Source: Argosy
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  • Argosy Minerals (AGY) confirms three magnetotelluric (MT) lithium brine targets at the Tonopah Lithium Project in the US state of Nevada
  • A consultant processed and analysed magnetotelluric (MT) survey data and defined a major conductive anomaly, interpreted as a potential lithium brine acquifer
  • Within the anomaly, target one is the deepest and most conductive, whereas targets two and three are less conductive and require shallower drilling
  • AGY is considering potential exploration target works before drill testing the MT targets to determine lithium brine prospectivity of the area
  • Before the market open shares are sitting at 16.5 cents

Argosy Minerals (AGY) has confirmed three magnetotelluric (MT) targets that are prospective for lithium brine accumulation at the Tonopah Lithium Project in Nevada, US.

The company contracted a MT specialist geophysical consultant based in Perth, Western Australia to process, analyse and interpret MT survey data to delineate potential lithium brine targets in the project area — adjacent to Albemarle’s Silver Peak lithium operation.

This modelling has defined a major conductive anomaly, which is interpreted as a potential lithium brine acquifer, with depth to the top of the feature varying between 300 and 700 metres.

Accordingly, AGY said these variations could be attributable to basin faults, which it considered important targets for lithium brine accumulation.

Specifically, the first target is the deepest and most conductive and will require drill testing to a depth of up to 1500 metres.

Targets two and three are shallower and less conductive, and will require drill testing to a depth of up to 1200 metres.

Argosy Managing Director Jerko Zuvela commented on the successful delineation.

“We now look forward to progression works to realise the potential of our strategic project in an established tier one mining region,” he said.

“The significant impetus for local lithium supply in the US has become critical and our Tonopah Lithium Project is in prime position and enhances Argosy’s value to all strategic groups across the battery and electric vehicle industry supply chain.”

Looking ahead, Argosy said it would consider potential exploration target works to assist with identifying lithium brine prospectively at Tonopah.

The company will then move onto drilling works to test the MT targets and determine the lithium brine potential in the project area.

Shares last traded at 16.5 cents on September 28.

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