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NOA Lithium to Acquire Strategic Lithium Brine Project on Arizaro Salar
TORONTO, ON / ACCESSWIRE / May 9, 2023 / NOA Lithium Brines Inc. (TSXV:NOAL) ("NOA" or the "Comp...
About this update from Noa Lithium Brines Inc
[{"type":"text","content":"NOA Lithium to Acquire Strategic Lithium Brine Project on Arizaro SalarTORONTO, ON / ACCESSWIRE / May 9, 2023 / NOA Lithium Brines Inc. (TSXV:NOAL) (\"NOA\" or the \"Company\") announces it has entered into a binding purchase and sale agreement (the \"Agreement\") to acquire a 100% interest in the Nevasca Project (legally referred to as the \"Chascha Norte\" claim), located on the Arizaro salar in Salta Province, Argentina, adjacent to the Company's existing claims block (the \"Arizaro Project\"). The Nevasca Project covers 2,842 hectares (28 square-kilometers (\"km\")) and is already permitted for advanced exploration drilling. The new claim will form part of the Company's Arizaro Project. Closing of this acquisition is subject to approval by the TSX Venture Exchange (the \"Exchange\") and the securities issued hereunder will be subject to the Exchange hold periods and applicable securities laws.Taj Singh, President and CEO comments, \"We are very pleased to be acquiring this project, a single continuous mining claim spanning 28 square-km, directly on the surface of the high potential Arizaro salar. This acquisition strategically increases our land position at the Arizaro salar / basin, where we are already one of the largest claimholders, and because it is drill-ready and near explored areas on the surface salar it provides near-term resource potential.\"Historically underexplored, exploration efforts by both private and public companies have increased substantially over the past few years at the Arizaro salar, one of the largest salars in the \"Lithium Triangle\" of South America. Specifically, in the southeastern parts of the salar multiple brine horizons have been discovered from drilling and brine potential has been confirmed to extend deeper than at most other salars in the region (+600 meters). A recent NI 43-101 resource filed in February 2022 by Lithium Chile Inc. returned lithium values as high as 555 milligrams per liter (\"mg/l\") at depth, at a drillhole approximately 20 km from the Nevasca Project.Terms of the AgreementPursuant to the terms of the Agreement, the Company will acquire 100% title over the Nevasca Project from an arms-length vendor group (the \"Vendor\") made up of a local, privately-owned company as well as CDN Maverick Capital Corp (CSE: CDN).Total consideration (all figures in this release in USD$)...