Argosy Minerals Ltd. said Aug. 27 that it has exercised the option to acquire the tenements comprising the Tonopah lithium project in Nevada from Lithium Consolidated Ltd.'s subsidiary LCME Holdings, Big Smokey Exploration LLC, ProspectOre LLC and ProspectOre Inc. The completion date is Sept. 6.
The company will have to pay claims renewal costs, the US$50,000 purchase price, and A$500,000 upon reaching a project milestone for a mineral reserve of 1 million tonnes of lithium carbonate equivalent product or first commercial production.
Argosy Minerals said that the acquisition of Tonopah will provide an option to further expand the company's lithium development strategy which includes the Rincon lithium project in Argentina.
The company, subject to the completion of the acquisition, will consider works to determine the most effective development strategy for Tonopah. Argosy Minerals will also continue working to review and consider new projects in the lithium sector.
