Armory Mining Secures Full Control of Candela II Lithium Project in Argentina
TL;DR
Armory Mining Corp gains control of Candela II lithium project, enhancing market position with 457,000 tonnes lithium carbonate resource.
Ekosolve™ lithium Solvent Exchange Extraction process efficiently extracts 93.1% lithium from brines, surpassing ion exchange methods, ensuring high-grade output.
Armory's environmentally friendly Ekosolve™ process minimizes environmental impact, reduces capital costs, and offers a sustainable solution for lithium extraction.
Ganfeng Lithium, Rio Tinto, and Power Minerals nearby the Candela II concession, highlighting strategic location for future lithium production.
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Armory Mining Corp has gained complete control of the Candela II lithium brine project in Argentina's Incahuasi Salar, following the relinquishment of development options by American Salars. The 3,000-hectare property represents a strategic asset in the rapidly expanding lithium market, with an estimated 457,000 tonnes of lithium carbonate in-situ, according to a resource estimate completed by WSP Australia.
The project's potential is underscored by its advanced exploration status and proximity to key industry players. Ganfeng Lithium, China's largest battery metal producer, holds an adjacent concession, while Rio Tinto and Power Minerals are also operating in the nearby region. This strategic positioning enhances the project's potential value and market attractiveness.
A critical advancement for the Candela II project is Armory Mining's licensing of the Ekosolve™ lithium Solvent Exchange Extraction process. This innovative technology offers significant advantages, including a remarkable 93% lithium extraction yield and 99.7% solvent reclamation. The process is notably environmentally friendly, eliminating the need for traditional lithium extraction ponds and reducing operational complexity.
The current lithium carbonate market price of $10,070 per tonne for battery-grade material further amplifies the project's economic potential. Ekosolve estimates that a 10,000-tonne plant could potentially generate approximately 250% operating margin at current market rates, presenting a compelling investment opportunity.
Initial brine samples collected in September 2022 demonstrated promising results, with lithium concentrations ranging from 140 to 169 parts per million. Ekosolve's extraction tests successfully recovered 93.1% of lithium from these samples, validating the project's technical feasibility.
The project's development includes extensive geological work, including five reverse circulation wells, TEM geophysics surveys, and comprehensive geochemistry investigations. These efforts provide a robust foundation for future exploration and potential development of the lithium resource.
As the global demand for lithium continues to surge, driven by the electric vehicle and renewable energy sectors, projects like Candela II represent critical investments in the green energy transition. Armory Mining's strategic acquisition and innovative extraction approach position the company to potentially capitalize on the growing lithium market.
Curated from NewMediaWire
