- LEXI (LEXI) introduces new claim selection and expansion of joint venture exploration plan
- The new JV will be known as Triangle Lithium Argentina, S.A.
- IBAT announced that Triangle’s initial project is the TRILA JV in which LEXI is a 20 per cent non-dilutable stakeholder
- IBAT further stated that it has substantially completed the construction of its first lithium extraction unit
- Lithium Energi Exploration Inc. (LEXI) is up 2.70 per cent, trading at C$0.19 at 10:59 am EST
Under its JV Agreement with Global Oil Management Group, LLC, the implementation of Lithium Energi’s (LEXI) exploration and development plans is progressing.
The new JV will be known as Triangle Lithium Argentina, S.A.
Sorcia announced its new joint venture with Terra Novo Energy, a GOMG affiliate. The new joint venture was formed as Triangle Lithium, LLC. Sorcia and its affiliates are also shareholders in IBAT.
IBAT announced that Triangle’s initial project is the TRILA JV in which LEXI is a 20 per cent non-dilutable stakeholder and that development is slated to commence immediately, with the Sorcia Group owning the exclusive license to utilize IBAT’s technology in Argentina and Chile.
IBAT further stated that it has substantially completed the construction of its first lithium extraction unit and the system modules are currently being heat traced and insulated with final assembly and testing to take place in March in the U.S. prior to deployment to South America.
LEXI is also pleased to announce that, in collaboration with GOMG, it has completed claim selection for the TRILA JV.
Specifically being six claims comprising approximately 15,000 hectares of LEXI’s holdings in the northern sections of the Antofalla Salar and that, as an important result, it is nearing completion of contract negotiations that will result in the launch of a new drilling campaign.
LEXI’s CEO, Steven Howard, expressed that “We are excited about our upcoming drilling campaign and the prospects for rapid implementation of actual production are now apparent on the visible horizon for our company.”
“LCE prices are continuing to trend upwards and the transition to electric vehicles continues to gain momentum,” added Howard.
GOMG’s Chairman, Harry Sargeant, remarked that “Our commitments to create value in the lithium sector continue to increase, as evidenced by our associations with the Sorica Group and IBAT, which we believe presages imminent growth for our TRILA JV and for LEXI and its world-class package of assets.”
“Combining that experience with our capital and our exemplary team gives our new lithium ventures the ability to join the ranks of actual lithium producers and enter the supply chain at just the right time,” concluded Sargeant.
Global Oil Management Group, LLC is a resource development holding company controlled by Harry Sargeant, III. Sargeant is a billionaire investor focused principally on the diversified energy and shipping industries.
Lithium Energi Exploration, Inc. is an exploration company focused on the strategic acquisition, exploration and development of lithium brine assets in Argentina.
Lithium Energi Exploration Inc. (LEXI) is up 2.70 per cent, trading at C$0.19 at 10:59 am EST.
