Alpha Lithium Acquires New Property and Expands Second Core Area in Hombre Muerto Salar, Argentina
Alpha Lithium Corporation (TSX.V: ALLI) (OTC: ALLIF) announces an expansion of its holdings in the Hombre Muerto Salar in Argentina by acquiring a 100% working interest in an additional 287 hectares for US$750,000. This acquisition increases Alpha's total land position to 4,087 hectares, all fully owned. The Hombre Muerto Salar, known for its high-quality lithium brine, is adjacent to POSCO's property. With $34.2 million in cash reserves, Alpha plans to commence drilling soon, enhancing its strategic position in the lithium market.
- Acquisition increases total holdings to 4,087 hectares in a high-quality lithium region.
- Strategic location near POSCO's development enhances market positioning.
- Strong cash reserves of $34.2 million to support expansion and drilling initiatives.
- None.
VANCOUVER, British Columbia, June 15, 2021 (GLOBE NEWSWIRE) -- Alpha Lithium Corporation (TSX.V: ALLI) (OTC: ALLIF) (Frankfurt: 2P62) (“Alpha” or the “Company”) is pleased to announce that it is increasing its existing position in the Hombre Muerto Salar, Argentina. The Company has agreed to purchase a
Hombre Muerto houses one of the most desirable lithium brines in the world, rivaled only by the Salar de Atacama in Chile, primarily due to its high lithium concentrations, exceptional brine flowrates and minimal levels of impurities. It has attracted billions of dollars of investment from the likes of Livent Corporation, Galaxy Resources and Korean giant, POSCO, amongst others.
The Company expects to build on this, and the first (see news release May 18, 2021), acquisition in this world renowned salar. Hombre Muerto is the highest quality and longest producing salar in Argentina and it benefits from an extensive amount of infrastructure developed to support Livent Corporation’s 25 years of production history.
Through a privately negotiated purchase and sale Agreement the Company has acquired a
Alpha’s newest asset is adjacent to POSCO’s property, which was purchased from Galaxy Resources in 2019 for US
Brad Nichol, President and CEO of Alpha noted his local team has a definite edge, “Our team has set a pace in Argentina that is unmatched. They have hundreds of years of combined experience in Hombre Muerto, Tolillar and all the major salars in Argentina and Chile. The progress we have made in the last year is a result of our team relying on their experience and strong, established relationships. This is a clear benefit to our shareholders – and it will continue to be so as we increase our presence in Hombre Muerto, now our second core area. We are excited about developing this world class asset, surrounded by numerous lithium giants.”
Alpha has
The Company is already making preparations for a drilling campaign in Hombre Muerto and expects to commence drilling shortly. Additionally, Alpha is currently drilling the final well of its Phase 3 drilling campaign on the Tolillar Salar (see news release April 13, 2021) and looks forward to the completion of that well, followed by an updated 43-101 Resource Estimate, in the coming weeks.
ON BEHALF OF THE BOARD OF ALPHA LITHIUM CORPORATION
“Brad Nichol”
Brad Nichol
President, CEO and Director
For more information:
Alpha Lithium Investor Relations
Tel: +1 844 592 6337
info@alphalithium.com
About Alpha Lithium (TSX.V: ALLI) (OTC: ALLIF) (Frankfurt: 2P62)
Alpha Lithium is a team of industry professionals and experienced stakeholders focused on the development of the Tolillar and Hombre Muerto Salars. In Tolillar, we have assembled
Forward-Looking Statements
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the results of further brine process testing and exploration and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.
FAQ
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