Patagonia Lithium (ASX:PL3) has been granted exploration rights for three years on 830154/2024 which is one claim in a group of seven covering 12,032 Has.
“We now have a major component of our exploration concessions granted and are actively assessing the potential for other minerals in addition to lithium, such as antimony, niobium and gold where the granites and ultramafic rocks are present,” Executive Chairman,” Phillip Thomas, said.
The concession completes a package of seven contiguous concessions located in the Aracuai Lithium valley less than 60km from the Sigma Lithium mine in Minas Gerais.
Only three of the company’s 25 concessions are waiting authorisation, 860164-165 beside the CMOC niobium mine that has evidence of fenitication in the area and rare earth minerals and 830175/2024 which one of a package of 12 contiguous concessions.
Patagonia Lithium has two major lithium brine projects – Formentera/Cilon in Salar de Jama, Jujuy province covering 1752 Has and Tomas III at Incahuasi Salar in Salta Province of northern Argentina in the declared lithium triangle.
Initial exploration is focussed on exploring for ionic REE clays, Niobium, Antimony and lithium in pegmatites.
Since listing on 31 March 2023, surface sampling and MT geophysics have been completed at the Jama lithium brine project, drill holes JAM 24-01, 24-02, and 24-03 have been completed and JAM 24-10 (well 4) is underway.
Progress to date has been exceptional as measured by lithium assays. The MT Geophysics at Tomas III on Incahuasi salar is very prospective. In July 2023, a 10 hole drill programme was approved for Formentera and a three well program for Cilon has been approved. Samples as high as 1,100ppm lithium were recorded at Formentera and a lithium value of 591ppm in well JAM 24-01.