable exploration potential,” said Executive Chairman Paul Matysek. “It is one of the largest salars in the world thought to contain elevated lithium brine values and has gone largely unexplored. Preliminary indications of brine geochemistry suggest the possibility of employing Arizaro Project brine products to increase and enhance processing of Sal de los Angeles brine, the company’s flagship asset, also located in Salta, Argentina."
The Arizaro project benefits from good infrastructure in the Puna region, and is set to benefit from further development of adjacent large-scale mining projects, including First Quantum's Taca-Taca copper project and Fortuna Silver’s Lindero gold project. Salar de Arizaro is traversed by a highway and railroad that connect the project to Chile and Pocitos.
Lithium X will pay $250,000 and will issue 3.5 million common shares to the vendor for a 100% interest in the project.The acquisition is subject to certain conditions.
The company is currently planning an exploration program to assess the quantity and quality of the contained brine at Arizaro, as well as beginning to assess the brine for use in mixing with Sal de los Angeles brine.