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.
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 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.