Ultra Lithium Inc. entered into an agreement to acquire 100% interest in the La Borita Brine Lithium property, located in the Antofagasta region, Province of Catamarca. The Property is comprised of four mining claims (“minas”) named: 17 de Junio, Fenix, Betito, and Guayracocha covering approximately 3,000 hectares. It is situated 15 kilometers to the east of the Salar de Antofalla, a lithium, potassium deposit historically explored by Rio Tinto and currently owned by Albemarle Corporation, a leading lithium producer in the world.
Historical exploration data indicates the potential of the area to host a lithium exploration target with a favorable chemical profile especially a low magnesium to lithium ratio.
The Property has been explored for base metals since the 1970s. Recent exploration work was carried out during 2010-2013 by Minera Mariana Argentina S.A., a subsidiary of Mariana Resources Ltd., a Canadian mining company. A total of five holes were completed on the Property with cumulative drilling of 1785 meters during this period. Ultra Lithium has acquired historical brine samples assay results for the five holes. Chemical analysis on samples was performed by Alex Stewart Laboratory in Mendoza, using industry standard trace inductively-coupled plasma (ICP) methods. The historical values are:
- Hole LB001 was 228 milligrams per liter (mg/L) lithium, 844 mg/L magnesium, and 2222 mg/L potassium.
- Hole LB002 returned 226 mg/L lithium, 856 mg/L magnesium and 2248 mg/L potassium.
- Hole LBDDH005, a 650-meter-deep well, was sampled twice from November 2011, and then December 2012. Lithium values were 228 mg/L in 2011 and 242 mg/L in 2012. Magnesium was 844 mg/L for 2011 and 854 mg/L for 2012, and potassium was 2222 mg/L in 2011 and 2215 mg/L in 2012.
- Holes LB003 and LB004 returned no anomalous lithium values.
Dr. Weiguo Lang, CEO of Ultra Lithium, stated that, “We are very pleased with our efforts to complete this acquisition. This transaction will not only provide the Company with an opportunity to explore for lithium and other metals from the same property but also allow us to well position ourselves in the world’s best known Lithium Triangle for more acquisition opportunities in the area. The historical data received so far is very encouraging and helpful for future work plans. We will commence our work programs on the Property as soon as historical data interpretation is completed.”