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Dark Horse secures option to acquire San Jorge lithium project

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Dark Horse secures option to acquire San Jorge lithium project

Dark Horse Resources Ltd. secured an option to acquire the San Jorge lithium brine project, which covers 15 granted exploration licenses over 36,600 hectares, in Argentina's Catamarca province.

The Australia-listed explorer will pay US$4.5 million in staged payments over five years and make annual exploration commitments totaling about US$3.0 million to acquire an initial 95% interest the property.

Dark Horse has the option to acquire the final 5% stake for US$1.5 million or allow the owner to hold a 5% free-carried interest.

The company will immediately begin exploration with a surface sampling program to understand the salar's initial chemistry. A geophysics study, designed to define drilling targets, will be carried out.

In June, Dark Horse completed the first-stage renegotiation of the option deal for the acquisition of the Las Tapias lithium project in Argentina.