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Ultra Lithium to acquire La Borita property

Ultra Lithium Inc. said June 27 that it signed an agreement to acquire the La Borita brine lithium property in Argentina from Luis Manuel Alvarez.

To acquire the property, Ultra Lithium is required to pay 408,320 Argentinian pesos to the Mining Secretariat of Catamarca upon signing of the agreement for outstanding canon fees, US$30,000 after completing verification sampling and due diligence, and US$1 million in four equal quarterly payments starting one year from signing.

The vendor will also retain a 2.5% royalty over the property.

La Borita comprises four mining claims spanning about 3,000 hectares in Argentina's "Lithium Triangle," and according to Ultra Lithium, 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, with samples collected between 2010 and 2013 indicating values of copper from 0.38% to 3.41% and anomalous values of lead, zinc and silver.

Ultra Lithium CEO Weiguo Lang said the deal will position the company for more acquisitions in the area and work programs will start as soon as historical data interpretation is completed.