Neo Lithium Corp (CVE:NLC) (OTCMKTS:NTTHF) hit a major milestone at its 3Q lithium project in Argentina with the submission of an environmental impact assessment to the Argentinean authorities, it announced Monday.
The environmental report, or EIA, included a hydrological model that allows the authorities to better understand the impact of exploitation in brine and water table in the salar and surrounding lithium brine lakes.
The EIA was prepared according to the outlines of an earlier prefeasibility report on the project, which estimated production of around 20,000 tons of lithium carbonate per year.
"This is a very important milestone that de-risks the 3Q Project and demonstrate our commitment to the environment and the people of the Catamarca Province,” said Waldo Perez, president and CEO of Neo Lithium in a statement.
”We expect prompt treatment of our EIA submission since we are now in the final stages of making the 3Q Project a reality to the province and our shareholders as we continue our pathway and progress towards our development and production objectives.”
Positive results from recent drilling
The 100%-owned 3Q project is a high-grade lithium brine lake and salar complex in Latin America’s “lithium triangle,” an area in South America known for its lithium deposits.
Located in the province of Catamarca, the largest lithium producing area in Argentina, the project covers approximately 35,000 hectares, within which lies a 16,000-hectare salar complex.
Recent drilling at the project revealed that high-grade lithium mineralization extended deeper than previous work had shown.
Shares of Neo Lithium were trading at C$0.96 on Monday in Canada and US$0.71 in the US.
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