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- Xantippe Resources (XTC) executes a definitive agreement to acquire the Luz Maria tenement in Argentina from Crydon SA
- The acquisition increases XTC’s holding by nearly 4000 hectares with previous drilling at the tenement confirming lithium-bearing brine at depth
- Consideration for the acquisition consists of US$2.18 million (A$3.07 million) upon exercise of the option and the signing of a definitive acquisition agreement
- An additional US$3 million is payable on August 14, 2022 and US$7 million is payable on February 10, 2023
- Shares in Xantippe are down 11.1 per cent, trading at 0.8 cents at 10:28 am AEST
Xantippe Resources (XTC) has executed a definitive agreement to acquire the Luz Maria tenement in Argentina from Crydon SA.
Luz Maria spans an area of over 3383 hectares and neighbours Lake Resources’ (LKE) Kachi Project.
It lies in the centre of the Carachi basin and has the potential to be the main prospect of a larger project.
An exploration program is now being developed and will focus on further exploring the high electrically conductive zone.
Despite technical issues, previous drilling confirmed lithium-bearing brine at depth.
Further effort will be on the evaluation of the structural control of the geophysics to better define the brine.
Consideration for the acquisition consists of US$2.18 million (A$3.07 million) upon exercise of the option and the signing of a definitive acquisition agreement.
An additional US$3 million is payable on August 14, 2022 and US$7 million is payable on February 10, 2023.
Furthermore, Xantippe will seek shareholder approval to issue US$10 million worth of shares to the Luz Maria owners.
“In executing the definitive agreement to acquire the Luz Maria tenement, Xantippe has increased its holding by 3383 hectares in the Latin American lithium triangle,” Managing Director Richard Henning said.
“The acquisition of Luz Maria extends our footprint in the Catamarca province in Argentina. The company’s objective is to produce an ESG Lithium product using direct lithium extraction which requires a smaller environmental footprint, provides optimal yield and efficient use of water.”
Shares in Xantippe were down 11.1 per cent on the market this morning, trading at 0.8 cents at 10:28 am AEST.
