Argosy Minerals Carrying out Drilling Works, Share Price Down (ASX:AGY)

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The Minerals Ltd [ASX:AGY] share price are down today after announcing some progress at their Rincon Lithium Project.

Argosy is an ASX-listed company. Their main focus is the Rincon Lithium Project, located in the province of Salta, in Argentina, in the ‘lithium triangle’. Rincon is a joint venture with Puna Mining S.A. of which Argosy holds a 77.5% stake, but they can increase that stake to 90% once developed into a 10,000 tonne a year lithium operation.

Argosy also has a 100% stake in the Tonopah Lithium project in Nevada, US, which is set near Albemarle’s Silver Peak Lithium operation.

Argosy carries out drilling works

Argosy has already produced more than 25 tonnes of battery-quality lithium carbonate from its industrial scale pilot plant operation.

They are now working on developing the next stage: their 2,000 tonne of lithium carbonate a year operation. To this end, today they said they are carrying out drilling works to source industrial groundwater supply.

As the company explained:

During lithium carbonate production operations, processing water usage requirements are significantly reduced via recycling ~90% of the brine fed through the process plant, and is then returned to the natural salar (salt lake) in a balanced/neutral state. The water usage method will ensure there is nominal impact on people, animals or natural vegetation, and all raw water will be sourced from natural flows beneath the salar, which will otherwise evaporate naturally if not utilised, thus maintaining the equilibrium process at the salar.

Argosy making ‘strong progress’

Argosy Managing Director Jerko Zuvela said they continued to make ‘strong progress’ towards the 2,000 t.p.a production operations start-up and that:

Together with our successfully proven, proprietary and environmentally friendly clean
lithium technology, and our low fresh water requirements, we’ll be producing a high-
quality, sustainable product with a low carbon footprint from our Rincon Lithium Project.

Argosy expects to get their permit approval for 10,000 tons per annum operation in the second half of 2021.

While all this is good news, share price was down 3.2% at time of writing with shares trading at 15 cents. Still, Argosy shares have almost doubled since May when shares were trading at 8.6 cents.

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Selva Freigedo

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About Selva Freigedo

Selva Freigedo is an analyst at Money Morning. She has a background in financial economics, but what makes Selva´s experiences different to many are the places she has lived and worked. Born in Argentina, she has also lived in Brazil, the US, Spain, and now Australia. She has seen up…

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