We entered into a Definitive Purchase and Sale Agreement to acquire Resource Ventures S.A., an Argentinian corporation that owns or controls the rights to over 148,000 hectares (365,708 acres) of prospective lithium brine claims in the province of Catamarca, Argentina. The claims are principally located in the two geological basins known as the Antofalla Salar and the Pipanaco Salar in South America’s famed Lithium Triangle.
Property Description and Location:
Salar de Antofalla (“Antofalla”)
Located less than 20 km west of Livent’s producing lithium operation (fka FMC Corporation; Livent is Argentina’s largest lithium producer) in northern Catamarca Province, the Antofalla Salar hosts one of the largest lithium-bearing basins in the region. It is over 130 km long and varies between 5 km and 20 km across. On September 12, 2016, Albemarle Corporation, the world’s largest producer of lithium, announced that it had acquired from Bolland Minera, S.A., a large private mining company, exclusive exploration and acquisition rights to a claim block located in the center section of the Antofalla Salar. At that time, Albemarle publicly stated its belief that Antofalla has the third largest lithium brine reservoir in the world.
In 2016, Roskill information Services reported that Bolland had drilled 56 boreholes over 265 km² and defined a resource of 83mt of potash (KCl) grading 6,400mg/l and 2.22mt of lithium (11.8mt LCE) grading 350mg/l. Bolland’s test wells were drilled between 2008 and 2011 in the claim block now owned by Albemarle and were completed in conjunction with the Institute of Mineral Resources for the National University of La Plata in Buenos Aires (“Inremi”). Well logs, permeability, hydraulic gradient, core sample chemistry, and gravimetric studies published by Inremi during that period indicated substantial values for lithium and potassium continuously observed from the surface down to a depth of over 500 metres, suggesting that Antofalla is one of the deepest basins in the region.
In 2018, ReVe secured TEM geophysical studies conducted by Quantec Geoscience Argentina S.A., including 187 soundings points conducted across 36.4 km of line scans covering approx. 15,655 hectares (38,683 acres) of claims in the northern area of its claims in the Antofalla Salar – all of which indicated the presence of prospective brines down to a depth of approx. 500 metres, which was the intended depth limit of the surveys. Brine in the basin could extend to even greater depths than the TEM scans revealed.
“ReVe’s assets in and around the Antofalla Salar are made up of approximately 107,000 hectares (264,397 acres) of semi-contiguous claims in the northern and southern parts of this salar, offsetting either side of Albermarle’s holdings in the center of this salar. This vast block of lithium claims creates what management believes are to be a very impressive entry point for EDDY as we enter the burgeoning lithium sector,” stated Nathan Rotstein, CEO of Edison. Large land holdings with viable brine represent extensive, long-life resources, which will be critical for both producers and buyers as this quarter of the energy metals space continues to mature in the future to meet the ever-increasing market demand for lithium.