Argosy Minerals Limited announced that it has executed the Heads of Agreement (HOA) with Geotech International which gives the company a two-year option to purchase the Mt Paris Lithium Project in Tasmania.
“Argosy believes the HOA to be the first step in entering the lithium sector, with additional project acquisition discussions on-going,” the company said in a statement to the ASX.
“The acquisition is consistent with the Company’s strategy of enhancing its project portfolio, which will continue with a particular focus on quality precious metals, new technology and agriculture related mineral projects, to increase the overall value proposition of AGY.”
The Mt Paris Lithium Project comprises one granted exploration licence covering an area of 115km2, located approximately 60 km northeast of Launceston with access via the sealed Tasman Highway.
Argosy said it considers the Project to be highly prospective for lithium mineralisation, given the presence of fertile greisens and the indication of lithium mineralisation within those greisens and background granites.
The company’s Director, Jerko Zuvela, said the near-term strategy to advance the Project involves conducting preliminary exploration works targeting the greisens at Mt Paris Mine and Rattler Hill to test for lithium, and collecting, re-logging and analysing the historic samples of drill cores from the Project area stored at the MRT core library in Hobart for lithium.
“The Project is an ideal stepping-stone given its lithium prospectivity, for the Company to pursue additional quality project opportunities and establish the Company to become a significant explorer,” Mr Zuvela said.
“We will now aim to prove the Project is robust and are excited about further progress.”