Vanguard Mining, a Canadian mineral exploration company, has fully regained ownership of the Pocitos 1 Lithium Salar Project in Argentina after terminating its agreement with American Salars Lithium.
The decision to end the agreement was due to American Salars’ failure to meet local government payment obligations and other commitments, allowing Vanguard to retain the 800ha lithium brine site in Salta Province.
The original agreement, announced in June 2024, involved the sale of Vanguard’s entire interest in Pocitos 1 to American Salars. At that time, American Salars highlighted the project’s inferred lithium carbonate equivalent mineral resource, recognising its potential within Salta’s productive lithium district.
However, breaches concerning legal and financial responsibilities prompted Vanguard to terminate the arrangement “for cause,” thus securing its complete stake.
Pocitos 1 is located in the Puna region of northwestern Argentina, known for its substantial lithium resources. It is situated approximately 10km from the town of Pocitos and benefits from road access throughout the year.
Exploration investments at Pocitos 1 have exceeded $2.5m, including surface sampling, geophysical studies, and well drilling. These activities are said to have demonstrated encouraging brine flow results and suggest further resource expansion potential.
Vanguard said that its focus remains on advancing its core uranium and gold asset portfolio across the Americas while maintaining selective exposure to lithium through projects like Pocitos 1.
The company’s exploration strategy aims to support global energy security by engaging in commodities vital for the energy transition and ensuring disciplined investment in high-return projects.
Vanguard president and CEO David Greenway said: “By regaining full control of Pocitos 1, we have not only protected shareholder interests but also preserved exposure to a lithium project with recognised potential in one of Argentina’s most active brine districts.
“This outcome reinforces Vanguard’s disciplined approach to portfolio management and ensures that value generated from Pocitos 1 remains with our stakeholders.
“Looking forward, our strategy remains focused on advancing our core uranium and gold assets, including the Yuty Prometeo Uranium Project in southeastern Paraguay and the Brussels Creek Gold Project in British Columbia, while maintaining selective exposure to lithium as part of a balanced approach to the commodities driving the global energy transition.”
Vanguard had recently completed the acquisition of the Yuty Prometeo Project, which includes four concessions within the Paraná Basin, a region recognised for its uranium deposits. The area is adjacent to Uranium Energy Corp.’s Yuty Deposit, which contains a significant indicated resource of U₃O₈.
