Ultra Resources Inc (TSX-V:ULT) is poised to start drilling at its Laguna Verde lithium brine project in Argentina after signing a contract with drilling company Los Arcangeles SA.
The Vancouver-based exploration company is planning to sink three drill holes between 200 and 400 meters, and an additional diamond drill hole that will reach a depth of 400 meters, according to a statement.
Los Arcangeles SA is expected to start mobilizing its drill rigs in the second week of January.
Laguna Verde is a new brine lithium discovery in Catamarca province where exploratory sampling conducted by Ultra Resources has shown lithium values in the range of 34.2 to 1,270 milligrams per liter (mg/L). The mineralized brines are characterized by low magnesium to lithium ratios, in the range of zero to 10.2, which Ultra said can result lower production costs.
Since 2017, Ultra has conducted surface brine sampling, ground geophysical surveys and bench scale evaporation testwork on the project.
As for its upcoming drill program, Ultra is aiming to identify the depth of the Laguna Verde basin, and confirm the potential of the aquifer. The company will also try to determine the quality of the brine and the property’s potential to host economically viable lithium brine mineralization, Ultra said in a statement.
In addition to Laguna Verde, Ultra Resources owns hard rock spodumene type lithium properties at the Georgia Lake/Forgan Lake area in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada. The company also holds other gold and base metals properties in Argentina.
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