Liberty One Lithium Corp (CVE:LBY, OTCQB: LRTTF) says it's 'thrilled' with an NI 43-101 report on its Pocitos West project, which underlines that it could become a prolific lithium asset.
The firm has an exclusive option to acquire up to an 80% interest in the property, which lies in the heart of the so called 'Lithium Triangle' following an agreement with Millennial Lithium Corp.
It consists of 15,857 hectares of prospective lithium brine concessions and is around 40km west of Millennial's flagship Pastos Grandes project.
The technical report suggests that multiple brine-bearing aquifers may occur to a depth of some 450 meters, with a particularly responsive target between 200 and 450 meters (m).
The Pocitos West project also appears productive for lithium and offers a reduced level of risk justifying further exploration, the report adds.
The large target can be tested to determine the potential for development of a resource in a short time, the report adds.
"Within the roughly 400km x 400km famous Lithium Triangle we have secured what could become a prolific lithium asset that lies within 40km of several successful and significant lithium brine discoveries," said Liberty One chief executive Brad Nichol.
He said Liberty was built on three key pillars - location, a world class team and capital discipline.
"....the company has demonstrated the foresight to have successfully raised sufficient capital to undertake a staged work plan and fund operations for the next year," he said.
"These are the three principles upon which I made my decision to join, and make a significant investment in, Liberty One."
Shares raced up over 4% to C$0.76 in Toronto, before easing back to C$0.74.