Summit Nanotech and Llamara Group SpA Sign Joint Venture Agreement for Chilean Lithium Project
July 02 2024 - 6:00AM
Summit Nanotech Corporation (“
Summit”), a provider
of sustainable direct lithium extraction (DLE) technology, has
executed a Joint Venture (“
JV”) agreement with
Chilean mining entity Llamara Group SpA
(“
Llamara”) to develop lithium resources at the
Llamara Basin. A prime location for resource development, the
Llamara Basin is a pinnacle opportunity for unlocking eco-friendly
lithium production in the Lithium Triangle.
The Llamara Basin Project, owned by Llamara
Group SpA, covers approximately 51,300 hectares, of which 4,000
hectares are part of the current JV between Llamara Group SpA and
Summit Nanotech. The JV zone of interest may increase by an
additional 6,000 hectares with the delivery of positive results
from committed activities.
The Llamara Basin is located between the regions
of Antofagasta and Tarapacá in the westernmost part of the South
American lithium triangle. It provides many advantages for lithium
extraction, situated only 850 meters above sea level and 45 km from
the coast, the area is reported to have the highest solar radiation
on the planet, perfect for solar powered operations. The Llamara
Basin Project is easily accessible by roads with nearby utilities
to facilitate speed in development of reliable operations.
This project is situated inside the borders of
one of the largest lithium deposits in the world. Transient
Electromagnetic (“TEM”) geophysical surveys
already carried out by Llamara at the site have identified
anomalies consistent with an extensive polymetallic evaporite
sequence, which can be traced to the surface. This sequence
contains significant lithium values in clays. These results make
this one of the most attractive lithium brine projects in the
world.
“I’ve had my eye on this particular salar for a
long time,” said Amanda Hall, CEO of Summit Nanotech. “The
execution of our JV is perfectly timed as firm policies from the
Chilean government about the lithium strategy have recently been
announced. Now, we can advance our development plan with confidence
and certainty. Working diligently with the experienced and
reputable Llamara Group team, we will produce a high-quality
lithium product, while being grounded in a shared vision of
sustainability.”
The Llamara Group SpA has been developing its
Llamara Polymetallic project since 2021, located to the SSW of the
Llamara Basin Project, where it has reported 2.5 Mt LCE, which
brings new alliances and investment opportunities in one of the
largest lithium districts in the world.
Carlos Araya, CEO of Grupo Llamara SpA, added:
“Today the Chilean government is giving very good signals in
relation to the lithium industry. In addition to accelerating the
development of lithium in Chile, we are incorporating innovation,
new technologies, local talent and an uncompromising respect for
the ecosystem and the local community of Quillagua. This JV union
will allow us to quickly reduce the technical and environmental
risk of the Llamara Basin Project.”
Llamara and Summit will immediately launch into
the drilling of two exploratory wells as required in the First
Option with the aim to demonstrate the compatibility of
denaLi™ DLE with the prospective brine zone. This is Summit’s
third JV in Chile, a country that has the greatest potential to be
the world leader in sustainable, cost-effective production of this
critical metal.
About Summit Nanotech
Summit Nanotech Corporation is a cleantech
company transforming how the world accesses lithium for EV
batteries and the global energy transition. Their patented and
sustainable direct lithium extraction (DLE) technology,
denaLi™, extracts lithium from brine using a sorbent and water
recovery solution, making way for a sustainable alternative to the
traditional extraction process. denaLi™ will preserve
ecosystems and optimize operations for lithium producers globally.
Established in 2018 and headquartered in Calgary, Alberta, Summit
Nanotech has been awarded the 2022 Future 50 for fastest growing
sustainability companies in Canada, the Foresight 50 for most
investable cleantech venture, the Solar Impulse Foundation's
Efficient Solutions Label, and the 2024 Global Cleantech 100 list.
Learn more at summitnanotech.com.
About Llamara Group SpA
Llamara Group SpA, situated in Chile, was
created in May 2021 by a group of local mining companies and
professionals with a common desire to develop the first green
mining-chemical-technological-energy project on the planet. The
Llamara Basin Project is the first Chilean multi-element deposit
composed of magnesium and lithium clays, potassium salts,
strontium, and other minerals intended mainly for the
electromobility market and the production of Photocatalytic green
hydrogen. Learn more at llamaragroup.com.
Media Contacts:
Summit Nanotech media@summitnanotech.ca
Llamara Group SpA
carlos.araya@llamaragroup.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8bd1f56a-bf5c-4d0b-85a6-c4a7175195fe