Argosy advances Rincon lithium project, maiden resource imminent
Argosy Minerals is making final tweaks to its pilot plant at Rincon
Junior lithium explorer Argosy Minerals (ASX: AGY) is implementing final tweaks to its processing pilot plant for its flagship Rincon lithium brine project in northern Argentina, ahead of an imminent JORC resource announcement.
Argosy is on course to complete a stage one industrial-scale pilot plant to produce a battery-grade lithium carbonate equivalent (LCE) product but has tempered expectations by adding that a “minor delay” is required to ensure a “methodical and meticulous” completion.
“The company is hastened to deliver on our key stage one objective of producing battery grade LCE product and recognise the minor delay in achieving this significant milestone. Considering the industrial scale and transformational nature of such an achievement, I feel it is imperative to ensure these works are conducted in a methodical and meticulous process, and I hope our shareholders recognise this, noting the major advances made on the Rincon project to date,” said Mr Jerko Zuvela, managing director of Argosy Minerals.
Resource en route
As part of its development of Rincon, Argosy has completed eight drill holes, (with one reaching down to a depth of 100m) to calculate a maiden JORC resource “in the following two to three weeks”.
Argosy also has started three additional exploration diamond drill-holes as part of its exploration program at Rincon.
The company is keen to move as much lithium ore into the indicated category for an updated mineral resource estimate. Ultimately, the goal is to fashion a scalable, cost-effective chemical process solution to produce consistent battery grade LCE product for all development stages.
Argosy is also generating customer samples, for subsequent initial commercial sales and future sales agreements.
Boardroom progress
Argosy’s path to lithium commercialisation is progressing not just in the field, but also via the boardroom.
Argosy says it has now begun the legal process to purchase the mining titles secured via binding and exclusive option rights – namely, the Salonix properties, Mina Reina and Mina Tincal. These titles are being consolidated into one single entity: Puna Mining, to complement the existing mining titles, warehouse, plant and equipment that is all currently owned 100% by Puna Mining.
Assuming the three current purchase options are exercised, the Rincon lithium project land area would comprise more than 2,500 hectares of significant lithium and associated infrastructure services, and mining easement right landholdings, to be equipped for future stage two and three development and commercial production operations.
“We are targeting completion of stage one processing test-works and LCE product delivery by the end of May, and become the next ASX-listed LCE producer,” said Mr Zuvela.