Pursuit Minerals (ASX:PUR) has announced an agreement to acquire 100% of the issued capital in Trilogy Minerals, which holds the rights to acquire over 9,233ha of tenements in Argentina.

Pursuit Minerals says Trilogy has five option interests to secure various tenements that are prospective for lithium, near Salta at the Rio Grande Sur Project.

The salt lake hosts an inferred resource of 2.1M tonnes LCE at an average grade of 370mg/Li to a depth of 100m reported as part of an existing Canadian National Instrument report.

Pursuit Minerals will undertake a capital raising of $2M, and Trilogy will settle on a $8M fundraising to fund the exercise of options over the Trilogy Project and provide working capital.