Patagonia Lithium Ltd (ASX:PL3) has been granted exploration rights for three years on 15 of the 25 applications it made bringing the total to 18 granted concessions.
Phillip Thomas, executive chairman commented “We now have a major component of our exploration concessions granted and the team is already in trucks mapping and sampling along the priority targets from the substantial geophysics we have conducted. This campaign is earmarked to be conducted quickly so we can sure up our drill targets and additionally high intensity sampling.”
Patagonia Lithium has two major lithium brine projects – Formentera/Cilon in Salar de Jama, Jujuy province and Tomas III at Incahuasi Salar in Salta Province of northern Argentina in the declared lithium triangle. It has also applied for 41,746ha of concessions exploring for ionic REE clays, niobium, and lithium in pegmatites. Four exploration concession packages have been applied for. 830178/2024 has been granted. Since listing on 31 March 2023, recharge water analysis, surface sampling, and MT geophysics have been completed in preparation of an upcoming drill programme at Formentera, where the first well JAM 24-01 has been completed with MT geophysics at Tomas III showing low resistivity and very prospective. In July 2023, a 13-hole drill programme was submitted for approval which was granted in January 2024.
Samples as high as 1,100ppm lithium were recorded at Formentera and resistivity values as low as 0.3Ω.m were recorded during the MT geophysics survey at Formentera making the project highly prospective. The company confirms it is not aware of any new information or data that materially affects the information in this announcement.
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