VANCOUVER, British Columbia, July 05, 2022 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (TSX-V: ULT, OTCQB: ULTXF, Frankfurt: QFB) (“Ultra Lithium” or “the Company”) announces that the Company as operator has signed a drilling contract with Niigaani Drilling Incorporated to carry out 2,095 metres of diamond drilling at the Georgia Lake Lithium Property. The Company owns a 40% interest in North Canada Lithium Corp. (“NCLC”) which holds the Georgia Lake and Forgan Lake lithium properties. In May 2022 the Company sold a 60% interest in NCLC to Yahua International Investment and Development Co., Ltd. (“Yahua”) and formed a joint venture with Yahua holding a 60% interest and Ultra Lithium holding a 40% interest in NCLC. (See news release dated May 10, 2022).
The exploration work will be carried out on the Jean Lake and the Georgia Lake claim blocks (see attached claim map Fig. 1) and is aimed at achieving the following objectives:
- Confirm historic spodumene mineralization at depth on the Camp, Neimi, Giles, and Trans pegmatites in the Jean Lake and the Georgia claim blocks;
- Provide the necessary geological and lithium oxide assays for the properties first in-depth economic study;
- Define the strike length of each pegmatite following up to the 2016 and 2017 surface field work;
- Collect core samples for metallurgical test work, these samples can be added to the surface mineralized lithium pegmatite samples collected during the last winter.
The Company’s CEO, Dr. Weiguo Lang stated, “The Company is now well funded and working closely with Yahua, as the Company’s strategic partner. Yahua is a world leader in battery grade lithium hydroxide production and supply. By taking advantage of the Company’s exploration expertise and Yahua’s production capabilities in the hard rock lithium space and with the support of the local communities, we are at full strength to expedite the exploration work and move the Georgia Lake and Forgan Lake projects to the next level.”
Forgan Lake First Nations Exploration Agreement
Ultra Lithium is pleased to announce that it has commenced the negotiation process for an exploration agreement between the Company, North Canada Lithium Corp. (NCLC) and Biinjitiwaabik Zaaging Anishinaabek (BZA) to further explore and develop the Forgan Lake Lithium Property in partnership with the community.
Forgan Lake Project
The Forgan Lake property consists of approximately 256 hectares land in 20 mining claims located in the Thunder Bay Mining District in Northwestern Ontario, Canada. It is located adjacent to the north of Ultra Lithium’s Lucky Lake claim block comprised of 15 mining claims. The Company intends to start a summer 2022 work program on Forgan Lake which will include surface sampling and ground geophysical surveying. A drill program will commence as soon as permitting and community consultation is completed.
Highlights
- Lithium mineralization is comprised of six spodumene-bearing pegmatites
- Three 2019 grab samples showed lithium values of 6.93% Li2O, 6.90% Li2O and 4.88% Li2O
- Historical exploration in the 1950s’ included 39 drill holes, aggregating 10,561 feet
- Three historical channel cut samples returned average 2.57% Li2O over a width of 21 feet (6.4 m)
- Two historical channel cut samples averaged 4.23% Li2O over 24.5 feet (7.46m)
Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
“Kiki Smith”
Kiki Smith, CFO
About Ultra Lithium Inc.
Ultra Lithium Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, 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, USA. The Company also holds other gold and base metals properties in Argentina.
For further information, please contact the Company at:
Attention: Kiki Smith
Telephone: 778 968-1176
Email: kiki@ultralithium.com
Website: www.ultralithium.com
or view the Company’s filings at www.SEDAR.com.
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d3b07766-4190-45fd-9f28-8cac8a0aa6b1
