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Ultra Resources Plans to Start Work at the Laguna Verde Brine Lithium Project in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) Ultra Resources Inc. (TSX-V: ULT) (“Ultra Resources” or “the Company”) is pleased to announce that the Company is planning to start exploration work on its 100% owned Laguna Verde brine lithium project in Catamarca Province, Argentina.

The Company’s previous exploration work included systematic surface brine sampling, ground geophysical surveys and bench scale evaporation testwork. The planned work program will include drilling and carrying out pumping tests to determine aquifer capacity and yield based upon the targets identified through the geophysical surveys and brine sampling.

The Company has obtained the drilling permit approved by the Catamarca Government and is communicating with the mining department regarding start date of work and other details. Ultra Resources will also communicate with the local communities at Antofalla and Antofagasta de La Sierra towns. These communities worked with the Company to complete the previous phases of exploration work.

The Company is assessing qualified contractors and suppliers for drilling and pumping test work.

Laguna Verde Brine Lithium Project Highlights

  • Laguna Verde is a new brine lithium discovery where exploratory sampling conducted by Ultra Resources indicate lithium values in the range of 34.2 to 1,270 milligrams per liter (mg/L) or parts per million (ppm), magnesium values less than 1 to 7,920 ppm, potassium 804 to 15,800 ppm, and boron 65 to 2,190 ppm. The Laguna Verde area is marked by low magnesium to lithium ratios, in the range of zero to 10.2.
  • In 2018, the Company also completed 39.2-line- kilometers of ground geophysical survey along eight exploration lines on the property, with azimuth of 137 degrees and 47 degrees from north. Total 312 Time Domain Electromagnetic (TDEM) points and 430 gravity points were measured at a spacing of 100 metres.
  • The survey results indicate high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a potential brine basin of 23 square kilometres and a thickness of 100 to 150 meters. Main points of the geophysical survey interpretation are provided below:
    • The core area of 3.4 square kilometres (km2) is with resistivity below 3 ohm and can be used for brine extraction on trial basis if feasible. The size of this core zone salar increases to 5.81 square kilometers at 125 m depth and to 9.44 square kilometres at 225 m depth below surface.
    • A potential salar area of 23 km2 is calculated based on the g-shaped area of gravity around the core zone. The surface of this salar area is covered by a high resistivity layer which is underlain by aeolian sediments and salt deposits. This interpretation will be confirmed by drilling and sampling.
    • Gravity survey interpretation shows a major fault system exists to the east of the Laguna Verde Salar representing a 2.4-kilometer-thick Cenozoic basin, which requires further research.
  • In 2018, a bench scale evaporation test of approximately 4,000 litres of brine sample from Laguna Verde was carried out in Ultra Argentina laboratories located in Salta. The density of the original brine sample was 1156 and its lithium concentration was 391 ppm.
  • Two types of evaporation tests were conducted. The first test included evaporating 179 litres of brine sample in an external pool located outside to match natural evaporation conditions. The results indicate that in a period of five months, the brine volume was reduced from 16 cubic metres (m3) to 3 m3 and lithium concentration increased from 391 to 6,760 ppm. Major salts produced during this process were Halite, Felsobanyaite, Silvite, Lithium Sulfate and Potassium, Carnalite, Kainite and Gypsum.
  • The second test was conducted inside in controlled conditions. The results indicated that the original brine volume of 2,326 m3 was reduced to 85.06 m3 and the lithium concentration went up from 391 to 7,370 ppm.

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.

About Ultra Resources Inc.

Ultra Resources 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, and 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.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.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.

Ultra Resources Restakes Ground at South Big Smoky Valley Area in Nevada, USA

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) (“Ultra Resources” or the “Company”) announces that it has restaked 50 placer claims in the South Big Smoky Valley area in Esmeralda County, Nevada, USA. The placer claims were staked in two claim blocks where Ultra drilled two drill holes and carried out other exploratory work during the 2014-16 period. The drill core and surface sampling indicated anomalous values of lithium in sediments. Ultra’s ground geophysical survey (CSAMT – controlled source audio-frequency magnetotelluric survey) in 2014 interpreted low resistivity zones down to a depth of 1,000 metres in these claim areas. This Project has geological conditions favourable for hosting Lithium enriched brines.South Big Smoky Valley shares a similar geology and weathering history to the Clayton Valley, located 16 miles (25.6km) to the south. The north end of Clayton Valley hosts Chemetall Foote Corporation’s Silver Peak Mine, the only lithium brine producer in the United States. Mine production comes from lithium enriched brines located below the surface. This plant has been in production since 1967.

Dr. Weiguo Lang, CEO of Ultra Resources, stated that, “The Company is pleased to rejuvenate its efforts to explore the South Big Smoky area again. This was prompted by a recent surge in the lithium and EV industry and higher lithium carbonate prices. The Company is working on evaluating its previous exploration work and developing a working plan for this area.”

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.

About Ultra Resources Inc.

Ultra Resources Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold and copper assets. The Company holds hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada and a brine lithium property in Argentina. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.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.

Ultra Resources Engages Red Cloud as Capital Markets Advisor

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) (“Ultra Resources” or the “Company”) announces that it has appointed Red Cloud Financial Services Inc. (“Red Cloud”) to provide the Company with a range of capital markets advisory services. Red Cloud is a Toronto-based financial services company that provides assistance to mineral exploration and mining companies in accessing capital markets and enhancing their corporate profile.

Under the engagement, Red Cloud will be paid a fee of $10,000 per month. More specifically, Red Cloud will provide services such as organizing and administering “roadshows”, drafting traditional marketing materials, managing the Company’s social media and providing traditional media support and assistance in the creating of video content for exclusive use on “Red Cloud TV” and other services as required by the Company. In certain circumstances, additional services may be provided to the Company by Red Cloud and additional contingent consideration for such services may be applicable. The Company has also engaged Red Cloud to provide market making services for a fee of $5,500 per month. The engagement of Red Cloud is subject to TSX Venture Exchange approval.

The Company has, subject to regulatory approval, granted Red Cloud stock options to purchase 810,000 common shares of the Company at an exercise price of $0.19 per share for a period of three years.

About Ultra Resources Inc.

Ultra Resources Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold and copper assets. The Company holds hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada and a brine lithium property in Argentina. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.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.

Ultra Resources Closes Private Placement – CORRECTION

Vancouver, BC In a release issued under the same headline on Wednesday April 7, 2021, by Ultra Resources Inc. (TSXV: ULT), the finders fees were meant to be $66,322 cash and 602,928 finders warrants. The corrected release follows:

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) (“Ultra Resources” or the “Company”) is pleased to announce that it has closed a non-brokered private placement of 9,438,250 units at $0.11 per unit for total gross proceeds of $1,038,208. Each Unit is comprised of one common share and one-half non-transferable common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.20 per share for a period of one year from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.25 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given. The Company shall pay finders fees of $66,322 cash and 602,928 finders warrants for a portion this placement. 

The proceeds from the Private Placement will be used to fund the exploration of the Company’s Argentine and Ontario properties and for general working capital purposes.

All securities issued under the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to final approval by the TSX Venture Exchange.

The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

About Ultra Resources Inc.

Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper and lithium assets. The Company holds a brine lithium property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.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.

Ultra Resources Closes Private Placement

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) (“Ultra Resources” or the “Company”) is pleased to announce that it has closed a non-brokered private placement of 9,438,250 units at $0.11 per unit for total gross proceeds of $1,038,208. Each Unit is comprised of one common share and one-half non-transferable common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.20 per share for a period of one year from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.25 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given. The Company shall pay finders fees of $2,695 cash and finders 24,500 warrants for a portion this placement. 

The proceeds from the Private Placement will be used to fund the exploration of the Company’s Argentine and Ontario properties and for general working capital purposes.

All securities issued under the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to final approval by the TSX Venture Exchange.

The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

About Ultra Resources Inc.

Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper and lithium assets. The Company holds a brine lithium property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.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.

Ultra Resources Acquires New Lithium Claims to Expand Laguna Verde Property Size in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) is pleased to announce that it has acquired additional lithium exploration claims for its 100% owned Laguna Verde brine lithium project in Argentina. The exploration License, ULTRA 1, covering 4,180 hectares land in Catamarca Province, and Mining License Archivarca N., covering 413 hectares land in Salta Province are granted to Ultra Argentina SRL, a wholly owned subsidiary of Ultra Resources Inc. Both licenses located adjacent to the north of the existing Laguna Verde Property, were acquired to cover additional salar area considered favourable for lithium exploration.

The potential target area was identified in a ground geophysical survey carried out on the Property in 2018. The geophysical survey comprised of 39.2-line- kilometers of time domain electromagnetic (TDEM) and gravity survey in eight exploration lines. The survey results indicated high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a potential brine basin of 23 square kilometres with thickness of 100 to 150 meters. The surface of this salar area is covered by a high resistivity layer which is underlain by aeolian sediments and salt deposits. This interpretation will be confirmed by drilling and sampling.

Dr. Weiguo Lang, CEO of Ultra Resources, stated that, “The Company is pleased to have acquired this additional brine lithium exploration area. While planning for continuing exploration work on this additional prospective ground, we are studying and selecting appropriate technologies for test production from Laguna Verde. Since its acquisition in 2017, we have carried out two rounds of brine sampling, completed a ground geophysical survey program, and evaporation test work on the Property. With the lithium industry trending toward sustainable long term growth, we are highly confident in achieving our goals on this high-grade lithium property.”

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.

About Ultra Resources Inc.

Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper and lithium assets. The Company currently holds a brine lithium property in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.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.

Ultra Resources Announces Private Placement

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) announces a non-brokered private placement of up to 15,000,000 units (“Units“) at a price of $0.11 per unit for gross proceeds of $1,650,000. Each Unit is comprised of one common share and one-half non-transferable common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.20 per share for a period of one year from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.25 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given.  Finders fees may be payable with respect to a portion of the placement.

The proceeds from the Private Placement will be used to fund the exploration of the Company’s Argentine and Ontario properties and for general working capital purposes.

All securities issued under the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. Closing of the Private Placement is subject to acceptance by the TSX Venture Exchange.

Certain directors and officers may participate in the Private Placement. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The related party transaction will be exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the gross securities to be issued under the Private Placement nor the consideration to be paid by the insiders will exceed 25% of the Company’s market capitalization. A material change report will be filed less than 21 days before the closing date of the transactions contemplated by this news release. The Company believes this shorter period is reasonable and necessary in the circumstances.

The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

About Ultra Resources Inc.

Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper and lithium assets. The Company holds a brine lithium property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.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.

Ultra Resources Provides Update on Lithium Projects

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) is pleased to provide an update on its lithium projects and plans moving forward. The Companyhas a diversified portfolio of lithium properties which include two hard rock lithium projects in Northwestern Ontario, Canada and a brine lithium project in Catamarca Province, Argentina, as summarized below:

Georgia Lake / Forgan Lake Pegmatites

The Georgia Lake / Forgan Lake project is a spodumene type hard rock lithium deposit in Northwestern Ontario, Canada, and is supported by excellent infrastructure. The following lithium pegmatites are located on these properties.

  1. Forgan Lake Pegmatites – Six spodumene-bearing pegmatites (Number 1 to 6) which are mostly parallel to the metasediments and are considered as sills. Historical exploration work included 39 drill holes, aggregating 10,561 feet (3,218.8m) drilling. Surface samples and drilling results shown values in the range of 1.98% to 6.93% lithium oxide (Li2O).
  2. Jean Lake Pegmatites– Three known pegmatite deposits, each 200 to 500 m long and 2-15 m wide with 1-2% Li2
  3. Vegan Pegmatite– has been traced for 2,000 feet (609 m) through diamond drilling, it is average 16 feet thick (5 m), strikes N75°W and dips 35°- 45° NE.
  4. Lucky Lake Pegmatites– A series of pegmatites which are in extension of the Forgan Lake pegmatites optioned from International Lithium Inc.
  5. Swanson Beryl Pegmatites– Multiple pegmatites with beryl mineralization.

In 2019, the Company successfully collected high grade lithium samples from Forgan Lake Number 1 pegmatite to evaluate the possibility of producing small scale lithium oxide concentrate for further metallurgical testing to produce lithium carbonate. The results of three samples show lithium values of 6.93% Li2O (sample 152951), 6.90% Li2O (sample 152952), and 4.88% Li2O (sample 152953).

Laguna Verde Brine Lithium Project, Catamarca Province Argentina

  • Laguna Verde is a new brine lithium discovery where exploratory sampling conducted by Ultra Resources indicate lithium values in the range of 34.2 to 1,270 milligrams per liter (mg/L) or parts per million (ppm), magnesium values less than 1 to 7,920 ppm, potassium 804 to 15,800 ppm, and boron 65 to 2,190 ppm. The Laguna Verde area is marked by low magnesium to lithium ratios, in the range of zero to 10.2.
  • In 2018, the Company also completed a 39.2-line- kilometers of ground geophysical survey along eight exploration lines on the property, with azimuth of 137 degrees and 47 degrees from north. Total 312 Time Domain Electromagnetic (TDEM) points and 430 gravity points were measured at a spacing of 100 metres.
  • The survey results indicate high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a potential brine basin of 23 square kilometres and a thickness of 100 to 150 meters. Main points of the geophysical survey interpretation are provided below:
    • The core area of 3.4 square kilometres (km2) is with resistivity below 3 ohm and can be used for brine extraction on trial basis if feasible. The size of this core zone salar increases to 5.81 square kilometers at 125 m depth and to 9.44 square kilometres at 225 m depth below surface.
    • A potential salar area of 23 km2is calculated based on the g-shaped area of gravity around the core zone. The surface of this salar area is covered by a high resistivity layer which is underlain by aeolian sediments and salt deposits. This interpretation willbe confirmed by drilling and sampling.
  • Gravity survey interpretation shows a major fault system exists to the east of the Laguna Verde Salar representing a 2.4-kilometer-thick Cenozoic basin,which requires further research.
  • In 2018, a bench scale evaporation test of approximately 4,000 litres of brine sample from Laguna Verde was carried out in Ultra Argentina laboratories located in Salta. The density of the original brine sample was 1156 and its lithium concentration was 391 ppm.
  • Two types of evaporation tests were conducted. The first test included evaporating 179 litres of brine sample in an external pool located outside to match the natural evaporation conditions. The results indicate that in a period of five months, the brine volume was reduced from 16 cubic metres (m3) to 3 m3and lithium concentration increased from 391 to 6,760 ppm. Major salts produced during this process were Halite, Felsobanyaite, Silvite, Lithium Sulfate and Potassium, Carnalite, Kainite and Gypsum.
  • The second test was conducted inside in controlled conditions. The results indicated that the original brine volume of 2,326 m3was reduced to 85.06 m3and the lithium concentration went up from 391 to 7370 ppm.

Plans Moving Forward

Due to soft lithium market and COVID 19 pandemic situation, the Company was not able to do any work on its lithium assets in 2020 but will start working as soon as the situation improves, and travel is permitted. The Company’s focus and accomplishment for 2020 was completion of metallurgical test work for its gold projects in Argentina, and detailed studies and information compiling on lithium and gold projects in Argentina and Canada.

The Company plans to continue exploration work on its lithium projects from where they were left in 2019 beginning with advanced exploration work on the geophysical survey targets identified at the Laguna Verde brine project.

The Company will also be applying for permits to take bulk samples for further test work from various pegmatites on the Georgia Lake and Forgan Lake properties in northwestern Ontario, Canada.

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.

About Ultra Resources Inc.

Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper and lithium assets. The Company holds a brine lithium property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.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.

Ultra Resources Metallurgical Testwork Shows 94.34% Gold Recovery for La Rioja Gold Project in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) is pleased to announce that it has received final results of metallurgical testwork for the bulk sample from its 100% owned Chepes Gold Project in La Rioja Province, Argentina. The testwork was contracted to Yantai Xinhai Mining Research & Design Co., Ltd., Shandong, China (“Xinhai”) and the results show an overall recovery of 94.34% gold using a combination of gravity separation, copper masking and leaching using CNLITE reagent. The bulk sample was comprised of two samples with a total weight of 849 kilogram collected from the Callanas and Al Espinillo mining licenses (See Company’s news release dated July 9, 2020).

Metallurgical Testwork Highlights

  • The goal of testwork was to focus on gold recovery from the mineralized rock which is in an oxidized state. Initial head sample assay indicates average 13.41 grams per ton (g/t) gold (Au), 32.15 g/t silver (Ag), 0.47 percent (%) copper (Cu), 2.78% lead (Pb), and 0.96% Zinc (Zn).
  • The test results indicate that when the mineralized rock is ground to -200 mesh, gravity concentrates can be obtained, with a yield of 33%, with gold grade of 1,530 g/t. Overall gold recovery is 38.19% using gravity. The gravity tailings have a gold grade of 8.20 g/t and were taken as feeding material in the following tests.
  • When gravity tailings are treated through pre-leaching by adding a masking agent, then enter into the leaching process with lime as a protective alkali and CNLITE as the leaching agent, the gold leaching rate reaches 90.85% under leaching time of 24 hours, and 91.95% under leaching time of 48 hours. Gravity concentration combined with leaching can realize an overall recovery rate of 94.34% (38.19%+61.81%*90.85%) and 94.41% (38.19%+61.81%*91.95%) under a leaching time of 24 and 48 hours, respectively.
  • According to Xinhai, CNLITE is a new environmentally friendly gold leaching reagent produced by the Xinhai Group.  CNLITE is being used in some countries as an alternative to traditional cyanide as gold extraction agent. Cyanide is a highly toxic reagent. CNLITE has the benefits of environmental protection, high leaching rate, fast recycling and high cost effectiveness. In addition, the use of CNLITE does not change the existing cyanidation process and gold extraction equipment.

Dr. Weiguo Lang, CEO of Ultra Resources, stated, “We are very pleased with the outcome of metallurgical testwork which is an efficient and cost-effective process due to the use of CNLITE instead of traditional cyanidation. Its nontoxic and environmentally friendly features will be helpful in permitting and community approval. The Company’s goal is to continue exploration on its projects to create new jobs for the community and install a gold extraction plant as soon as possible to start processing mine dump material available at the Callanas and Al Espinillo mines”.

Fig 1. Leaching Process Flow Diagram

About Yantai Xinhai Mining Research & Design Co

Shandong Xinhai Mining Technology & Inc. is a stockholding high and new technology enterprise to provide “Turnkey Solution for Mineral Processing Plant” including design and research, machine manufacturing, equipment procurement, management service, mine operation, mine materials procurement & management as well as industry resources integration. Up to now, with 500 mine EPC projects, mining technologies and experience of 70 kinds of ores and 112 patents, Xinhai has established overseas offices with products exported to more than 90 countries. For further information, please visit the Xinhai’s website at: http://www.xinhaimineral.com/en/about_4.html.

About La Rioja Gold Project

The gold project in the south of the province of La Rioja Argentina, consists of three prospecting and exploration areas and 13 manifestations of discoveries (mining licenses). Also, in the area there are several historical gold mines and quartz veins in granodiorite rocks hosted by early Paleozoic shearing. Gold mineralization is typically associated with epithermal style shear hosted quartz veins. Initial evaluation of dump material available for historical mines on the Property indicates approximately 25,000-30,000 tons of dump material is available for gold and other metals processing.

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.

About Ultra Resources Inc.

Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper, and lithium assets. The Company currently holds a brine lithium property in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. The Company also holds several gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.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.

Ultra Resources Assays 13.41 Grams per Ton Gold and 32.15 Grams per Ton Silver on Head Samples for Metallurgical Testwork from La Rioja Project, Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) is pleased to announce that it has commenced metallurgical testwork on bulk samples from its Gold Project in La Rioja Province, Argentina. Initial head sample assay work indicates average 13.41 grams per ton (g/t) gold (Au), 32.15 g/t silver (Ag), 0.47 percent (%) copper (Cu), 2.78% lead (Pb), and 0.96% Zinc (Zn).

Highlights – See Table 1 and Table 2 Below for Details

  • Sample # 101 from Callanas Mines shows 11.43 g/t gold, 25.10 g/t silver.
  • Sample # 102 from El Espinillo Mines shows 15.38 g/t gold, 39.20 g/t silver.
  • Deleterious elements such as arsenic (As) and stibium (Sb) are below the laboratory’s detection limits of 0.01%.
  • Based on multi elemental and copper phase analysis, Au, Ag, Cu, Pb and Zn in bulk samples are recoverable elements although final product range will be determined based on further tests.

As announced in the Company’s July 9, 2020 news release, two bulk samples with a total weight of 849 kilograms were collected from Ultra Resources’ Gold Projects in La Rioja Province, Argentina. These samples were shipped to Yantai Xinhai Mining Research & Design Co., Ltd., Shandong, China (“Xinhai”) to carry out metallurgical testwork. The bulk sample # 101 is from Callanas mining licenses and #102 is from El Espinillo mining licenses. To make it a representative sample of mineralization style on the Property, the samples were collected from multiple quartz veins (464 kg) and the historical dump material (385 kg) from each mine.

The samples were analysed for multi elements as shown in Table 1 by method DZ/T 0130.2-2006for sample preparation, and by Atomic Absorption Spectroscopy (AAS) using activated carbon (Method GB/T 20899.13-2017). Xinhai’s laboratories are accredited under “China National Accreditation Service” in accordance with ISO/IES 17025:2017 – General Requirements for the Competence of Testing and Calibration Laboratories (CNAS-CL01 Registration No. L9977). The results presented in the laboratory report are based on three parallel analyses and the weighted average value of the results of gravity concentration tests.

Dr. Weiguo Lang, CEO of Ultra Resources, stated that, “The results of head sample show  the merits of the La Rioja gold project as a good exploration target with over approximately 63,000 hectares of licensed areas including 13 mining licenses and 3 exploration licenses. We are looking forward to the detailed metallurgical testwork report which will not only include the process flowsheet but also plant design options for various levels of production of already-on-the ground high gold grade dump materials and potential underground mineralization reported in historical exploration information. The shareholders of Ultra Resources will benefit from near-term gold production by leveraging Xinhai’s rich experience in gold processing design and research.”

About Yantai Xinhai Mining Group
Shandong Xinhai Mining Technology & Equipment Inc. a member of the Yantai Xinhai Mining Group is a stockholding high and new technology enterprise to provide “Turnkey Solution for Mineral Processing Plant” including design and research, machine manufacturing, equipment procurement, management service, mine operation, mine materials procurement & management as well as industry resources integration. Up to now, with 500 mine EPC projects, mining technologies and experience of 70 kinds of ores and 112 patents, Xinhai has established overseas offices with products exported to more than 90 countries. For further information, please visit the Xinhai’s website at: http://www.xinhaimineral.com/en/about_4.html.

About La Rioja Gold Project
The gold project in the south of the province of La Rioja Argentina, consists of three prospecting and exploration areas and 13 manifestations of discoveries. Also, in the area there are several historical gold mines and quartz veins in granodiorite rocks hosted by early Paleozoic shearing. Gold mineralization is typically associated with epithermal style shear hosted quartz veins. Initial evaluation of dump material available for historical mines on the Property indicates approximately 25,000-30,000 tons of dump material is available for gold and other metals processing.

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.

About Ultra Resources Inc.
Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper, and lithium assets. The Company currently holds a brine lithium property in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

Table 1: Results of Multi Element Analysis

Analyte

Unit Sample # 101 Sample # 102 Average

Weight

KG 464.00 385.00

424.50

Au

g/t 11.43 15.38

13.41

Ag

g/t 25.10 39.20

32.15

Cu

% 0.51 0.42

0.47

Pb

% 2.25 3.30

2.78

Zn

% 0.56 1.36

0.96

TFe

% 7.09 7.80

7.45

S

% 0.21 0.29

0.25

C (Total)

% 0.33

0.45

0.39

C (Solid)

% 0.12 0.16

0.14

PbO/Pb

% 1.60 2.53

2.07

As

% <0.01 <0.01

<0.01

Sb

% <0.01 <0.01

<0.01

SiO2

% 76.91 74.60

75.76

Al2O3

% 3.38 3.03

3.21

CaO

% 0.68 0.86

0.77

MgO

% 0.78 0.39

0.59

TiO2 % 0.12 0.13

0.13

K2O

% 0.89 0.78

0.84

Na2O

% 0.088 0.085

0.09

ZnO/Zn % 0.51 1.30

0.91

 

Table 2: Results of Copper Phase Analysis

Sample No.

Copper Phase Analysis Copper Content (%)

Ratio (%)

101

Copper in free copper oxide

0.26

50.98

Copper in bonded copper oxide

0.035

6.86

Copper in secondary copper sulfide

0.15

29.41

Copper in primary copper sulfide

0.065

12.76

Total

0.51

100.00

102

Copper in free copper oxide

0.17

40.48

Copper in bonded copper oxide

0.046

10.95

Copper in secondary copper sulfide

0.13

30.95

Copper in primary copper sulfide

0.074

17.62

Total

0.42

100.00

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.