TORONTO, Nov. 23, 2017 /CNW/ - LSC Lithium Corporation ("LSC" or together with its subsidiaries, the "Company") (TSXV:LSC) is pleased to announce it has entered into a binding letter of intent to purchase all of the issued and outstanding shares of Alqa Lithium S.A. ("Alqa"), the sole owner of the Mina Teresa project covering 2,595 hectares in the Salar de Salinas Grandes in the Province of Jujuy.
LSC will acquire Alqa for cash consideration totalling US$2 million payable to the shareholders of Alqa in three installments. Closing of the acquisition is expected to take place on or about December 15, 2017, but no later than the end of 2017.
Mina Teresa (227-C-2004) is strategically located immediately adjacent to LSC's tenements Cristina (139-S-2003), San José (57-C-2002) and Mahoma (183-Z-2004). Following the transaction, LSC's land package on the Salar de Salinas Grandes in Jujuy Province will increase by 2,595 hectares, totalling 37,910 hectares and representing over 50% of the salar surface of Salinas Grandes, Jujuy Province.
LSC is also pleased to announce that it has obtained approval to commence its exploration program on the San José and Navidad (213-G-1995) concessions, located in Salinas Grandes, Jujuy Province. These concessions cover a total area of 4,300 hectares and are part of a joint venture with Dajin Resources Corp. (TSX-V: DJI). Now that LSC has access to the ground, an exploration program is currently being designed to investigate the presence of lithium bearing brine and lithologies on the property. This includes the evaluation and the integration of historical data into the exploration target model. Thereafter, the program will potentially include geological mapping, surface sampling, a geophysical data acquisition phase and a drilling phase to confirm the target generation results and potentially deliver a 43-101 Mineral Resource for the property.
ABOUT LSC LITHIUM CORPORATION:
LSC Lithium has amassed a large portfolio of prospective lithium rich salars and is focused on developing its tenements located in five salars: Pozuelos, Pastos Grandes, Rio Grande, Salinas Grandes, and Jama. All LSC tenements are located in the "Lithium Triangle," an area at the intersection of Argentina, Bolivia, and Chile where the world's most abundant lithium brine deposits are found. LSC Lithium has a land package portfolio totaling approximately 300,000 hectares, which represents extensive lithium prospective salar holdings in Argentina.
