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American Salars Lithium Signs Option to Acquire 100% Interest in Candela II Lithium Brine Project with NI 43-101 Inferred Resource of 457,000 Tonnes of Lithium Carbonate Equivalent
MARCH 3, 2024 – TheNewswire - VANCOUVER, BC - AMERICAN SALARS LITHIUM INC. ("AMERICAN SALARS" OR THE "COMPANY") (USLI : CSE) (Z3P : FRANKFURT) announces that it
About this update from American Salars Lithium Inc.
[{"type":"text","content":"MARCH 3, 2024 – TheNewswire - VANCOUVER, BC - AMERICAN SALARS LITHIUM INC. (\"AMERICAN SALARS\" OR THE \"COMPANY\") (USLI : CSE) (Z3P : FRANKFURT) announces that it has signed an option agreement with Spey Resources Corp. (“Spey”) and A.I.S Resources Limited. (“AIS”) to acquire a 100% interest in the Candela II Lithium Brine Project located in the Incahuasi Salar, Salta Province, Argentina. The Candela II Lithium Brine Project contains a National Instrument 43-101 mineral resource estimate (“MRE”) completed by WSP Australia Pty. Ltd. (see Spey Resources Corp. news dated September 26th, 2023). This NI 43-101 resource report estimates the project to contain lithium metal of 86,000 tonnes which equates to 457,500 tonnes of in-situ lithium carbonate equivalent (LCE) and a lithium yield of 48,000 tonnes of LCE from 9,000 tonnes of lithium metal. The calculations assume no losses from lithium metal. According to SunSirs Commodity Data Group (https://www.sunsirs.com/uk/frodetail-1162.html), Lithium Carbonate (Li2CO3) spot prices increased to CNY 118,700 Yuan or CAD $22,792.00 on Friday March 1st 2024. Ekosolve Ltd., a leading Direct Lithium Extraction (“DLE”) lithium processor has conducted extraction efficiency tests on 200 litres of brine from the Candela II project at its University of Melbourne pilot plant and achieved a 93.2% lithium extraction rate. Professor Kathryn Mumford commented that this extraction efficiency can be further improved. Dr Carlos Sorentino Chief Technical Officer of Ekosolve Ltd. commented that the 173ppm lithium assayed from hole 5 on Candela II was ideal for the process and the solvents used are regenerated by collecting more than 99% on each pass with these brines. American Salars’s Director Rodney Campbell states: “The Candela II Lithium Brine project is a 3,000 hectare (30 sqkm) established resource ideally situated for a DLE project that adds tremendous value to our existing portfolio of Lithium and Battery Metals projects. The Candela II concession is contiguous to and close in proximity to multiple major lithium companies including: Ganfeng, Allkem (now Arcadian Plc), Power Minerals and Patagonia Lithium on the Incahuasi Salar. We anticipate upcoming drilling and pumping tests on the Candela II project to expand and further define a NI43-101 compliant indicated and measured mineral resource est...