Figure 1: Salar Arizaro is located in the west of Salta Province at an elevation of 3,460 meters and covers an area of approximately 1,600 square kilometers.
Figure 2: A look at Google Earth shows how large the Salar Arizaro actually is. The border with Chile and the distance to the sea can be used as a guide.
The Company's Argentine geological team has conducted initial reconnaissance mapping and sampling. A targeted systematic program of prospecting, sampling and near surface soil drilling is expected to commence shortly.
As previously announced, Portofino and REMSA have identified a number of additional mineral concession areas with potential for lithium brine discovery, and the Company will continue negotiations with REMSA to enter into additional collaboration agreements in the near future. Prospecting and initial exploration campaigns will be conducted by REMSA, with Portofino providing technical input.
David Tafel, CEO of Portofino, commented, "This unique agreement provides Portofino with a significant opportunity to position itself in the largest lithium brine salar in Salta. We are very pleased to finalize this initial collaboration agreement and expect to work closely with REMSA to finalize additional agreements regarding certain identified lithium bearing salar concession areas."
Mr. Alberto Castillo, CEO of REMSA, added, "The Portofino team has demonstrated a high level of professional and technical ability and REMSA looks forward to expanding this relationship. The Province of Salta has implemented a consistent, transparent and responsible mineral policy that will result in significant, sustainable foreign investment that will bring immense benefits to the local economy while prioritizing the protection of our environment."
Depending on the results of surface sampling and geophysical exploration activities, Portofino, together with its Argentine partner RONIALEM S.R.L., may propose an initiative to establish a joint venture with REMSA. This proposal would be subject to certain payment conditions.
The Lithium Salar Arizaro
The Salar Arizaro is located in the west of the province of Salta at an altitude of 3,460 meters. The salar covers an area of approximately 1,600 square kilometers, making it one of the largest salt lakes in the world and the second largest in Argentina. The Salta-Antofagasta railroad, which runs through the Andes, and the well-maintained Provincial Road 27 pass right through the middle of the Salar.
The Salar is located in an irregular basin with a northeast-southwest orientation, about 80 kilometers long and up to 30 kilometers wide. The basin is believed to be bounded by faults and filled mainly with semi-consolidated sands and boulders.
Within the basin, brines reportedly occur zoned, with lithium- and potassium-rich brines sampled in the past to depths of several hundred meters below surface. Several international companies are carrying out sampling and drilling projects in the Salar Arizaro, with drilling planned to depths of up to 500 meters.
REMSA is a company created in 1985 to manage the energy and mineral resources of the province of Salta. It contributes to the productive and social development of the province by managing and promoting the exploration and development of mining and energy projects.
Conclusion: Portofino has kept its shareholders in suspense for a long time. Negotiations with the state-owned REMSA seemed to drag on for months. In the end, however, a groundbreaking deal was reached that will enable Portofino to acquire a majority stake in a highly prospective lithium project. At the same time, the state-owned REMSA would secure a share in the project. In this way, the Argentinean state wants to ensure that it not only participates in the cash flows from lithium production through taxes, but also directly. From Argentina's point of view, the exemplary deal with Portofino is thus intended to avoid mistakes of the past, where valuable salars ended up entirely in private hands or in the hands of Chinese state-owned companies. Argentina rightly claims a larger share of the value added. Because of this self-interest, one should expect that approval processes or the subsequent development of lithium resources will receive state backing and not - as is unfortunately the case in other Argentine provinces - fail due to inefficient bureaucracy. Portofino, with its project in the neighboring province of Catamarca, can also sing a song about this.
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