Lithium Chile Inc. (TSXV:LITH) (OTC:LTMCF) has announced its subsidiary, Argentum Lithium S.A., awarded a significant 8,445-hectare Block IV on the Salar de Arizaro by REMSa. The subsidiary emerged successful from a competitive public tender of thirteen companies bidding for five distinct Blocks, with Block IV being the largest.
Strategic Expansion in Lithium Sector
Situated just 18 kilometers north of Lithium Chile’s ARDDH-02 well, Block IV’s strategic location near the Company’s 20,800-hectare Arizaro project positions it for efficient resource integration. The President and CEO of Lithium Chile, Steve Cochrane, expressed excitement over the acquisition, highlighting the swiftness with which the project can advance, given the Company’s existing infrastructure.
Benefiting from Prior Exploration
Portofino Resources Inc. conducted an extensive exploration program on Block IV in 2023, resulting in valuable geological data. Work included over 40 brine sample collections, 35 trenches evidencing shallow brine tables, and 69,000 meters of geophysical surveys identifiying brine bearing targets at depths up to 1000 meters.
Collaboration and Growth
Through a Partnership Agreement with Portofino, Lithium Chile plans to engage in a joint venture, with Portofino acquiring 50% net equity interest in Block IV by contributing to award expenses and exploration costs.
Commitment to Environmental and Community Engagement
An Environmental Impact Study is initiated for exploration on Block IV. Significantly, Lithium Chile has also presented an Environmental Impact Assessment for its Arizaro project, involving community participation and complying with Sustainable Development Goals. These actions demonstrate the Company’s dedication to environmental responsibility.
Lithium Chile’s Strong Presence
With 111,978 hectares in Chile and 29,245 hectares in Argentina, Lithium Chile has a robust portfolio in the lithium sector. The Company actively explores its properties, including the Carmona gold/silver/copper property, as it adds to its list of endeavors with a focus on responsible mining and exploration.
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