Vancouver-based Millennial Lithium Corp. (TSX.V: ML) announced that it has entered into a final agreement with the Salta Provincial Energy and Mining Company for the acquisition of 2,492 hectares of claims known as the REMSA ground, in the Argentinian Pastos Grandes Salar.
The property is contiguous to Millennial’s current holdings in the area, which are located in the northwestern Salta province. The acquisition would increase the company’s holdings there to 8,664 hectares.
According to the miner, recent drilling at Pastos Grandes brine project attests to the presence of superior grades at depths of 352 metres. The latest maiden lithium and potassium resource statement includes 2,131,000 tonnes of lithium carbonate equivalent and 8,141,000 tonnes of potash equivalent in the Measured and Indicated Resource categories, with an additional 878,000 tonnes of lithium carbonate equivalent and 3,263,000 tonnes potash equivalent in the Inferred Resource category.
In a press release issued Thursday, Farhad Abasov, President and CEO of Millennial, said that this previous drill campaign in the southern section of the existing Pastos Grandes ground adjacent to the northern section of the REMSA ground will guide their exploration and development program, which is set up to begin next year. “We are excited about the potential of this new ground and look forward to launching our technical programs on this ground,” he said.
The firm expects the Pastos Grandes project to go into production within three years.