Summit Nanotech and Cobax Mining Sign Definitive Agreement for Joint Development in the Salar de La Isla

The project leverages Summit Nanotech's direct lithium extraction technology to support economic and sustainable lithium production in Chile's Atacama Region

CALGARY, AB, Feb. 5, 2024 /CNW/ - Summit Nanotech ("Summit"), a Canadian-based sustainable lithium extraction technology company, and Cobax Mining, a Chilean-based exploration company, signed an agreement to develop an exploration and development program at the Salar de La Isla that prioritizes community, environment, and effective project economics. 

The geologic focus of the exploration and development program will be the alluvial fan of the salt flat. Summit Nanotech's patented denaLi™ direct lithium extraction (DLE) technology extracts lithium chloride from brine, converting it to high quality lithium carbonate. With a hollistic approach to water recovery and reinjection, Summit Nanotech is paving the way to a commercially viable, sustainable alternative to the traditional extraction process.

"The Salar de La Isla has exceptional potential with tests showing more than 1,000 ppm of lithium in the salar brines. It is a great honour and responsibility to have the opportunity to partner with Cobax to develop a naissant Chilean asset using our DLE technology," said Amanda Hall, Chief Executive Officer of Summit Nanotech.

"Work at La Isla is underway and represents the foundation to becoming a sustainable producer of lithium as soon as possible. Working with Summit allows us to obtain trustworthy data that powers a partnership focused on developing a safe and economic drilling program as the first steps towards a commercial endeavor," shared Ignacio Blavi A., Chief Executive Officer of Cobax Mining. "We recognize that we must align with policymakers in Chile to generate the right environment for the lithium industry to flourish and create a sustaining benefit for the country."

This milestone strengthens Summit's portfolio of shared development assets with diverse stakeholders in Argentina and Chile and allows Summit to validate the performance of its scaled technology for rapid future deployment in other lithium salars in South America.

About Summit Nanotech
Summit Nanotech Corporation is a cleantech organization 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 high-purity lithium from brine using proprietary lithium selective sorbent and a low energy water recovery solution, making way for a sustainable alternative to the traditional extraction process. denaLi™ DLE will preserve ecosystems and optimize operations for lithium producers in Chile and Argentina. Established in 2018 and headquartered in Calgary, Alberta, Summit Nanotech has been awarded as a 2024 Global Cleantech 100 winner, Foresight 50 for most investable cleantech venture, and has been awarded the Solar Impulse Foundation's Efficient Solutions Label. Learn more at summitnanotech.com. 

About Cobax Mining
Cobax Mining SpA is a leading venture dedicated to advancing lithium projects in the heart of Chile, under the management of Lithium Sciences, a Lithium exploration and industry development company, with the aim of achieving a more sustainable industry. As a pivotal resource in the worldwide surge toward electric mobility, Cobax Mining focuses on developing sustainable lithium sources, crucial for eco-friendly technology growth. By fostering strategic alliances with governmental bodies and lithium technology providers, Cobax ensures a trajectory of robust innovation and environmentally responsible growth. Centred on Chile, renowned for its abundant lithium reserves, Cobax Mining is positioned as an essential player in the electrification movement.

For more information about Cobax Mining's parent company, Lithium Sciences, and their mission, visit lithiumsciences.co.uk

MEDIA CONTACT:
Leslie Newell
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SOURCE Summit Nanotech