Lithium brine in South America's lithium triangle - update

Yesterday our lithium Investment Pursuit Minerals (ASX: PUR) put out an update on the acquisition of its lithium brine project in Argentina.

The project sits in South America's 'lithium triangle', a region that’s home to ~50% of the world's lithium production and multi-billion dollar lithium majors like SQM and Albemarle.

Just last week PUR shareholders approved the acquisition. The deal is now contingent on the completion of the due diligence process.

PUR expects the acquisition to be settled in late February / early March.

In the meantime, PUR is progressing with exploration activities with the ultimate goal of putting together a maiden JORC resource estimate this year.

PUR confirmed that proposals for geophysical surveys had been received and that the programs will commence as soon as the acquisition is settled.

The purpose of the surveys is to map down to depths of ~500m so that drilling programs can be prepared based on the mapped data.

Below are the areas PUR will be surveying:

We are now looking forward to the acquisition being settled so that PUR can get on the ground and start exploration work.

After the deal is completed, PUR will have ~2.56BN shares on issue.

The share price is currently trading at 2.6c per share — well above the 1.2c per share capital raising price, so we think that the share price could "churn" or move sideways until at least the deal is complete.

We touched on all of the share issuances that are still to come in our PUR launch note.

To see all of the reasons why we Invested in PUR, what we want to see the company achieve this year as well as the key risks to our Investment thesis check out our launch note here: PUR - Now a $31M advanced stage lithium stock