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.”
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
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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