Strengthen the distribution of upstream lithium resources! Zangge Mining plans to subscribe for Ultra shares to focus on the Exploration of LagunaVerde Salt Lake Lithium Project in Argentina

SMM February 15: on the evening of February 14, Zangge Mining announced that the company intends to subscribe for 23 million additional shares of Ultra through the company or designated entities, with a total subscription price of C $4.14 million, and hold 19.47% of Ultra shares after the additional offering. Zangge Mining has an indirect stake in Ultra and its LagunaVerde Salt Lake Lithium Project in Argentina.

According to public data, Ultra is an exploration and development company specializing in the exploration and development of lithium, gold and copper resources, with lithium brine deposits in Argentina and hard rock spodumene-type lithium deposits in Lake Georgia and Lake Fogan in northern Ontario, Canada.

Among them, Ultra LagunaVerde Salt Lake Lithium Project in Argentina is located in the core area of Argentina Lithium Triangle, covering an area of 75.69 square kilometers. The results of two rounds of surface sampling show that the grade of lithium ion is as high as 1270ppm. Drilling is currently under way and exploration is expected to be completed in the second quarter of this year.

It has two ore lithium projects in Ontario, Canada, the GeorgiaLake ore lithium project, the former includes 16 prospecting licenses with a total mining area of 24.16 square kilometers, and the latter includes a prospecting license of 2.56 square kilometers.

The announcement shows that the additional funds will be used for the exploration of the LagunaVerde Salt Lake Lithium Project in Argentina, with a view to completing the exploration work as soon as possible. Zangge Mining has the most advanced salt lake lithium extraction process with industrial production capacity in the world, and plans to use its advanced technology to develop the LagunaVerde salt lake lithium project.

It is worth mentioning that since 2022, more than 9 enterprises have competed to distribute upstream lithium ore resources. SMM had previously been in the "2022 Lithium Mine" battle when it was hot! These nine enterprises are described in detail in the article "seize the first opportunity [pay attention] at the beginning of the year, but now the Tibetan mining industry is obviously unable to resist and begin to further distribute the upstream lithium ore resources." Prior to this, Zangge Mining also revealed that in order to obtain the paper mining license of Mamicuo Salt Lake as soon as possible, the company has organized a special team to actively organize and complete the preparation of the relevant report and promote the review and confirmation of the relevant report.

Relying on Chaerhan Salt Lake and using the old halogen discharged from the salt field stall in the process of drying carnallite as raw materials, the Tibetan Mining Industry now has a production capacity of 10,000 tons of battery-grade lithium carbonate. After a series of research and development and experiments, Zangge Mining has built a new lithium extraction production line by 2000t/an extraction, which correspondingly achieves the purpose of shortening the recovery cycle and saving production cost.