- Ultra Lithium (ULT) has signed an agreement with Zangge Mining
- The agreement is for the investment for exploration and development of its 100 per-cent-owned Laguna Verde Brine Lithium Project in Catamarca Province, Argentina
- Zangge will make payments of US$10 million in instalments to Ultra Lithium and invest US$40 million in the Laguna Verde Project as work expenditures
- That will give it 65 per cent stake in Ultra Argentina S.R.L., which is a subsidiary of Ultra Lithium and holds the Laguna Verde Property
- Ultra Lithium Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets
- Ultra Lithium Inc. opened trading at C$0.20
Ultra Lithium (ULT) has signed an agreement with Zangge Mining Investment.
The agreement is for exploration and development of its 100 per-cent-owned Laguna Verde Brine Lithium Project in Catamarca Province, Argentina.
The agreement stipulates that Zangge will make payments of US$10 million to Ultra Lithium and invest US$40 million in the Laguna Verde Project as work expenditures.
This will give Zangge a 65 per cent stake in Ultra Argentina S.R.L., a subsidiary of Ultra Lithium and holds the Laguna Verde Property.
Zangge Mining Investment (Chengdu) Co., Ltd. is a wholly owned subsidiary of Zangge Mining Co., Ltd., a lithium and potassium producer listed on the Shenzhen Stock Exchange in China.
Laguna Verde is a new brine lithium discovery where exploratory sampling conducted by Ultra Lithium has shown lithium values in the range of 34.2 to 1,270 milligrams per litre (mg/L) or parts per million (ppm), magnesium values less than 1 to 7,920 ppm, potassium 804 to 15,800 ppm, and boron 65 to 2,190 ppm.
Ultra Lithium is currently carrying out exploratory drilling on the property where the first drill hole indicates the presence of a continuous brine aquifer comprising of mainly clastic sediments from 13.9 metres to 205 m drilled depth with a significant hydrothermal presence towards the deeper section.
Ultra Lithium Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets.
Ultra Lithium Inc. opened trading at C$0.20.
