INCAHUASI SALAR
Spey Resources Corp. is pleased to announce that it has begun exploration activities in the Salar de Incahuasi (the "Incahuasi Project" or "Incahuasi") in the Province of Salta, located approximately 45 kilometers from the township of Tolar Grande, Argentina.
The Inchuasi Salar and basin in the Catamarca region of northwestern Argentina supports conditions for quality lithium mines at depth. This basin is impacted by the Cerro Aracar and Pular volcanos, contributing lithium to the salt through aquifers. Easily accessible by road, with no indigenous communities nearby, this region has been substantially explored and shows the lithium brines are close to the surface.
Lithium Brines Close to Surface. Quality Lithium Mines at Depth.
+ Location
Close to all major players
Volcanoes Cerro Aracar, Pular contributing lithium to the salar through aquifers. Close to famous lithium salars such as Arizaro,(Next View Energy), Pocitos, Rincon, Pozelous, Pular, Cauchari. Oloroz
+ Key Features
- Substantially explored by Gangfeng, Advantage, Ekeko and others in Salta Province – covers 9.9sqkm area – land as well as salar
- VTEM geophysics shows low (<0.02ohm data-preserve-html-node="true"-m) aquifers with K,Mg,Li brines (not saltwater which is >0.026)
- Drill hole data shows the lithium brines are close to surface (similar geology to Rincon salar)
- Sample analysis shows Li values from 250-400ppm
- 100km from San Antonio de la Cobre (2,000 people) close to Arizaro salar
- Easily accessible by road
- No indigenous communities closeby
+ Acquisition Structure
- US$1.2 million purchase price – 12 months due diligence
- US$100,000 deposit
- US$100,000 deposit 6 months from contract date
- US$450,000 exploration program to resource statement
- Exploration permit in place, ready to fast track
- A.I.S. Resources operator (Phil Thomas CEO, BSc Geol, MAIG) to lead project – 18 years experience in lithium projects exploration
- A.I.S. Resources has a 20% equity carry
- No royalties from vendor, low State royalties
- Lithium carbonate to be produced will be battery grade >99.5% purity
- Initial plant 10,000 tones per annum - Shipped out of Antofagasta Chile
+ Exploration Programs
US$450,000
- 5m deep Trenching to sample brines
- TEM geophysics survey over 30 points – Quantec Geophysics
- 2 x 100-150m drill holes to sample brines using double packer tool
- Downhole gamma geophysics to measure porosity, core analysis
- Collection of 200L brines to test using Ekosolve solvent exchange system to demonstrate yields at 99% Lithium Carbonate
- Further drilling to confirm resource size (1500m x 3000m x depth of aquifers? – at 40m with 300ppm will be 54,000 of Li metal equivalent or 287,000 tones lithium Carbonate - 28.7 year mine life
- Current lithium Carbonate battery grade price is US$7,750 CIF
+ Exploration
TRENCHING, DRILLING, CORE ANALYSIS
| Brine | Li Lithium % | Na Sodium % | K Potassium % | Ca Calcium % | Mg Magnesium % | Cl Chloride % | SO2 Sulphate % | BO2 Borate % | Mg:Li |
|---|---|---|---|---|---|---|---|---|---|
| Rincon | 0.82 | 1.94 | 3.81 | 0.01 | 2.44 | 3.78 | 29.79 | 3.16 | 8:1 |
| Incahuasi | 0.60 | 0.10 | 2.17 | 12.00 | 2.80 | 30.00 | - | 1.10 | 5:1 |
+ Geophysics of other explorers
The TEM survey shows areas of low resistivity, with purple colour being the Lowest value. The aquifer starts at about 25 metres and any value less than 0.026 means its not just salt water. It will have other conductors in it. It appears this aquifer runs down the salar into the Candelo II concession. A 30 point survey will test this evidence.