United Lithium Announces Drill Results for Lithium Pegmatites D & E Confirming Strike Length of over 4,000m at Bergby Project, Sweden

VANCOUVER, British Columbia, June 12, 2024 (GLOBE NEWSWIRE) -- United Lithium Corp. (“United Lithium” or the “Company”) (CSE: ULTH; OTCQX: ULTHF; FWB: 0UL) is pleased to report additional assay results from the 2023 Drill Program on the newly discovered D and E Pegmatites at the Bergby Lithium Project (“Bergby” or the “Project”) in Sweden. The combined strike length of all five lithium-bearing pegmatites now exceeds 4,000 meters (“m”). Bergby is a 100%-owned, district-scale, hard rock lithium project covering 7,897 hectares (“ha”) with immediate infrastructure connecting with the coastal access in the Gulf of Bothnia. The Project hosts numerous LCT (lithium-cesium-tantalum enriched-type) granitic pegmatites, five of which have been drill-confirmed. Much of the district-scale Project has yet to be explored. United Lithium also recently added the 14,015 ha Axmarby Property with five known pegmatite occurrences and located directly north of Bergby. The 2023 Drill Program was completed late in December 2023 and results from 58 of the 60 holes drilled during the 5,600 m campaign have now been received and released.

Highlights:

• Pegmatite D Assay Results:
  • 0.82% Li2O over 5.19 m from 36.57 m depth down hole (hole BBY23158);
    • including 1.45% Li2O over 2.02 m from 37.49 m depth.
  • 0.71% Li2O over 14.11 m from 111.35 m depth down hole (hole BBY23166);
    • Including 1.48% Li2O over 4.76 m from 116.37 m depth.
• Pegmatite E Assay Results:
  • 0.62% Li2O over 20.02 m from 38.95 m depth down hole (hole BBY23170);
    • including 1.58% Li2O over 1.82 m from 42.00 m depth.
  • 1.45% Li2O over 6.90 m from 128.94 m depth down hole (hole BBY23177);
    • Including 1.71% Li2O over 5.76 m from 129.40 m depth.
  • 0.72% Li2O over 14.54 m from 105.03 m depth down hole (hole BBY23184);
    • Including 1.63% Li2O over 5.09 m from 111.06 m depth; and
    • Including 2.20% Li2O over 1.03 m from 113.06 m depth.
• Previously disclosed Pegmatite D Assay Results:
  • 1.92% Li2O over 26.80 m from 3.60 m depth down hole (hole BBY23132);
  • 1.54% Li2O over 28.01 m from 9.12 m depth down hole (hole BBY23135);
  • 1.82% Li2O over 12.97 m from 14.05 m depth down hole (hole BBY23138); and
    1.96% Li2O over 9.68 m from 38.87 m depth down hole (hole BBY23141).

“Bergby continues to deliver robust results of near surface lithium mineralization amenable to low-cost future open pit extraction given the surrounding world-class infrastructure,” stated Scott Eldridge, United Lithium’s President and CEO. “We continue to increase the combined strike lengths as we expand the lithium rich zones in Sweden, now exceeding 4 kilometers. The recent adoption of the Critical Raw Materials Act coming into force within the European Union further supports our efforts as Europe is fostering domestic projects to feed the EV value chain. The blue-sky potential at Bergby still remains untapped as we continue to explore for additional pegmatites. We recently added the Axmarby Property immediately to the north, where the geological setting appears to be identical to Bergby, adding further upside to expanding the lithium bearing area.”

As previously disclosed in the news release dated January 11, 2024, a total of 5,600 m of diamond drilling was completed across 60 holes in 2023. Six spodumene-bearing pegmatites have been discovered to date at Bergby, five of which have been drilled (Pegmatites A through E). United Lithium had previously released assay results for a total of 24 drill holes (see news releases dated November 21, 2023, and January 11, 2024).

Figure 1: Bergby Project Pegmatites D and E and Drill Holes, June 12, 2024

Pegmatite D Assay Results

Results are reported here for 17 drill holes (refer to Table 1 and Table 2) completed across the north-northeast striking Pegmatite D. Pegmatite D has been drill tested along a strike length of 725 m and to a depth of 120 m below surface and has an estimated maximum width of 22 m (Figure 2). Notable intersections in the current results include 0.71% Li2O over 14.11 m, from 111.35 m depth downhole (estimated true width of 16.67 m) in hole BBY23166. This includes a high-grade interval of 1.48% Li2O over 4.76 m (4.34 m estimated true width) from 116.37 m depth down hole.

Figure 2: Bergby Project Pegmatite D and Drill Hole Results, June 12, 2024

Pegmatite E Assay Results

Seventeen holes that were also completed across the north-northeast striking Pegmatite E and selected samples were submitted for assays (refer to Table 1 and Table 2). Pegmatite E has been drill tested along a strike length of 440 m, to a depth of 85 m below surface and has an estimated maximum width of 16 m. It is composed of 4 parallel dikes (Figure 3). Notable intersections in the current results include 0.62% Li2O over 20.02 m (estimated true width of 14.16 m), from 38.95 m depth downhole in hole BBY23170, including a high-grade interval of 1.58% Li2O over 1.82 m (1.5 m true width) from 42.00 m depth down hole. The second-best interval in Pegmatite E includes 0.72% Li2O over 14.54 m (10 m true width), from 105.03 m depth downhole in hole BBY23184, including a high-grade interval of 1.63% Li2O over 5.09 m (3.5 m true) from 111.06 m depth down hole. Spodumene has been observed in the main lithium-rich intersections. These new results enable United Lithium to better define drill targets to define Pegmatite E at depth.

Figure 3: Bergby Project Pegmatite E and Drill Hole Results, June 12, 2024

Assays from one additional hole drilled in Pegmatite F (BBY23189) and one hole from Pegmatite D (BBY23185) were sent to the laboratory in late May and results are still pending.

Table 3 summarizes the pegmatite discoveries at Bergby and the drill progress to date. All pegmatites remain open to depth and along strike.

Table 1: Bergby Project Drill Results, June 12, 2024

Note: All intervals are core length and presented for all pegmatite intervals greater than 2 m. Some intercepts may include intervals of non-pegmatite (<3 m drilled width). Oxides are calculated from Li assayed results. All Li2O (%) results are reported, and no lower cut-off grade has been used to report results. Drill hole assay results are reported as received and are not necessarily received in the order holes were drilled.

Table 2: Bergby Project Drill Hole Information, June 12, 2024

Table 3: Bergby Project spodumene-bearing pegmatites and drill status, June 12, 2024

Bergby and Axmarby 2024 Exploration

Further exploration work is expected to be carried out during 2024 at Bergby, including mapping and sampling combined with ground geophysics. The exploration team has identified several new outcrops and additional pegmatite boulder trains requiring more follow up with the aim of generating more drill targets. Mapping and sampling will also be conducted at the Axmarby Property where multiple pegmatite dykes have been observed approximately 2 kilometers (“km”) north of the town of Axmarby and seem to be associated with the same structures that host the pegmatites at Bergby.

Bergby Geology

The Project is situated within the Hamrånge synform in the west-central part of the Fennoscandian Shield. The stratigraphy in the area consists of mica schist overlain by 1.88 billion years (“Ga”) old felsic and mafic volcanic rocks, followed by metaquartzite (< 1.86 Ga) believed to have formed during an 1.86-1.83 Ga intra-orogenic phase. Geological and isotopic data suggests an oceanic island arc signature of the metavolcanic rocks. The surrounding 1.86 Ga granitoids of the Ljusdal Batholith are believed to have been formed in an active continental margin setting. When not covered by till (typically less than 3 m depth), extensive pegmatite boulders and outcrops have been found on the Project. The strike of pegmatites follows the general trend of host rock foliation, NNW-SSW. All five drilled lithium-mineralized pegmatites at Bergby are spodumene bearing, with Pegmatite A also containing petalite. Pegmatite A displays a shallow 20° dip to the WNW, whereas the other four bodies (B, C, D and E) are more subvertical (at ~65° to 88°).

Quality Assurance and Quality Control

Core drilling is being undertaken by Ludvika Borr Teknik AB, of Sweden, using 49 millimetres (equivalent to NQ2) diameter rods. United Lithium’s field team log and sample all drill core samples in a secure core facility at the Company’s operations building in Norrsundet, about 5 km from the Project area. Core samples are cut in half longitudinally using a diamond cutting saw. The half cores and the hammer drill samples were submitted to ALS Ltd. (“ALS”) facilities in Piteä, Sweden for preparation (Prep-31 package) with each sample crushed to better than 70% passing a 2 mm (Tyler 9 mesh, U.S. Std. No. 10) screen. A split of up to 250 grams is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, U.S. Std. No. 200) screen. Both types of samples are then forwarded to the ALS facilities in Loughrea, Ireland, an accredited mineral analytical laboratory (ISO/IEC 17025:2017 and ISO 9001:2015), for analysis using the ME-MS89L method (sodium peroxide fusion and HCL leach followed by ICP-AES and ICP-MS) in the case of core samples, with lithium (Li) reportable range between 2 and 25,000 ppm. This method analyzes for 53 elements and is considered appropriate for lithium-mineralized pegmatites.

Certified reference standards, duplicate and blanks are routinely inserted into the core drilling sample stream as part of United’s quality control/quality assurance program (“QA/QC”). No QA/QC issues were noted with the results reported herein. The Company’s Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed are sufficient and reliable. The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data reported herein. All drill intercepts reported are down-hole core lengths.

About the Bergby Project

Bergby consists of ten exploration licenses covering 7,897 ha located near the coast of the Gulf of Bothnia in central Sweden. The Project is approximately 200 km north of Stockholm via highway E4 and 25 km north of the city of Gävle, within an area of significant infrastructure including highway and road access, railway, power, and the port of Norrsundet. Gävle is a proximal labour and supply hub. Furthermore, Bergby is 570 km south of the new Northvolt lithium battery gigafactory located in Sweden, and 440 km across the Gulf of Bothnia from Keliber Lithium’s hydroxide plant currently under construction. The Project now comprises five drill-confirmed spodumene bearing pegmatites (Pegmatite A to E), with a combined strike length of more than 4,000 m. There are unexplained spodumene-bearing boulder trains and much of the property remains unexplored, highlighting the excellent potential at Bergby for further discovery.

Qualified Person

The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., United Lithium’s Director, Mineral Resources. Ms. Lépine is a registered professional geologist in British Columbia and a Qualified Person as defined by NI 43-101 Standards of Disclosure for Minerals Projects.

On Behalf of The Board of Directors

“Scott Eldridge”
President, Chief Executive Officer and Director

Telephone: +1-604-428-6128

Email: scott@unitedlithium.com

About United Lithium Corp.

United Lithium Corp. (CSE: ULTH) is an exploration & development company energized by the global demand for lithium. The Company is targeting lithium projects in politically safe jurisdictions with advanced infrastructure that allows for rapid and cost-effective exploration, development, and production opportunities.

The Company’s consolidated financial statements and related management’s discussion and analysis are available on the Company’s website at https://unitedlithium.com/ or under its profile on SEDAR+ at www.sedarplus.ca.

Forward-Looking Statements

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the potential of the Bergby Project; the potential identification of new mineralization; the potential identification of new discoveries; timing of receipt of remaining assays and interpretations of those results; timing and successful execution of future planned and unplanned drilling and exploration activities at its projects in Sweden, Finland and the USA. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; contests over title to properties; changes in project parameters as plans continue to be refined; and impact of the COVID-19 pandemic. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of lithium and other metals and minerals; the demand for lithium and other metals and minerals; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The Canadian Securities Exchange has not approved nor disapproved the contents of this news release and does not accept responsibility for the adequacy or accuracy of this release.

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