CALGARY, Alberta, July 02, 2024 (GLOBE NEWSWIRE) -- 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
