Home Sports Argosy Minerals (ASX:AGY) Quarterly Highlights Rincon Plant Development In September – The...

Argosy Minerals (ASX:AGY) Quarterly Highlights Rincon Plant Development In September – The Market Herald

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  • Argosy Minerals ( AGY ) fast-tracked the development of its Rincon project in Argentina and continued exploration at the Tanopa project in Nevada in the September quarter.
  • During the quarter, the company achieved 97 percent completion of planned work at its Rincon lithium carbonate plant, with commissioning 81 percent complete.
  • Exploration work is underway at Tanop to identify priority lithium brine targets and select locations for future exploratory drilling
  • Argosy reports a net operating cash outflow of $972,000 for the September quarter and ended the period with total available funding of $33.56 million
  • AGY ended the day down 7.96 percent to close at 52 cents

Argosy Minerals ( AGY ) fast-tracked development of its Rincon project and continued exploration at the Tonopah project in the September quarter.

Rincon Lithium Project

Located in Salar del Rincon in the province of Salta, Argentina, the Rincon Lithium project is Argosy’s main asset.

During the quarter, Argosy has reached 97 percent completion of planned work at its 2,000 tonne per annum (tpa) lithium carbonate processing plant.

The design work is completed, the construction stage is 98 percent complete, and the commissioning work is 81 percent complete.

Argosy said it remains on track to build its first battery-grade lithium carbonate product, with commissioning of a primary lithium product.

In addition, during the quarter the company commenced rotary drilling of a production well and diamond drilling to expand the Rincon resource.

Two operational wells have been drilled to a depth of 350 meters, one has been completed and work on the second pump has begun.

Meanwhile, exploratory diamond drilling continues to progress with the overall goal of increasing the current JORC mineral resource estimate.

Argosy has submitted an environmental impact assessment to the department of the Minister of Mines of the Province of Salta for the continued production of lithium carbonate with a capacity of 10,000 tons per year.

The Tonopah Lithium Project

Argosy is currently continuing exploration work at the Tonopah project, consisting of geophysical processing, analysis and interpretation.

The purpose of this is to identify priority lithium brine targets and select locations for future exploration drilling to determine the lithium brine potential of the project.

Finances

Looking at his finances, Argosy reported a net operating cash outflow of $972,000 for the September quarter, with the majority going to administrative and corporate expenses.

As of Sept. 30, the company had $33.56 million in cash and cash equivalents.

AGY ended the day down 7.96 percent to close at 52 cents.

https://themarketherald.com.au/argosy-minerals-asxagy-highlights-rincon-plant-development-in-september-quarterly-2022-10-28/

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