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Ultra Lithium Inc. (TSXV:ULT) – Notable News

February 10, 2022

Ultra Lithium Inc. (TSXV:ULT, Not Rated, David A. Talbot) formerly known as Ultra Resources, has signed an exclusive strategic cooperation agreement with Zangge Mining Co. Ltd. for exploration and development of its 100%-owned, Laguna Verde lithium brine project in Argentina. Zangge Mining Co., Ltd. is a lithium and potassium producer listed on the Shenzhen Stock Exchange with a market cap of ~US$8B. The two companies will work to reach a definitive agreement for the development of Laguna Verde but for now Zangge is expected to be responsible for the extraction technology, feasibility study and capital expenditures required for lithium carbonate production from the project. A three-hole exploratory drilling program is currently underway at Laguna Verde to test the depth of the Laguna Verde basin (read more) and is scheduled for completion in Q2/22. Two holes are planned to test the basin to the depths of up to 200m, while the third hole is planned to be up to 400m deep and is expected to help define the subsurface stratigraphy and provide material for in-situ density and permeability tests. The drill program would be followed by pump tests, brine sampling, and downhole geophysical surveys. The company has also hinted towards a resource estimate and technical report, depending upon the success of the program. We highlight that Laguna Verde is a relatively new discovery in the Lithium Triangle, which hosts about half of the world’s lithium reserves and view this agreement positively as we believe that by bringing in a strategic partner that is already a lithium producer, Ultra is shortening its development timeline for the Laguna Verde project. Development work at Laguna Verde is probably still in the preliminary testing phase, but we believe this arrangement might also be in the early stages of a strategy that sees Ultra Lithium either toll mill its brine through a Zangge plant, or perhaps outright sell brine to that company. Either route might help Ultra get to cash flow earlier than anticipated. Read more

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