UK's CleanTech Lithium to Acquire Two Salar Lithium Mining Rights in Argentina

en.Wedoany.com Reported - On October 8, UK-based lithium development company CleanTech Lithium announced arrangements to acquire mining rights at the Antofalla Salar in Catamarca Province, Argentina. Its wholly-owned subsidiary signed two option agreements on October 6 to acquire full interests in two brine lithium mining rights, Genoveva and Sal de Litio 1. The total staged payments under the agreements amount to approximately US$1.925 million, with US$525,000 payable in the first year and the remaining US$1.4 million scheduled for payment between October 2027 and May 2031.

The two mining rights are located in the southern part of the Antofalla Salar, approximately 80 kilometers from the company's Laguna Verde lithium project in Chile and adjacent to a lithium exploration area held by Albemarle. Argentine law firm Beretta Godoy has completed legal due diligence on the mining rights. Under the agreements, CleanTech Lithium has obtained exclusive and irrevocable options to acquire full ownership of both mining rights upon completion of the agreed payments and formal exercise of the options. The mining rights remain valid long-term provided compliance requirements continue to be met.

Existing geophysical surveys at the Genoveva mining area indicate the possible presence of brine-bearing aquifers exceeding 500 meters in thickness underground. The company plans to conduct drilling and resource evaluation work in 2027, with an initial drilling budget of approximately US$500,000, targeting a maiden JORC-compliant mineral resource estimate within that year. The drilling program remains subject to funding arrangements and permitting, with the relevant drilling permit process in Argentina expected to take approximately 6 months.

CleanTech Lithium is also advancing the Laguna Verde and Viento Andino lithium projects in Chile. The company is evaluating shared infrastructure across the three projects, as well as a plan to build a centralized lithium processing facility in Copiapó, Chile. Laguna Verde remains the company's priority development project at this stage.