One of the biggest movers on the market on Friday was the Argosy Minerals Limited (ASX: AGY) share price.
The mineral exploration company's shares finished the day over 9% higher at 23.5 cents.
What happened?
This morning the company announced that it has completed satisfactory due diligence on the Mina Tincal Mining Title, granting it the exclusive right to purchase this strategic tenement up until 15 May 2018.
Mina Tincal comprises 196 hectares within the Salar del Rincon and an additional 31 hectare mining easement right at the nearby industrial site of Olacapato.
At this site the company has the option to locate, construct, and operate the Stage 2 pilot plant for the Rincon Lithium Project located in the Lithium Triangle in Salta Province, Argentina. Importantly, the company also has permits and water access rights in place.
Ultimately, this title would mean Argosy's Rincon Lithium JV Project land area would increase to a total of up to 2,572.9 hectares of significant lithium and associated infrastructure services.
Considering the potential of this area, the size of it, and the insatiable demand for lithium globally, it isn't hard to see why investors are pleased with this news.
While this could put the company up there with the likes of Galaxy Resources Limited (ASX: GXY) and Pilbara Minerals Ltd (ASX: PLS) in the future, it is still early days and a touch soon for an investment in my opinion.
I would suggest that any investors wanting to gain exposure to the lithium boom consider Mineral Resources Limited (ASX: MIN). Its shares may have been on a tear this week but I believe there is still a lot more left in the tank for them.
