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Marifil Mines expands lithium footprint in Argentina

Marifil Mines Ltd. said May 15 that it secured an option to acquire two lithium properties in Argentina from Minera Esperanza SA for about US$1.9 million.

The properties cover southern portions of the Carachi Pampa salar in Catamarca and comprise the 2,569-hectare Carachi Pampa III claim and the 6,170-hectare Carachi Pampa IV claim.

Upon exercise of the option and together with the company's recently acquired Ratones and Fraile claims, Marifil's lithium exploration portfolio will cover 15,267 hectares within the lithium triangle.

Marifil also inked a definitive exploration agreement with Minera Esperanza over the claims.

The agreement outlines Marifil's engagement for exploration work over the properties for five years. Minera Esperanza will retain a 1.5% net smelter return royalty, to be subordinate to Marifil's current NSR, while Marifil can repurchase the NSR in stages for US$2 million.

Minera Esperanza is actively developing a fracking sand project on a part of the Carachi Pampa IV claim. Upon exercise of the option, the company will retain its interest in non-brine minerals extracted from the lithium properties, provided that Marifil maintains its original 1% NSR on these products.