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Argosy Minerals Ltd.
Summary
| Project: | Rincon | |
|---|---|---|
| Deposit: | Rincon | |
| Location: | Argentina | |
| Commodities: | Lithium | |
| Date: | 11/13/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 13-11-2018: Argosy Minerals Ltd. announces a Resource Estimation report for its Rincon deposit at the Rincon project. Upgraded mineral resource estimate at the project. Argosy Minerals Limited (ASX: AGY) (“Argosy” or “Company”) is pleased to announce an u | |
| Resources: | (Resource, Inf.): 245120t Li2CO3 contained in brine at project | |
| CP/QP: | [Resources]: Duncan Storey (AQ2 Pty Ltd.) | |
| ABSTRACT: | Argosy Minerals Limited (ASX: AGY) (“Argosy” or “Company”) is pleased to announce an upgraded JORC Code (2012) compliant Indicated Mineral Resource estimate for its Rincon Lithium Project, located in Salta Province, Argentina. The Indicated Mineral Resource estimate contains 245,120 tonnes of lithium carbonate to a vertical depth of 102.5m. Argosy Managing Director, Jerko Zuvela said “We are very pleased to deliver an upgraded JORC Mineral Resource estimate that is not only larger than our prior maiden Resource but the Resource has moved into the higher Indicated category. The new Indicated Resource will support our Project production targets and long-term mine life estimates, to be outlined further within our upcoming Preliminary Economic Assessment. The Resource estimate upgrade further validates the Company’s fast-track development strategy to fully develop the Rincon Lithium Project toward commercial production.” The Company has drilled 21 brine investigation drill holes to depths of up to 147m in the south east of the Salar Del Rincon. The bores have been drilled into the brine-saturated aquifer underlying the salar, at an average spacing of 950m. A total of 1662m of drilling has been completed and drill holes comprise mineral exploration bores and test-production bores. The bores have delineated an aquifer containing hypersaline brine with TDS ranging between 310,000mg/L and 350,000mg/L; the brine is enriched with respect to lithium. The aquifer sequence has a weighted mean average lithium concentration of 325mg/L, with a maximum recorded concentration of 490mg/L. Pumping tests and laboratory analysis on core have allowed determination of the hydraulic properties of this aquifer. | |
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