LEXG - today's NR looks like BS.
When LEXG acquired the Argentina property, they were very proud of the fact there was an NI 43-101 report on the property. LEXG never gives specific details of the property and how they acquired it, but it is quite obvious is is the former "Salta Province Lithium Project" which was owned by Electric Metals, another public company traded on the TSX Venture. I have reviewed that report, and it doesn't exactly say what LEXG wants people to believe it does. There is also zero discussion of possible copper resources.
My favorite part of the report is the independent sampling by the geologist which is unable to replicate the assay results taken by the property owner. They results are actually far below theirs. From the report:
"The sampling to date has consisted of surface waters and well waters which are at the top of the water column. However, brines may stratify based upon density. And indeed, results from well-pumping tests completed adjacent to the Lluillaillaco Salar in Salta Province by Salta Agua Ltd. (2008) demonstrate that samples taken from the top of the water column may not be representative of denser brines that exist further down in the water column. During these pump tests, three brine samples taken from the well had lithium contents of 103 mg/I, 107 mg/I, and 108 mg/I. A verification sample taken from this well at the top of the water column by the author in October 2009 contained only 8 mg/I lithium. Tools for sampling other parts of the water column were simply not available during the site visit. Similarly, it has been demonstrated that lithium is not uniformly distributed throughout a given salar. This probably reflects differing source areas for the lithium-enriched brines.
Despite the preceding facts related to the pump-test sampling, water samples taken from surface waters on the Arizaro cateos (Vega Oeste) thus far by SWC personnel have been found to contain up to 19 mg/I lithium. A verification sample of surface water taken by the author at Vega Oeste contained 17 mg/I lithium. Similarly, surface water samples taken by SWC personnel near the Rio Grande cateo contained up to 32 mg/I lithium. A sample from a nearby water well that lies outside the cateo boundary, taken by SWC personnel at an unknown depth in the water column, is reported to contain 206 mg/I lithium. A verification sample taken at the top of the water column at a depth of 23 meters from the same water well by the author outside the Rio Grande cateo, approximately 600 meters to the east of the cateo boundary, contained 2 mg/liter lithium.[/ This water well was sampled because it was the nearest sub-surface access to a water sample close to the Rio Grande cateo.
There is a big difference between the 206 mg lithium claimed by the property owner and the 2 mg sampled by the independent geologist.
Electric hasn't stated they dropped the property, but I think they probably have. They stopped mentioning it in their news releases some time back, and since acquiring the property, they spent a whopping $17,400 on exploring it. The management of Electric Metals is much more experienced (and substantially more successful) in the resource business than LEXG's people, so I think it is a good bet that the property is not particularly interesting or worthwhile.
