Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that geophysical crews have commenced a comprehensive audio-magnetotelluric survey (AMT) on the Company’s 643 km² land package in the Republic of Serbia. Data will be used to interpret basin geometry and identify potential lithium and boron bearing horizons.
Ultra’s seven mineral exploration licenses are situated within well-defined sedimentary basins throughout Southern Serbia.
The geophysical surveys are part of a Phase I exploration program designed to delineate drill targets by carrying out geophysical surveys, geological mapping and soil sampling. Geophysical surveys and interpretations are being carried out by Beijing Explo-Tech Engineering Co., (“BETEC”) of Beijing, China. The survey will commence over previously mapped alteration zones and be expanded to cover the remainder of the properties. A total of 19 lines of AMT measurements totaling over 200 km in length, with 800 AMT measuring points, will be completed within the next three months. To complement the AMT survey results, The Company plans to acquire additional gravity measurements at the same time. Further geophysical surveys will then be planned once preliminary results have been compiled and assessed.
“We look forward to rapidly delineating lithium and boron targets and fast tracking evaluation of our highly prospective properties in Serbia. We are anticipating that our geophysics program will provide a significant number of compelling new drill targets,” said Marc Morin, Ultra’s President and CEO.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed on behalf of the Company by Mr. Shahab Tavakoli, P.Geo, Geophysicist, M.Sc., a Qualified Person under NI 43-101.
For more technical information on Ultra’s Balkans property, please refer to: http://ultraresourcesinc.com/properties-balkans/
Balkans Property Highlights:
- 643 km² of lithium/boron mineral exploration licenses in the Republic of Serbia
- All seven exploration concessions are within well-defined sedimentary basins
- Proximity to infrastructure (rail/road/sea), (electricity), and (labour force)
- Ultra has 100% ownership of its exploration licenses
- Rio Tinto is completing a $27 million pre-feasibility study & projecting production for 2016 1
- Rio Tinto’s Jadar deposit could produce up to 20% of the current worldwide annual lithium demand1
- Off the shelf technology can process Jadarite ore²
On behalf of the Board of Directors
Marc Morin, President & CEO
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.
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