SUMMARY
| MINERAL TARGETS | Lithium in Brine and Clay |
| LOCATION & ACCESS | The Nevasca Lithium Project is accessible year-round via Pocitos and Tolar Grande through the Arizaro Salar on a well-maintained salt road to Lindero Mine located to the east of the Project area. The nearest village is Tolar Grande (population 250), located at about a 2.5-hour drive to the North, and turntable for the mining-related rail traffic between the Province of Salta and Chile. |
| JURISDICTION | Departmento de los Andes, Salta, Argentina |
| PROPERTY SIZE | 28.42 km2 (7022.7349 acres, 2842 hectares). |
| OWNERSHIP | CDN owns 100% interest in the Nevasca Property and a 3% NSR |
The Nevasca Lithium Project is located on the Salar de Arizaro basin (“Arizaro Salar” or “Arizaro”) within Salta’s provincial boundaries in the Puna Region of northwest Argentina. Salta is one of Latin America’s top exploration jurisdictions and emerging mining frontiers due to its strong and diverse mineral endowment, stable tenure, straightforward permitting, and geopolitical landscape.
The Arizaro Salar the third largest salar in the Lithium Triangle, extending over a total area of 1,600 square kilometers within a 6,000 km2 watershed region. A mature evaporite basin with demonstrated lithium-enriched brines and pore spaces of the sedimentary strata. Some lithium-enriched brines may also be contained in fractures and/or rock pores conforming the basin boundaries.
The Nevasca Lithium Project currently covers over 28 square kilometres of prospective ground with mineralization targets in both brines and sediments. Arizaro remained relatively underexplored until recently. Exploration activity has been increasing significantly by the hands of private and public companies. Recent positive results from a adjacent project to Nevasca controlled by Lithium Chile, and other companies actively exploring the surrounding areas for lithium-rich brines, has raised the bar and so the interest for the Arizaro Salar area.
In May 2023, CDN Maverick made a strategic move by selling the Nevasca Lithium Project, a permitted, drill-ready lithium-in-brine exploration target located in one of the largest Salars in the Lithium Triangle, to NOA Lithium Brines Inc. (TSX-V: NOAL).
Highlights of the Agreement
The total value of the transaction is pegged at $2 million, which is to be settled through a combination of cash and shares. CDN Maverick will receive $950,000 in cash and $1.05 million in NOA Lithium shares. CDN Maverick will also retain a 3% production royalty, which NOA Lithium has the right to repurchase for $1 million within a two-year span. Furthermore, NOA Lithium commits to a minimum investment of $500,000 in exploration within 18 months.
Positioning in the Lithium Triangle
The Arizaro Salar, where the Nevasca Lithium Project is situated, forms part of the South American “Lithium Triangle”. Historically underexplored, recent years have seen a substantial increase in exploration efforts by both private and public entities. In particular, multiple brine horizons have been discovered in the southeastern parts of the salar. This lithium brine potential extends deeper (+600 meters) than at most other salars in the region. In February 2022, Lithium Chile Inc. filed a recent NI 43-101 resource which showed lithium values as high as 555 mg/l at depth. The drillhole where these high values were obtained is located approximately 20 km from the Nevasca Project.
Collaborative Effort and Strategic Benefits
The option of the Nevasca Property to NOAL represents a strategic move for Maverick, as it allows the Company to maintain exposure to the asset’s exploration upside through an equity position in NOAL. The partnership will further enable both companies to leverage each other’s expertise and resources to accelerate exploration efforts and unlock the potential value of their combined assets. CDN will benefit from NOAL’s ongoing exploration activities and the potential for resource expansion across its extensive landholdings in the Rio Grande and Arizaro Salars. In summary, this transaction promises to not only diversify and strengthen Maverick’s portfolio but also enhance its current cash position.
CURRENT SITUATION
The company has undertaken preliminary reconnaissance activities to assess accessibility and evaluate geological features such as types of crusts, clastic and evaporitic limits, and the presence of brine on or near surface on the property
Currently Maverick is reviewing a proposal to complete six (6) VES Lines in E-W and two (2) in N-S direction to further evaluate the basins subsurface topography and to also create a maiden model of the hydrogeological ambient, conductivity, thickness and resistivity values of sediment layers, aquifers, and intersections.
