Argosy Minerals Limited announced production well rotary drilling and resource expansion exploration diamond drilling works progress at the Rincon Lithium Project, located in Salta Province, Argentina. The current production well rotary drilling program is progressing better than scheduled, with production well PRP-03 completed and drilled to a depth of 350m. Production well PRP-04 is in progress at a current depth of 253m.

The company's production well drilling program was designed to complete two production wells with target depth of 300m and conduct pump testing and associated works to facilitate the preparation of a brine Ore Reserve estimate and subsequent completion of an upgraded feasibility study. The company is encouraged with the extended depths of the production well drilling and lithium brine pumping test works conducted to date, which may enhance the outcomes and provide scope for improved results for the next stage estimation and feasibility works. The resource expansion exploration diamond drilling program's key aim is to increase the current JORC Indicated Mineral Resource estimate at the project.

The drill program design comprised up to six exploration diamond drill-holes, targeting depths to 300m and deeper. The current exploration diamond drilling program is progressing well, with borehole PR0B-2 in progress and at a current depth of 270m. Borehole PR0B was terminated at 151m depth due to drill rig issues.

The exploration diamond drilling program was designed to realise and potentially expand the current defined Exploration Target, estimated as 262,000t to 479,000t of lithium carbonate, between the depth interval of 102.5m to 300m below ground level, underlying the existing Indicated Mineral Resource estimate completed in 2018. The combined JORC Indicated Mineral Resource and Exploration Target estimates outline the potential for a range of up to 507,000 tonnes to 724,000 tonnes of contained lithium carbonate to a depth of 300m. The planned resource expansion works proving (and/or increasing) the Exploration Target estimate may materially increase the current resource estimate, project mine-life and/or provide scope to considerably increase the annual production capacity currently defined at the Project - based on the current Preliminary Economic Assessment confirming the Project's life-of-mine estimate of 16.5 years at a 10,000tpa Li2CO3 production rate, or an 11 year life-of- mine at a 15,000tpa Li2CO3 production rate.