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 retained full control of its Candela II lithium project in Argentina's Incahuasi Salar after American Salars withdrew its development option. The 3,000-hectare property contains an estimated 457,000 tonnes of lithium carbonate in-situ, according to a resource estimate completed by WSP Australia.
The project's strategic value is enhanced by its location near major industry players, including Ganfeng Lithium, China's largest battery metal producer, which has a production well approximately 9.8 kilometers from the Candela II concession. Nearby operators also include Rio Tinto and Power Minerals.
A key development is Armory's licensing of the Ekosolve™ lithium Solvent Exchange Extraction process, which offers a highly efficient and environmentally friendly approach to lithium extraction. The technology can extract 93% of lithium from brine samples, with 99.7% of the biodegradable solvent being reclaimed, potentially reducing operational costs.
Initial brine samples collected in September 2022 showed promising lithium concentrations, ranging from 140 to 169 parts per million. With the current lithium carbonate price at $10,070 per tonne for battery-grade material, the project presents significant economic potential. Ekosolve estimates that a 10,000-tonne plant could generate approximately 250% operating margin at current market prices.
The project's development includes five reverse circulation wells, along with completed TEM geophysics and geochemistry surveys. A comprehensive technical report prepared by WSP provides detailed scientific validation of the project's potential.
This acquisition positions Armory Mining strategically in the growing lithium market, which is crucial for electric vehicle battery production and renewable energy storage technologies. The company's innovative extraction method and promising resource base could make the Candela II project a significant contributor to the global lithium supply chain.
Curated from NewMediaWire
