12:12 PM EDT, 10/31/2024 (MT Newswires) -- Argentina Lithium & Energy ( LILIF ) said Thursday it received an exploration permit for the Paso de Sico mining concession, part of the Rincon West project in Argentina.

The provincial Secretariat of Mines and Energy issued the two-year permit that covers diamond and rotary drilling.

Argentina Lithium & Energy ( LILIF ) plans to mobilize a diamond drill shortly to begin a six-hole exploration program to evaluate the potential for lithium brines within the property.

"The grant of the drilling permit is a long awaited step which allows us to advance the Rincon West project evaluation," President and CEO Nikolaos Cacos said. "We have also identified Paso de Sico as the likely site of any potential future processing plant and related extraction facilities for the project due to its very favorable setting."

The company's share were last seen down $0.005 to $0.17 on the TSX Venture Exchange.

Price: 0.17, Change: -0.01, Percent Change: -2.94