Power Minerals is establishing a strong position in the ‘Lithium Triangle’ jurisdiction of Argentina, in South America.
Argentine lithium recently captured headlines after major players Allkem and Livent announced an all‑stock merger valuing the combined company at US$10.6 billion (A$15.7 billion).
This was good news for them, and even better for Power Minerals – which has had significant news freely flowing from its Argentine lithium assets.
Power’s recent focus has centred on its Salta lithium brine project within Argentina’s prolific Lithium Triangle, which contains 65 per cent of the world’s lithium reserves.
The project is in an elite lithium neighbourhood, the well-known Salta Province of north-west Argentina, and consists of seven mining leases within five salt lakes, covering 147.07 square kilometres.
Power has produced a maiden lithium brine JORC mineral resource estimate at the Incahuasi Salar, part of the greater Salta project, of 249,308 tonnes of lithium carbonate equivalent at 198 milligrams per litre of lithium concentration, more than doubling the Salta project’s total lithium JORC mineral resource to 488,308 tonnes of lithium carbonate equivalent.
The resource includes a high-ratio measured resource category at 160,556 tonnes of lithium carbonate equivalent (64 per cent), as well as indicated resources of 74,571 tonnes of lithium carbonate equivalent (30 per cent) and inferred resources of 14,235 tonnes of lithium carbonate equivalent (six per cent).
Power Minerals intends to maintain the pace of its JORC mineral resource expansion program by drilling at Rincon Salar, another area anticipated to further increase the Salta project’s resource.
The next maiden JORC mineral resource is expected to be determined at the recently acquired Laguna Verde project.
Earlier this year, Power inked a binding term sheet with TSX-V-listed Ultra Lithium Inc. to acquire 100 per cent of its Argentine lithium subsidiaries in Catamarca Province, north-west Argentina.
The acquisition is prudent, as it will deliver the 7568-hectare Laguna Verde lithium brine project and over 250,000 hectares of prospective properties to Power’s Argentine lithium portfolio, giving it control of one of the largest lithium brine landholdings in the Lithium Triangle region.
‘This acquisition expands our advanced lithium project footprint in Argentina at a time when interest and demand in Argentine lithium brine is on the rise,’ says Power Minerals Managing Director Mena Habib.
‘We will work towards delineation of a JORC mineral resource estimate for the Laguna Verde project in the second half of 2023.’
Although Argentina is exciting, Power Minerals’ domestic portfolio remains firmly in the company’s sights.
The priority target at the Musgrave project, in South Australia, is Pink Slipper, a geophysical anomaly in Joint Venture with Rio Tinto that Power has interpreted to have the potential to host sulphide accumulation, in a similar interpreted-style model to the Voisey’s Bay and Nova-Bollinger deposits.
Power is undertaking a detailed multi-element re-sampling program of previous drill samples to help define targets for the next phase of drilling.