Vancouver, BC / CNW / April 24, 2023 / Argentina Lithium & Energy Corp. (TSX-V: LIT, FSE: OAY3, OTC: PNXLF), (“Argentina Lithium” or the “Company”) reports continued positive lithium brine results at its Rincon West Project in Salta Province, Argentina, including a 178 m* section with results ranging from 241 to 340 mg/l lithium (*no sample was collected from 30 m of this interval) from the seventh diamond drill hole of the current program.

“These new results demonstrate the continuity of concentrated lithium brines within our exploration area and expands the area known to host lithium brines to the northwest. We have been pleased by the extensive vertical column of concentrated brines intersected to date in the core of our basin. The drill program has confirmed the original geophysical interpretation for conductive brine aquifers very well, providing confidence in the potential for future drilling on the extensive untested portions of the geophysical anomaly to continue to potentially extend our zone of lithium-rich brines.” stated Miles Rideout, V.P. of Exploration.

The results of the brine analyses for holes seven and eight are shown in Table 1, as well as the type of sample collected, and the respective intervals from which brine was recovered. The ninth and final hole of the program was recently completed and laboratory analytical results are pending.

Rincon West Project and Program Details

The Rincon West Project, located west and north of Rio Tinto’s adjacent Rincon Project, covers 3742.8 hectares of the salar basin. Figure 1 presents a map of the Rincon West property showing the positions of the nine permitted and completed exploration holes from this program (see News Releases dated July 13, 2022, October 3, 2022, October 25, 2022 and January 26, 2023). The map in Figure 1 displays the drill locations overlaid on the conductive zones delineated with TEM geophysics (see May 2, 2022 News Release; Note: the easternmost property extension was acquired after the completion of the TEM survey and therefore shows no geophysics results).

Drilling was carried out by Salta-based AGV Falcon Drilling SRL, under the supervision of Argentina Lithium’s geologists. Drill holes RW-DDH-007 and RW-DDH-008 were executed with diamond drilling (HQ-diameter), permitting the extraction of core samples of the salar basin formations and recovery of brine samples where possible. Argentina Lithium’s preferred method for brine sampling deploys a ‘single packer’ sampling unit during drilling. The packer sampling method allows the recovery of brine samples at specific depths while sealing the hole at the top and bottom of the interval. For single packer sampling, an inflatable seal closes the top of the interval; the lower limit of drilling represents the bottom of the interval. In certain instances, double packer sampling is conducted following the completion of drilling. In this case, inflatable seals are employed to close both the top and bottom of the sample interval. The maximum span of double packer sampling is limited to less than 4 m by the height of the drill mast and other equipment limitations.

Table 1: Interval data and results of brines analyses for lithium, potassium, and magnesium for drill holes RW-DDH-007 and RW-DDH-008

*Both drill holes were inclined vertically; the salar strata are believed to be flat lying resulting in reported intervals approximating true thickness.

Table 2: Collar and maximum depth information for RW-DDH-007 and RW-DDH-008

Observations regarding RW-DDH-007

RW-DDH-007 is an in-fill hole in the south-central portion of the basin. From near surface to 66 m depth, sandy units were crossed with gravel and clay beds. Sulphate minerals appear in the sedimentary sequence below 66 m, with particularly high concentration between 90 and 116 m depths. Fine-to-medium sandy units extended from 116 to 191 m, with layers of clay, sulphates and fine gravels observed infrequently. Basement clasts were also observed sporadically at some levels. From 191 to 215 m depth, a unit of coarse-to-medium sands was intersected. Ignimbrites with little fracturing were intersected between 215 and 285 m depths. From 285 m to the bottom of the hole, what are interpreted as basement units with varying degrees of alteration and silicification were intersected. The hole was terminated at 347 m depth in argillic-altered granite.

Observations regarding RW-DDH-008

RW-DDH-008 extends drilling to the northwest and infills an undrilled area between holes RW-DDH-005 and 006. Gravels and sands were drilled in the top 26 m of this hole, underlain by 6 m of weakly-cemented volcanic tuff. Sandy units resumed at 32 m, initially with a large amount of organic material, and with sulphates beginning at 37 m depth. A silt layer with clay was crossed between 40 and 62 m. Fine sands with coarse gravel layers were intersected between 62 and 83 m, extending to 86 m with poorly consolidated sands. There follow 5 m of sands in a clay matrix, and from 91 to 122 m, coarse-to-medium sands containing basement clasts. From 122 to 182 m, another coarse-to-medium sandy unit was crossed exhibiting ignimbrite clasts and very infrequent clay layers. The hole crossed ignimbrite with little fracturing between 182 and 277 m depth. The underlying transition showed 1.5 m of breccia with angular basement clasts, followed by quartzite basement. The uppermost 30 m of basement displays fractures filled with pyrite, hematite and chlorite. The drill was stopped at 323 m in quartzite basement with little fracturing.

All core samples recovered by drilling were retained for geologic logging. An extensive selection of samples has been sent for brine recovery testing at an independent laboratory. This analysis remains pending.

Analyses and QA/QC

Samples of brine were submitted for analysis to Alex Stewart International Argentina S.A. (“Alex Stewart”), the local subsidiary of Alex Stewart International, an ISO 9001:2008 certified laboratory, with ISO 17025:2005 certification for the analysis of lithium, potassium and other elements. Alex Stewart employed Inductively Coupled Plasma Optical Emission Spectrometry ("ICP-OES") as the analytical technique for the primary constituents of interest, including boron, calcium, potassium, lithium, and magnesium. Measurements in the field included pH, electrical conductivity, temperature and density. The quality of sample analytical results was controlled and assessed with a protocol of blank, duplicate and reference standard samples included within the sample sequence. For the holes RW-DDH-007 and 008 reported herein, the blank (2) and duplicate (2) samples reported within the acceptable range. A single low-grade and either a medium-grade or high-grade reference standard sample was included within the submitted samples for each hole. The low-grade reference standard analyses were above 3 standard deviations (SD) with between 2.0 and 8.6 relative percent difference (RPD) from the best value; the medium grade reference standard inserted into the hole RW-DDH-007 sample sequence was within 2 SD below the best value with 0.75 RPD; the high-grade reference standard inserted into the hole RW-DDH-008 sample sequence returned less than 3 SD below the best value with a 2.46 RPD.

Qualified Person

David Terry, Ph.D., P.Geo. is the Company’s Qualified Person as defined in National Instrument 43-101. Dr. Terry is responsible for oversight of the Company’s early-stage exploration at the Rincon West property. The disclosure in this news release has been reviewed and approved by Dr. Terry.

About Argentina Lithium

Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina and advancing them toward production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina and has assembled a first-rate team of experts to acquire and advance the best lithium properties in the “Lithium Triangle”. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

ON BEHALF OF THE BOARD

“Nikolaos Cacos”
_______________________________
Nikolaos Cacos, President, CEO and Director

For further information, please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@argentinalithium.com

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This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company’s plans for its mineral properties; the Company’s business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations.  Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.