“The company is pleased to announce that it has entered into an agreement to acquire a property from two individuals for the possible production of lithium salar Los Sapitos in the province of San Juan”says the statement.
No mining manual makes mention of the existence of lithium in this province, however, a short time ago, the existence of two small salt flats was discovered in the north of the province, on the border with La Rioja.
The purchase is on 26,962 hectares located in the northern part of the San Juan province, along a relatively unexplored tectonic corridor.
Limited brine sampling had already been conducted on the property, during the rainy season in 2018, which returned a value of 390 mg / L of lithium from a shallow well sample.
“This compares favorably with the lithium content found in several developing salt flats within the Lithium Triangle. The area is home to vast alluvial deposits of sand and clay that have never been investigated for their lithium content. “says the company’s statement.
“Our team has been involved in a global search for quality exploration opportunities and has used its extensive experience in lithium exploration and development to identify and secure the Los Sapitos project at the district level,” he stated Blake Morgan, President of the company.
Regarding the terms of the acquisition, Origen Resources notes that it will pay the sellers $ 50,000 and issue 200,000 shares and incur $ 200,000 in exploration in year 1 of the agreement for 100% of Los Sapitos. The firm can continue to make four annual payments of $ 75,000, issue 200,000 shares, and incur a total of $ 4.8 million in expenses over the four-year period.