- Green Shift (GCOM) will acquire a large lithium land package in Argentina
- The company signed a definitive purchase agreement to acquire LFP Resources
- LFP has the right to acquire 485,000 hectares of land prospective for lithium in Argentina’s Rio Negro, Chubut and Neuquén provinces
- Consideration is comprised of an up-front payment of US$75,000 and the issuance of 17.5 million common shares
- Green Shift Commodities, formerly U3O8 Corp., is focused on the exploration and development of commodities conducive toward decarbonization and net-zero goals
- Green Shift (GCOM) closed up by 80 per cent, trading at $0.18 per share
Green Shift (GCOM) will acquire a large lithium land package in Argentina.
The company signed a definitive purchase agreement to acquire LFP Resources, a privately-owned Canadian exploration company with the right to acquire 485,000 hectares of staked and granted claims prospective for lithium in Argentina’s Rio Negro, Chubut and Neuquén provinces.
Consideration is comprised of an up-front payment of US$75,000 and the issuance of 17.5 million common shares.
The land package covers known lithium pegmatite occurrences discovered and sampled in the 1960s by the Argentinian government, plus tens of km of prospective strike with similar geological and geophysical signatures.
The La Pintada and Manuel Choique granites, the focus of the previous work, contain 19 known pegmatite dykes that returned lithium grades up to 4.76 per cent Li2O in historic sampling.
Over 800 structures have been mapped through satellite image interpretation at Manuel Choique. The identified structures have a strike length of over 100 km.
Recent mapping has identified dozens of additional potential untested pegmatite dykes.
Permitting for systematic exploration is underway.
Entry into the lithium sector aligns with Green Shift’s exposure to clean energy and battery commodities at its Berlin Project in Colombia, as well as its team’s deep experience operating exploration projects in Argentina.
The parties expect to close the acquisition in January of 2023, contingent on due diligence and other customary closing conditions.
“The district-scale land package we are acquiring offers the potential to explore known areas of lithium while, at the same time, securing an entire belt that has yet to be methodically explored,” stated Trumbull Fisher, Green Shift’s CEO.
“On a recent visit to the project area, I was very encouraged by the ease of access, the proximity to infrastructure and by the high-grade lithium exposed in the pegmatites exposed at surface,” he added.
Green Shift Commodities, formerly U3O8 Corp., is focused on the exploration and development of commodities conducive toward decarbonization and net-zero goals.
Its Berlin Deposit in Colombia contains uranium, nickel, phosphate and vanadium.
Green Shift (GCOM) closed up by 80 per cent, trading at $0.18 per share.
