The Chilean mining company Llamara Group SpA (“Llamara”) and Summit Nanotech Corporation (“Summit”), a supplier of sustainable direct lithium extraction (DLE) technology, have signed a Joint Venture (“JV”) agreement to develop lithium resources at the Llamara Basin. This basin is a prime site for resource development and the key to enabling environmentally sustainable lithium production in the Lithium Triangle.
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The Llamara Basin Project, which is controlled by Llamara Group SpA, covers about 51,300 hectares. Of those, 4,000 hectares are included in the current joint venture between Llamara Group SpA and Summit Nanotech. When committed efforts yield positive results, the JV zone of interest can increase by 6,000 hectares.
The westernmost point of the South American lithium triangle is home to the Llamara Basin, which is situated between the Tarapacá and Antofagasta regions. Situated just 45 km from the coast and 850 m above sea level, the area is said to have the maximum solar radiation in the world, making it ideal for solar-powered activities.
These factors make it an excellent location for lithium mining. The Llamara Basin Project is conveniently located near utilities and has easy access to roadways, which will speed up the establishment of dependable operations.
One of the world's biggest lithium resources is located within this project's boundaries. A vast polymetallic evaporite succession that may be tracked to the surface has been detected by anomalies compatible with transient electromagnetic (“TEM”) geophysical studies already conducted by Llamara at the location.
According to the results, this sequence has notable lithium levels in clays, making it one of the most alluring lithium brine projects in the world.
I have had my eye on this particular salar for a long time, 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.
Amanda Hall, Chief Executive Officer, Summit Nanotech
Since 2021, the Llamara Group SpA has been working on the Llamara Polymetallic project, situated in the SSW of the Llamara Basin Project and reporting 2.5 Mt LCE. This project offers new investment options and alliances in one of the world's greatest lithium areas.
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.
Carlos Araya, Chief Executive Officer, Grupo Llamara SpA
As stipulated in the First Option, Llamara and Summit will begin drilling two exploratory wells immediately to show that denaLiTM DLE is compatible with the potential brine zone.
This is Summit’s third JV in Chile, a country with the greatest potential to be the world leader in sustainable, cost-effective production of this critical metal.