Boosting resources: Power nabs crucial approval at 490,000t LCE (and growing) Salta lithium project
New environmental Impact Report (EIR) permit approval allows Power Minerals to launch into resource drilling on two key salares at its rapidly growing Salta project in Argentina.
The project consists of five salares (salt lakes) that sit within seven mining leases, over a total project area of 147.07km2.
Salta’s Incahuasi salar is also immediately adjacent to Ganfeng Lithium’s project and the Rincon salar is adjacent to Rincon Mining, recently acquired by Rio Tinto for US$825 million.
EIR approval from the Salta Province Ministry of Mining and Energy covers the Tabapocitos 01 licence at the Pocitos salar and the Villanoveño I licence at the Rincon salar.
While the Villanoveño I approval at Rincon is an extension, the Tabapocitos 01 approval at Pocitos is a first-time approval – allowing Power Minerals (ASX:PNN) to commence the next phase of its JORC Mineral Resource drilling campaign at Pocitos.
The company is currently undertaking a major mineral resource expansion drilling campaign at Salta, which was doubled in May with the inclusion of a maiden resource of 249,308 tonnes lithium carbonate equivalent (LCE) at 198 mg/l lithium concentration for the Incahuasi salar.
Salta’s total mineral resource now stands at 488,308t LCE, and Power is on the hunt for more to add to the tally at at Pocitos.
“The Tabapocitos EIR approval at the Pocitos salar is a first-time approval at this salar, and is a key approval for the company as it enables us to commence JORC mineral resource drilling at Pocitos with the aim of adding to the Salta project’s global lithium JORC mineral resource inventory,” PNN MD Mena Habib said.
“The Villanoveño I approval at the Rincon salar extends the EIR approval at this key salar for a further 2-years as we continue to progress the development at Rincon.”
The company is currently completing a Preliminary Economic Assessment (PEA), which will be completed to scoping study standard at Rincon.
The PEA is assessing the potential production and life-of-mine profile, along with engineering and process costs, plus capital costs and operating costs for a potential high-quality lithium carbonate (LCE) producing operation at the project.
This article was developed in collaboration with Power Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.