- Ultra Lithium (ULT) is continuing to make progress on the company’s drill program at its Laguna Verde Brine Lithium Project in Argentina
- The Vancouver-based exploration company has now drilled to a depth of 210 metres at the project
- The current drill hole will eventually be widened to 12 inches for well development, brine sampling and pumping test work
- The aquifer remains open at depth
- Ultra Lithium is up 4.55 percent, trading at $0.23 at 1:05 pm ET
Ultra Lithium (ULT) continues to make progress on the company’s drill program at its Laguna Verde Brine Lithium Project in Argentina.
The Vancouver-based exploration company has now drilled to a depth of 210 metres at the project.
The 100-percent-owned lithium project is located in Argentina’s Catamarca Province.
The current drill hole will eventually be widened to 12 inches for well development, brine sampling and pumping test work to check brine aquifer potential for future development.
A geophysical study of the well indicated the presence of a continuous brine aquifer.
The aquifer remains open at depth.
The temperature of the well shows an increase with depth that would not only correspond to the increase due to the geothermal gradient but also hydrothermal activity towards the bottom of the well.
“The results of geophysical survey on the first drill hole showed all strong positive parameters of the Laguna Verde brine lithium project. The survey identified a single brine aquifer with multiple zones of varying porosities and permeabilities indicating potential for producing high volume of brine fluids from this well. We are getting ready for collecting clean brine samples through installation of pipes, cleaning up the hole and carrying out pumping tests as soon as possible. The company expects the similar high-grade surface lithium results at depth. As the first drill hole aquifer is still open at the drilled depth of 205 m, the company is planning to drill the next drill holes down to 400 m or deeper. The Company has become confident that the Laguna Verde Salar will be one of the major brand-new discoveries of lithium bearing brine resources in the part of world known Lithium Triangle,” said CEO Weiguo Lang.
Ultra Lithium Inc. is an exploration and development company focused on the acquisition and development of lithium, gold, and copper assets.
Ultra Lithium is up 4.55 percent, trading at $0.23 at 1:05 pm ET.