Scientific Metals to Acquire Two Lithium Brine Projects, Argentina
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Scientific Metals Corp. has entered into an arm’s length standstill agreement which provides Scientific Metals exclusive negotiating rights to purchase a 100 percent interest in two prospective lithium brine projects in Northwest Argentina.
The properties surround areas of salar (dry lake beds) hosting brines that are reportably enriched with lithium and potassium in the province of Catamarca, Argentina. The properties cover 1,467 hectares in Salar del Condor and 337 hectares in Pucara Del Salar at an average altitude of 13,200 feet above sea level. The properties benefit from an extensive regional database that includes sampling of surface waters and drill hole brines, geological and geomorphological mapping, and analysis of lithium and potassium grade distribution throughout the Salar De Hombre Muerto, a large producing salar which lies contiguous to the two properties.
“The standstill agreement is an exciting step for STM as we explore opportunities in lithium bearing salars of South America. Andean Lithium Triangle producers currently account for approximately 48 percent of global lithium production, as reported in the 2016 USGS Mineral Commodity Summaries, with a number of operations ramping up production to meet increasing global demand. We’re excited about the prospect of working in this area and are encouraged by exploration data from previous work,” said Brian Kirwin, president of Scientific Metals.
The properties are situated within the prolific South American Lithium Triangle — a region that is host to the world’s largest lithium brine deposits and globally significant lithium production. The properties are located on the western border of the Salar de Hombre Muerto, home to FMC Corp., one of the largest lithium producers in South America. Other active development and exploration companies within the region include Lithium X, Galaxy Resources, Lithium Americas, Orocobre and Millenial Lithium.
About Scientific Metals
Scientific Metals is a Canadian-based exploration company focused on the acquisition and development of production grade metal deposits that are critical components to modern day rechargeable batteries. STM’s key asset, the Iron Creek Cobalt Property, is located in Lemhi County, Idaho, along the most prolific trend of cobalt mineralization in the USA, the Idaho Cobalt Belt. The property encompasses 65 mining lode claims totaling 1,297 acres. The property benefits from a substantial amount of historical exploratory work, including approximately 30,000 feet of diamond drilling, and the mining of 1,500 feet of underground workings.
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