LiCo Energy Metals has closed an agreement with Durus Copper Chile which will enable it to earn up to a 60% interest in Purickuta Lithium Exploitation Concession (Purickuta project) in Chile’s Salar de Atacama.

LiCo entered into a definitive mining option agreement in January with Durus Copper Chile SPA to earn up to a 60% interest in the Purickuta project, which is claimed to be the world’s largest and purest active source of lithium.

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The firm received conditional acceptance from the TSX Venture Exchange in March.

Under the option agreement, LiCo had to pay $8.4m and issue five million shares as consideration for the acquisition and make certain work and development commitments towards the project as a part of this transaction.

"The Purickuta Project includes an area of 160ha within the Salar de Atacama, which hosts nearly 37% of the world’s lithium resource."

The company also stated that it has filed on SEDAR a technical report on the Purickuta Project pursuant to National Instrument 43-101 'Standards of Disclosure for Mineral Projects'. This report has an effective date of 20 January and it complies with Exchange Mining Standards Guidelines which incorporate NI 43-101.

The Purickuta Project includes an area of 160ha within the Salar de Atacama, which hosts nearly 37% of the world’s lithium resource.

The property is within the existing exploitation concession owned by Sociedad Quimica y Minera (SQM), approximately 3km north of the exploitation concession of CORFO (the Chilean Economic Development Agency).

SQM and Albemarle have large-scale production facilities within the CORFO concession, 22km from the Purickuta Project.

These two facilities have a combined production capacity of more than 62,000t of lithium carbonate equivalent per annum.