Green Shift Commodities (GCOM) has agreed to buy a 25% stake in Pampa Litio, a private hard rock lithium exploration firm in Argentina, from New Peak Metals.

Pampa Litio is engaged in exploring hard rock spodumene-bearing pegmatites in the Pampean Ranges of Central Argentina.

The Pampean Ranges comprise several granitic pegmatites with historic mineral resources that were mined during the past 90 years.

Under the agreed terms, GCOM will make a C$150,000 cash payment and issue 535,714 GCOM common shares at $0.14 apiece in exchange for New Peak’s stake in Pampa Litio.

In certain circumstances, GCOM will pay C$75,000 in cash instead of the issuance of the common shares.

The transaction awaits the clearance of the TSXV and the fulfilment of other customary closing conditions.

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By GlobalData

Pampa Litio has so far applied for four exploration titles, which cover a total area of 34,300ha, within the San Luis Province.

GCOM CEO and director Trumbull Fisher said that the deal provides the firm with exposure to a second hard rock lithium project in Argentina. This follows the recent acquisition of the Rio Negro project.

Fisher said: “Argentina is well known as a top-tier jurisdiction for lithium brine projects however is lesser known for its hard rock potential.

“Increasingly, and for good reason, hard rock lithium assets are gaining favour amongst the investment community, thanks to recent stand-out successes in Australia, Canada and Brazil. Argentina’s hard rock potential is sizable and relatively untapped as of yet.”