Australia-listed Strike Resources has agreed to acquire 90% interest in the "highly prospective" Solaroz lithium brine project within South America's so-called Lithium Triangle in northwest Argentina, by taking a shareholding interest in Argentina-registered Hananta, the company said Wednesday.
Solaroz is located close to the producing Salar de Olaroz lithium brine project, operated by Orocobre and its joint venture partner, Tokyo Stock Exchange-listed Toyota Tsusho, Strike said.
"The location of Solaroz is considered by Strike to be highly strategic and prospective for containing commercial quantities and concentrations of lithium-rich brine, since Strike believes that the aquifer which supplies the lithium-rich brine being extracted by Orocobre is likely to extend under Strike's Solaroz Concessions," it said.
Strike said its first step will be to complete an environmental impact assessment report for submission to the local regulator, after which it will commence a drilling program.
The company also announced it has established a commercial partnership with Salta-based Hanaq Argentina, which will provide local operating support and services.
"As well as being an established explorer and experienced lithium brine developer in Argentina, Hanaq has strong links to the Chinese battery sector [and hence potential offtake partners for lithium] through one of its major Chinese shareholders," Strike said.
Strike will fund 100% of the development costs to complete a bankable feasibility study through loans to Hananta, it said.
Strike also has lithium exploration tenements in Western Australia.
