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With Argentina offering the most favourable mining investment opportunities among the three countries in the lithium triangle, Ultra Lithium signed a binding Cooperation Agreement to acquire 80% interest in a lithium Salar property located in Salta Province, Argentina from Jinshan Minera Argentina S.A. (“JMA”)
Salar de Arizaro covering an area of 1600 square kilometres is the sixth largest salt flat in the world and the second largest Salar in Argentina after Salina Grandes;
Good infrastructures with road and rail access, and port in Antofagasta.
Six lithium exploration licenses covering over 15,000 hectare of land
During the period from 2011-13, JMA carried out exploration work on the property which included drilling 20 shallow wells and collected brine samples on the property and the surrounding area. The results indicated anomalous values of lithium in brines.
Under the terms of Cooperation Agreement, Ultra Lithium will have 80% interest in the project during the exploration stage and increase to 90% during the development stage.
Ultra Lithium will fund the exploration and development expenditures on the property.
The Company is currently in the process of completing legal and technical due diligence on the project.