Shares of Argentina Lithium & Energy Corp. (TSX-V:LIT)(OTC:PNXLF) are moving ahead in early Monday trading on news that the Vancouver-based company has taken full control of a prospective property in the so-called "Lithium Triangle" in South America.
The company acquired a 100% interest in mineral rights spanning about 23,700 hectares (13,711 hectares already owned and another 10,000 adjoining hectares under application) canvasing the entire Incahuasi Salar and basin in Catamarca Province, Argentina. The salar is two and one-half kilometres wide and 17 kilometres long.
The land has qualities suggesting it contains prolific lithium brines and geology that is similar to other lithium-producing projects in the area. Initial near-surface sampling assayed as high as 409 milligrams per litre (mg/L) lithium. Geophysical surveys indicate lithium-rich brines at depth as well.
To date, LIT has conducted surface sampling, geological mapping and a geo-electrical survey. The overall sample average was 62 mg/L and 4661 mg/L of potassium. The company is planning a more comprehensive exploration program to get a better feel for resources.
Shares of LIT have shot ahead to a 2017 high, rising 32.8% to 40.5 cents 30 minutes into Monday's trading session.
