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.