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Lithium One Enters into Option to ACQUIRE LITHIUM BRINE PROJECT at Salar del Hombre Muerto, Argentina
Lithium One Enters into Option to ACQUIRE LITHIUM BRINE PROJECT at Salar del Hombre Muerto, Argen...
About this update from American Lithium Corp.
[{"type":"text","content":"\nLithium One Enters into Option to ACQUIRE LITHIUM BRINE PROJECT at Salar del Hombre Muerto, Argentina\n\n\n Sep. 3, 2009 (TheNewswire.ca) -- Lithium One Inc (the \"Company\")(TSX-V: LI), is pleased to announce that it has acquired an option to earn a 100% interest in the Sal de Vida lithium brine project at Salar del Hombre Muerto in northwest Argentina. This property encompasses more than 150 square kilometres adjacent to FMC's lithium brine operation, the third largest lithium brine producer in the world. The Company has optioned the mining claims from Maktub Compañía Minera SRL (\"Maktub\").The Sal de Vida land package covers a significant portion of the eastern half of the Hombre Muerto salt pan. It is accessible from the city of Salta via an all-season road. The western half of the salar is the site of Argentina's only commercial scale lithium mining operation, Fénix, owned by Minera del Altiplano, a subsidiary of FMC Corporation. (NYSE:FMC) The 2008 production from the Fénix operation is estimated at 3,115 tonnes of lithium metal, or 10,000 tonnes of lithium carbonate and 7,600 tonnes of lithium chloride. This production represents nearly 14% of the total world production of lithium metal (Roskill, 2009).Highlights of FMC's production at the Hombre Muerto salar include [Sources: Economics of Lithium 11th Edition, Roskill Information Services (2009); FMC Website]-Long life production. According to FMC's website, their life of mine at Salar de Hombre Muerto is over 75 years.-High concentrations of lithium, reportedly between 680 and 1210 ppm Li-Low in magnesium, with a Mg:Li ratio of approximately 1.5:1-High in potassium, with concentrations from 0.24 to 0.97 wt% KAs part of its due diligence, the Company conducted a reconnaissance sampling program in the salar, collecting 17 brine samples over a large area. The lithium content in those brine samples ranges from 23 ppm Li to 1,386 ppm Li with an average of 637 ppm Li. The potassium content of the samples is also high, averaging 5,443 ppm (or 0.544% K) and ranging from 200 ppm to 12,183 ppm K. The average magnesium content is 964 ppm, yielding an average ratio of magnesium to lithium of 1.63.The Company's President and CEO, Patrick Highsmith, commented on the acquisition, \"Our new Sal de Vida Project gives us a tremendous opportunity to begin developing...