Power Minerals Limited (ASX: PNN) has signed a binding term sheet to purchase 100% of the Argentinian lithium subsidiaries of TSX Venture Exchange-listed Ultra Lithium Inc. (TSXV: ULT).
“This acquisition allows Power to extensively expand our footprint in Argentina with an advanced lithium brine project in the world’s best lithium address. This strategic acquisition comes at an opportune time as interest and demand in Argentinian lithium brine continues to increase. We aim to take advantage of this opportunity, in parallel with our core focus on the development of our Salta Lithium project, with the delineation of a JORC mineral resource estimate for the Laguna Verde project in the second half of 2023, using results from recently completed drilling by Ultra Lithium at the project. This will complement the ongoing Resource expansion program at Salta.” Said managing director, Mena Habib.
Ultra Lithium holds 100% of the extensive +250,000ha Laguna Verde lithium-brine projects in the Catamarca Province, within the world-renowned lithium triangle in north-west Argentina. Power has stated that the acquisition of the Laguna Verde projects aligns with its strategy of becoming a leading lithium brine developer in Argentina and complements the company’s core focus of developing its Salta Lithium project with its direct lithium extraction partners.
The acquisition will expand Power’s portfolio of lithium development assets in Argentina’s lithium triangle to 2,837.70km2, making it one of the largest lithium landholders in the region and providing it with a significant pipeline of development projects.
To find out more, please visit www.powerminerals.com.au
