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- Argosy Minerals (AGY) plans a resource expansion drilling program to increase the current JORC indicated mineral resource estimate for its Rincon Lithium Project in Argentina
- The company says the drilling project will target the defined exploration target estimate, pending regulatory approvals
- The combined JORC indicated mineral resource and exploration target estimates outline the potential for a range of up to 724,000 tonnes of contained lithium carbonate to a depth of 300 metres
- Additionally, Argosy has continued discussions with several strategic groups on lithium carbonate off-take propositions and funding for the 10,000 tonnes per annum project expansion
- Argosy Minerals last traded at 10.5 cents on July 20
Argosy Minerals (AGY) has planned a resource expansion drilling program to increase the current JORC indicated mineral resource estimate from the Rincon Lithium Project in Argentina.
The company says the drilling project will target the defined exploration target estimate, with an exploration drill-hole and testing program in the works. Approvals are still pending to begin this phase of work, as more detailed environmental criteria approval is required when drilling deeper than 300 metres in depth.
The combined JORC indicated mineral resource and exploration target estimates outline the potential for a range of up to 724,000 tonnes of contained lithium carbonate to a depth of 300 metres.
The company says these works could materially increase the resource estimate and project mine life, as well as considerably increase the annual production capacity. The project’s life-of-mine estimate currently sits at 16.5 years at a 10,000 tonnes per annum (tpa) lithium carbonate production rate, or an 11-year life-of-mine at 15,000tpa lithium carbonate production rate.
Argosy Managing Director Jerko Zuvela said this places Argosy in an enviable position, becoming the next international battery-quality lithium carbonate producer.
“Argosy is rapidly progressing toward commercial lithium carbonate production operations to provide the most significant critical raw material needed for the battery revolution, with development plans to quickly follow our 2000tpa project with an additional 10,000tpa production expansion,” Jerko Zuvela said.
Additionally, Argosy has continued discussions with several strategic groups on lithium carbonate off-take propositions and funding for the 10,000tpa project expansion.
The company has already received various off-take propositions from European and Asian lithium carbonate product end-users.
However, with the 2000tpa operation fully funded and progressing well, and the company being free from debt, Argosy says it has the financial flexibility to consider varying off-take and strategic investment proposals for future project expansion.
Argosy Minerals last traded at 10.5 cents on July 20.
