Argentina Lithium appoints PI Financial as market maker
William Randall, President and CEO of Arena, said: “This first drill hole completed by Arena exceeds our expectations. The coarse gravel aquifer, where higher flows are generally found, appears to be more thick at our end of the Pastos Grandes Basin with quality lithium values and favorable geochemistry. We continued to run the drill past our target depth to determine the total thickness of this gravel sequence; however , the brine column remains open at depth for potential future resource expansion.” He added, “We have now mobilized an additional drill rig to ensure that we meet our development timelines.
Depth-specific brine sampling was performed in DD-2 across the entire brine column using dual and single packer sampling systems. The brine column averaged magnesium to lithium ratios of 4.5 to 1 and sulfate to lithium ratios of 15 to 1.
Eduardo Morales, Executive Chairman of Arena, added: “In addition to the excellent lithium grades, we are very pleased with the geochemistry of the brine. Magnesium and sulfate ratios are within those currently used at our pilot facilities, giving us great confidence that our goal of producing technical grade lithium chloride (6% Li) is achievable from drilled aquifers.”
Mobilization of two additional drills
The Company is also pleased to announce that two additional drill rigs have been mobilized to the site. A diamond drill rig is currently installed at DD-01, located on the Graciela concession, and has a target depth of 550 meters. The depth of the hole can be increased if favorable lithologies are encountered, as occurred in DD-02 in the adjacent Almafuerte concession.
A second rotary drill should mobilize in three weeks in Almafuerte to drill a production well (P-1) 15 meters from DD-02. The well has a target depth of 450 meters and seeks to test the productive capabilities of the gravel aquifer intersected in DD-02 by performing pumping tests using nearby DD-02 as a monitoring well.
Arena operates the drilling program on behalf of Sal de la Puna Holdings Ltd., jointly owned by Arena (65%) and Ganfeng New Energy Technology Development (Suzhou) Co., Ltd. (“Ganfeng Lithium”; 1772.HK; OTCQX: GNENF) (35%).
The drill program focuses on the Almafuerte and Graciela blocks which border Lithium America’s (TSX: LAC; NYSE: LAC) Pastos Grandes project to the south and southeast and consists of 3,000 meters with the target at the times of increasing the current project resource category and increasing the SDLP project resource base.
The drilling program is jointly designed and supervised by the company and Atacama Water consultants. All brine samples are sent to SGS Laboratories, Salta, Argentina, an independent and fully internationally accredited laboratory for lithium phased array induction coupled plasma spectroscopy analysis. Arena has a strict quality assurance and quality control program in which at least 10% duplicates, blanks and standards are inserted into each sample shipment.
The company engaged Digitonic Limited to provide investor outreach services for $216,000. Digitonic Limited is based in Glasgow, Scotland and operates under the direction of Mr. Neil Reynolds.
About Arena Minerals Inc.
Arena owns 65% of the Sal de la Puna project covering approximately 11,000 hectares of the Pastos Grandes Basin located in Salta, Argentina. The concessions are very promising and share the basin with two advanced lithium brine projects. In addition to Sal de la Puna, the Company owns the Antofalla lithium brine project in Argentina, consisting of four claims covering a total of 6,000 hectares of the central part of the Salar de Antofalla, located immediately south of the project. of Antofalla of Albemarle Corporation. Arena has developed proprietary brine processing technology using brine-like reagents derived from the Antofalla project with the aim of producing more competitive battery-grade lithium products.
Arena also owns 80% of the Atacama Copper property in the Antofagasta region of Chile and 5.8 million shares of Astra Exploration. The projects are located in low-lying, production mining camps located in infrastructure-rich areas, located in the heart of Chile’s premier copper mining district.
For more information about the Company, its leadership, expertise and plans, please visit www.arenaminerals.com. Email registration for subscribers to receive news and updates directly is also available on the site.
The technical information contained in this press release has been reviewed and approved by William Randall, P.Geo, who is a Qualified Person within the meaning of NI 43-101. Mr. Randall is a Director and Chief Executive Officer and President of Arena.
For more information, contact William Randall, President and CEO, at +1-416-818-8711 or Simon Marcotte, Business Development, at +1-647-801-7273 or [email protected] com.
On behalf of the Board of Directors of: Arena Minerals Inc.
William Randall, President and CEO
Caution Regarding Accuracy and Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements, projections and estimates relating to the future development of any of the Company’s properties, the expected timing with respect to private placement financings, the ability to the Company to complete financings by private placement, results of the exploration program, the future financial or operational performance of the Company, its subsidiaries and its projects, the development and the expected schedule regarding the Atacama project in Chile, the projects Antofala, Hombre Muerto or Pocitos in Argentina, and the company’s ability to obtain financing. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is planned”, “budget”, “expects”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. The statements made herein are based on current expectations and assumptions which are subject to risks and uncertainties. Actual results could differ materially due to factors discussed in the “Management Discussion and Analysis” section of the Company’s interim and most recent annual financial statements or other reports and documents filed with the TSX Venture Exchange and applicable Canadian securities regulations. The estimates underlying the results presented in this press release stem from work carried out by the former owners and the Company. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking information, including but not limited to: business, economic, competitive, geopolitical and social uncertainties; actual results of ongoing exploration activities; other risks of the mining industry and the risks described in the Company’s annual information form. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Arena Minerals does not undertake to update forward-looking information except as required by applicable securities laws.
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