Currently viewing Global edition

Arena outlines 'leading' maiden resource for lithium brine project

Ganfeng Lithium-backed Arena Minerals says the maiden resource for Sal de la Puna in Argentina establishes it as “one of the leading brine resources strategically situated in the coveted Pastos Grandes basin”.
Arena outlines 'leading' maiden resource for lithium brine project Arena outlines 'leading' maiden resource for lithium brine project Arena outlines 'leading' maiden resource for lithium brine project Arena outlines 'leading' maiden resource for lithium brine project Arena outlines 'leading' maiden resource for lithium brine project

Arena Minerals has high hopes for its Sal de la Puna lithium brine project in Argentina

Staff reporter

Arena said the initial resource comprised an inferred 230 million cubic metres of brine at an average lithium grade of 460mg/l, for 106,000 tonnes of lithium metal, equating to 560,000t lithium carbonate equivalent.

The estimate was based on three drill holes at SDLP and publicly available information from Millennial Lithium and Lithium LSC to the north.

"The estimate offers an excellent platform to build out the resource potential given it only covers a small portion of our holdings in the basin," president and CEO Will Randall said.

Arena had raised C$10 million at 14c per subscription receipt in July to fund its acquisition of SDLP.

Lithium Americas invested $6 million, and Ganfeng participated to the tune of $3.735 million to maintain its 19.9% shareholding.

Lithium Americas and Ganfeng have elsewhere partnered to bring the Cauchari-Olaroz brine project in Argentina into production.

Arena also has the Antofalla brine project in Argentina and 80% of the Atacama copper project in Chile.

Its shares (TSXV: AN) reached a one-year high of 43c intraday and closed up 3.9% to 39.5c, valuing it at $145.5 million (US$118 million).