Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to provide an update on exploration activities on its exploration concessions in Serbia. The Company has now received and reviewed all geochemical analyses for the recent drill program, reviewed geological drill logs, held discussions with the geological team and met with external borate deposit and lithofacies experts. Results and conclusions are as follows:
Valjevo East Concession
This property is located within an East-West belt of Tertiary sedimentary basins known to host borate mineralization. Subsequent to collecting surface geochemical rock samples and geophysical (Gravity and Audio Magneto Telluric (AMT)) data collection / interpretation, the property was tested by three drill holes totaling 931.0 meters. Lithium values ranged from 7 ppm to 203 ppm. Boron values ranged from 10 ppm to 172 ppm. The sedimentary environment within the concession was determined to be primarily open drainage (vs. closed basin) and it was filled with coarser material (including sandstone) than typically required for borate or lithium-borate mineralization to develop. Upon filing of a closing report to the Serbian government, this license will be relinquished.
This property is a Tertiary sedimentary basin with mildly anomalous lithium and boron values (+100ppm) noted from previous surface geochemical rock sampling. Subsequent to collecting surface geophysical (Gravity and Audio Magneto Telluric (AMT)) data and interpretation, this property was tested by six drill holes totaling 4459.7 meters. Lithium values ranged from 6 ppm to 212 ppm. Boron values ranged from 10 ppm to 451 ppm. The sedimentary environment in the northwest quadrant of the concession was determined to be primarily ‘closed basin’ with a reducing environment and hosting fine-grained sediments. Drill holes BL-4, 6, and 7 tested the edges of a large gravity low. A statistical review of each of these drill holes displayed a bimodal distribution of Boron, suggesting local enrichment. Drillhole BL-7 encountered a broad interval (from 20-200m) of mildly anomalous Boron near surface and select deeper intervals of exposed core are developing a salty crust. Upon review of a pending lithofacies report by Professor Nebojsa Vasic of the University of Belgrade, Serbia, the Company intends to conduct further exploration and drill down dip (East) of the BL-7 interval noted.
Samples were processed by SGS laboratory in Bor, Serbia. Samples were run for 53 element geochemical analysis by ICP-MS. One meter core samples were sawn in half, with samples collected approximately every 10 meters, or when encountering a change in lithology.
Marc Morin, President and CEO, said, “We are pleased with our Serbian exploration to date. In addition to confirming a target sub-basin in Blace, we continue to refine our Lithium and Borate exploration models and will apply that knowledge to our remaining exploration concessions.
Updated project information can be found on the Company website as it becomes available.
The Ultra Balkans Project is a joint venture between Ultra Lithium Inc. and Beijing Zairun Mining Investment Co., Ltd. (“BZMI”). BZMI has the right to earn up to a 35% interest in Ultra Balkans by funding up to $3,500,000 of exploration expenditures on the Ultra Balkans Project.
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 and approved on behalf of the Company by Mr. Shahab Tavakoli, P.Geo, Geophysicist, M.Sc., a Qualified Person under NI 43-101.
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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