11:59 AM EST, 01/29/2025 (MT Newswires) -- (Updates shares.)

Argentina Lithium & Energy ( LILIF ) reported Wednesday positive results from the 14th exploration well at its Rincon West project in Argentina.

The company said 16 representative brine samples of 2.5 meters to 3 meters collected over a 225-meter interval ranging from 277 milligrams per liter (mg/l) to 379 mg/l lithium.

"The 14 exploration wells drilled at Rincon West have validated our belief that the property has competitive grade potential," said Miles Rideout, Argentina Lithium's vice president of exploration. "All drill holes have demonstrated mid-grade brines, validating our interpretation of the conductive formations identified during geophysical targeting."

The company said it is currently working on the resource model for the initial exploration area, incorporating results from pump tests currently being completed on the project's initial rotary well.

"The provincial ministry is currently reviewing the drill permit application for the eastern Don Fermin block, which has had no previous drilling but has extensive geophysical responses suggesting subsurface conductive targets are present," Rideout added.

Argentina Lithium shares were last seen up $0.005 to $0.095 on the TSX Venture Exchange.

Price: 0.10, Change: +0.01, Percent Change: +5.56