Argosy Minerals Limited (ASX: AGY) has announced further progress on its Stage 1 development works to produce a laboratory scale quantity (targeting up to 100 – 150 tonnes) of lithium carbonate equivalent (LCE) product at the Rincon Lithium JV Project located in the “Lithium Triangle” in Salta Province, Argentina.
Argosy Minerals recently started pumping lithium brine into the evaporation ponds and commenced the solar evaporation and lithium brine concentration process.
Argosy Managing Director, Jerko Zuvela commented “Argosy has achieved a significant development milestone with first lithium brine in ponds. JV Partner Pablo Alurralde and his team are to be commended for such progress as we continue our aggressive development strategy to fast-track toward production of LCE product.”
Argosy continues to review and assess additional mining concessions prospective for lithium to increase the Rincon Lithium Project landholding for a substantially larger future production base.
The current targeted schedule of activities at the Rincon Lithium JV Project in order for the Argosy to earn the first stage 50% interest includes:
Argosy will consider commencing Stage 2 development works with an aim to produce a larger quantity of LCE product (targeting up to 1000 – 1500 tpa), and increase its shareholding in the JV Entity to 77.5%.
For Stage 3, pending successful targeted production at Stage 2, the Company will consider the best development pathway for commercial scale production from the Project and then earn its ultimate 90% interest in the JV Entity.
Argosy is confident that the Rincon Lithium Project has a clear conceptual pathway to lithium production, with historical results and Mr Alurralde’s previous operating and production experience from the Project area and over the broader Salar del Rincon justifying the fast-track approach.