Lithium X Acquires Arizaro Lithium Brine Project in Argentina

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Lithium X Acquires Arizaro Lithium Brine Project in Argentina

Lithium X Energy announced that the company has entered into a binding purchase and sale agreement to acquire 100% of the Arizaro lithium brine project in Argentina's Salta Province.

The Project consists of 33,846 hectares in 11 mining claims covering parts of the western and eastern portions of the Salar de Arizaro, one of the district's largest known salt lakes.

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The Arizaro Project benefits from good infrastructure in the Puna region, and is set to benefit from further development of adjacent large-scale mining projects, including First Quantum's Taca-Taca copper project and Fortuna Silver's Lindero gold project. Salar de Arizaro is traversed by a highway and railroad that connect the Project to Chile and Pocitos, where natural gas and an Industrial Park are found.

Other property owners in Arizaro include Eramet, Sentient and REMSA (Salta Government). Historical sampling on the western margins of the Salar de Arizaro show elevated lithium values near surface contained within a classic halite dominant salar, much like nearby Rincon, Salar del Hombre Muerto and Atacama projects, all of which host advanced or producing lithium brine operations. 

In consideration for the Project, Lithium X will pay USD $250,000 and issue 3,500,000 common shares to the Vendor for a 100% interest in the Project on closing, which is subject to receiving valid title certificates. In connection with the purchase a finder's fee of 5% of the total acquisition price (USD $12,500 and 175,000 shares) shall be payable.

The acquisition of the Project is subject to certain conditions including, but not limited to, receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The Company is currently planning an exploration program to assess the quantity and quality of the contained brine at Arizaro, as well as beginning to assess the brine for use in mixing with Sal de los Angeles brine.

Read more on: Junior Mining Network

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