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Ultra Lithium Inc. (TSXV:ULI,FWB:QFB) entered into a Letter of Intent with Rock Tech Lithium Inc. for the exclusive right to purchase a 100% interest in the Georgia Lake lithium project in Ontario. Under the terms of the purchase, Ultra Lithium must deliver $750,000 in cash and $750,000 in common shares over a six-month period.
As quoted in the press release:
To purchase the Project, Ultra Lithium must deliver $750,000 in cash and $750,000 in common shares of Ultra Lithium over a six-month period.
The Project is comprised of 22 mineral claims and 81 mining leases covering an area of approximately 4,594 hectares in the Thunder Bay Mining District of Ontario (Canada).
Ultra Lithium CEO, Marc Morin, said:
Ultra Lithium is very pleased with this potential acquisition. The project does not only have a NI 43-101 compliant resource in an area where the lithium pegmatites are open at depth and along strike but also has several other lithium pegmatite dykes representing future exploration targets. These pegmatites have demonstrated excellent metallurgical results exceeding EV battery grade specifications. The Project enjoys good infrastructure support and its location which is within 150 kilometres from a world class deep water port gives it an advantage. The Company believes that with the continued support of the First Nations groups and local community, it has the ability to move the Project forward with the backing of its Asian investment partners.
Click here to read the Ultra Lithium Inc. (TSXV:ULI,FWB:QFB) press release