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).