Vancouver-based American Salars (CSE:USLI) has signed a letter of intent to acquire the Salar De Pocitos Project in the Salta Province of Argentina.
Under the terms outlined in its letter, American Salars proposes to acquire a 75% interest with vendors, paying US$2 million ($3.21 million) cash and issuing 20 million shares.
The Salar De Pocitos Project, comprising 10 tenements spanning 13,080 hectares, is contiguous to the company’s flagship Pocitos 1 Project.
American Salars said in a statement the proposed acquisition represents a property size increase of 1,635% to a footprint combined total of 13,880 hectares on the Pocitos Salar, within Argentina’s ‘lithium triangle’.
CEO Nick Horsley says this acquisition represents the culmination of work conducted by the American Salars team and is a “game changer” for the company.
“Having consulted with some of the largest lithium mining companies in the world, we clearly understand the prerequisites for a takeover or production scenario,” Horsley says.
“Today’s acquisition provides our engineering and exploration team a district scale footprint to execute one.”
The Salars De Pocitos Project has been subject of numerous historical exploration programs including drilling, surface sampling, and geophysics.
American Salars in a statement said it intends to initially compile historical data to tie together the existing drillholes on Pocitos 1 and update the resource estimate.
Scoping and feasibility studies will follow the data compilation process, with the aim to move the Salar De Pocitos Project through to commercial production.
The Pocitos 1 Project contains an inferred resource of 760,000 tonnes of lithium carbonate equivalent.
American Salars will also be attending this year’s Prospectors & Developers Association of Canada (PDAC) Convention at the Metro Toronto Convention Centre, held between 2-5 March. The company will be at booth #3210 in the Investor’s Exchange.
The convention brings together up to 30,000 attendees from over 130 countries for its educational programming, networking events, as well as business and investment opportunities.
Mining.com.au is an official media partner for the upcoming event.
To register for PDAC 2025 click here.
Write to Aaliyah Rogan at Mining.com.au
Images: American Salars
