UK-based Alba Minerals has signed the letter of intent (LoI) to enter a definitive option agreement and acquire 100% of Cauchari South lithium project in Salta province, Argentina.

The agreement is subject to approval of the TSX Venture Exchange.

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The project is located within Lithium Triangle, which is known to contain one of the world's largest lithium resources.

Salta province has infrastructure facilities and a mining-friendly jurisdiction with a main highway to Chile that passes through the Cauchari South concession.

"The company estimates the project's total cost will be approximately $2.15m over 18 months."

Cauchari South site includes an area of around 1,300ha.

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It is surrounded by Cauchari-Olaroz Salar on the south-west, lithium-producing Salar de Olaroz project and Lithium America's advanced stage Cauchari-Olaroz project.

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The property also exhibits similar characteristics with the deeper, buried salar-type mineralisation that has been found in both of these projects.

Under the signed LoI, Alba Minerals has made a down payment of $20,000.

The definitive agreement is scheduled to be signed on 1 December.

Upon signing, Alba Minerals will have to pay the property vendors $175,000.

The company estimates the project's total cost will be approximately $2.15m over 18 months, in addition to issuing of one million Alba shares.

In expectation of signing the agreement, the company has decided to undertake a non-brokered private placement of up to $500,000 at a price of $0.10 per unit.

Each unit will consist of one share and single warrant that entitles the holder to buy one share for $0.15 valid for two years. This private placement is subject to exchange approval.