One more M&A news in Argentina, just after the Chinese New Year.

A few interesting points:

• The project is in Catamarca province, where LKE's hard rock project is situated as well.
• Zangge entered the lithium industry in 2017 and is one of only three companies in the world with industrialized adsorption lithium extraction technology.

Ultra Lithium inks tie-up with Chinese giant Zangge to advance Laguna Verde brine asset in Argentina

The company and the Chinese group, which has a market cap of around US$8 billion, will work together to reach a definitive deal and Zangge will be responsible for extraction technology, a feasibility study and capita

Ultra Lithium Inc. (TSX-V:ULI, OTCQB:ULTXF)has announced an exclusive tie-up with Zangge Mining, the biggest private potash producer in China, on advancing the former's Laguna Verde brine lithium asset in Argentina.

The company and the Chinese group, which has a market cap of around US$8 billion, will work together to reach a definitive deal and Zangge will be responsible for extraction technology, a feasibility study and capital expenditures required to produce lithium carbonate, said Ultra.

The companies will then prepare a comprehensive development plan in a bid to get the project into production as soon as possible.

Laguna Verde is a new brine discovery in Catamarca province where exploratory sampling has shown lithium values in the range of between 34.2 and 1,270 milligrams per liter (mg/L).

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Currently, Ultra's drill contractor is mobilizing the camp, equipment, field crew, and drill rigs to the property for exploration, which is scheduled to be completed in the second quarter this year.

Based upon the results, an NI 43-101 technical report will be completed, said Ultra.

Zangge entered the lithium industry in 2017 and is one of only three companies in the world with industrialized adsorption lithium extraction technology.

It has the mining rights of 724 square kilometre (sq km) in Qarhan Brine Lake, which it has been using and developing for 20 years.

In 2020, Zangge finished building its lithium processing facility in Golmud, Qinghai, China and is producing 10,000 tons of lithium carbonate a year.

The current Zangge’s production line has been continuously operating for three years without the need to change and/or add reagents at all and with almost zero pollutants leakage to the atmosphere and ground.

Ultra Lithium holds the Laguna Verde property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake/Forgan Lake area in northwestern Ontario, in Canada.

It also has a brine lithium property in the Big Smoky Valley, in the US state of Nevada. The company also holds other gold and base metals properties in Argentina.

https://www. pro active investors.com/companies/news/973628/ultra-lithium-inks-tie-up-with-chinese-giant-zangge-to-advance-laguna-verde-brine-asset-in-argentina-973628.html