Ultra Lithium Assays Up to 417 ppm Lithium in Drill Hole at the Laguna Verde Brine Lithium Project in Argentina

Ultra Lithium Assays Up to 417 ppm Lithium in Drill Hole at the Laguna Verde Brine Lithium Project in Argentina

Ultra Lithium Inc. ( TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB ) ("Ultra Lithium" or "the Company") is pleased to announce the brine sampling results from a drill hole at its 100% owned Laguna Verde brine lithium project in Catamarca Province, Argentina. Drill hole LV22-04 assayed up to 417 parts per million ("ppm" or "mgL") lithium (Li) from two rounds of sampling completed in January February 2023. Earlier, the geophysical study of the first well LV22-01 indicated the presence of a continuous single brine aquifer comprising of mainly clastic sediments from 14 meters to 205 meters depth with a marked hydrothermal presence towards the deeper section. The Laguna Verde project is the flagship project of the Company and one of the Company's 100% owned brine lithium projects in Argentina.

Results Highlights:

  • The hole was drilled down to 227 meters. The brine aquafer was still open to the depth.
  • The first round of sampling was completed on January 18, 2023, where a total of seven samples were collected at various depths down to 112 m below surface. The second round of sampling was completed on January 25, 2023, and a total of six samples (2 samples at every 12 hours interval) were collected at a depth of 120 m below surface.
  • Conductivity shows an increase with depth, which is interpreted to achieve better lithium concentrations through pumping and more cleaning of the well.
  • Overall concentration of ions and metals indicate a single unconfined aquifer down the sampling depth of 120 m.

Round 1 Assays

  • Lithium (Li) values are in the range of 386 ppm to 417 ppm with an average of 398 ppm.
  • Magnesium (Mg) is in the range 851 ppm to 2215 ppm with average 1,902 ppm. Mg to Li ratio is in the range of 2.2 to 5.7 with an average of 4.8.
  • Boron is in the range of 289 ppm to 392 ppm with average 343 ppm.
  • Overall pH is generally neutral with an average value of 7.
  • Average sulphate is 10,479 ppm, chloride 60,872 ppm.

Round 2 Assays

  • Lithium (Li) values are in the range of 256 ppm to 354 ppm with an average of 324 ppm. The lower Li value of Round 2 was mainly due to the high precipitation during the period of time between Round 1 and Round 2 samplings.
  • Magnesium (Mg) is in the range 1153 ppm to 2007 ppm with average 1773 ppm. Mg to Li ratio is in the range of 4.5 to 5.7 with an average of 5.5.
  • Boron is in the range of 188 ppm to 344 ppm with average 294 ppm.
  • Overall pH is generally neutral with an average value of 7.
  • Average sulphate is 9,698 ppm, chloride 58,630 ppm.

Dr. Weiguo Lang, CEO of Ultra Lithium, stated, "The assay results from Laguna Verde indicate great potential for the project interpreted as a single brine aquifer showing consistent values of lithium and other parameters down to an open depth of 227 meters. The Company is in the process of carrying out pumping tests to determine the capacity of the aquifer and will be carrying out more sampling during the process for the hole LV22-04 while preparing for more and deeper drill holes in the near future."

Sampling Procedures

The drill hole LV22-04 was drilled at location: S 25° 18' 51,3"; W 67° 57' 55,7"; at elevation 4034 MASL down to a depth of 220 meters with a six-inch diameter using a rotary drill machine. The well was then reamed to a diameter of 9 7/8 inches. Brine sampling was carried out using a bailing device which was opened at the required depth of sampling. Field parameters of the samples such as pH, dissolved oxygen, and conductivity were noted. The samples were collected in the laboratory supplied bottles and were shipped to SGS laboratories in Salta, Argentina which is an independent accredited global laboratory. The samples were analyzed using codes mentioned in Tables 1 and 2.

Highlights of Laguna Verde Brine Lithium Project

Laguna Verde is a new brine lithium discovery where exploratory sampling conducted by the Company has shown lithium values in the range of 34 to 1,270 milligrams per liter (mg/L) – (see ULT press release dated February 2, 2018). The Company's previous exploration work from 2017-2021 included surface brine sampling, ground geophysical surveys and bench scale evaporation testwork. The Laguna Verde mineralized brines are marked by low magnesium to lithium ratios, in the range of zero to 10 which can result in lower production costs.

In 2018, the Company also completed a 39.2-line- kilometers of ground geophysical survey. The survey results indicate high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a 23 square kilometre, 100- to 150-meter-thick sedimentary basin with the potential to host lithium-brines. Interpretation of gravity survey data show a major fault system exists to the east of the Laguna Verde Salar and also indicates the presence of a 2.4-kilometer-thick Cenozoic basin, which requires further exploration.

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 (m 3 ) to 3 m 3 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 m 3 was reduced to 85.06 m 3 and the lithium concentration increased from 391 to 7,370 ppm (see ULT press release dated September 24, 2021).

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.

ON BEHALF OF THE BOARD OF DIRECTORS

"Kiki Smith"

Kiki Smith, CFO

About Ultra Lithium Inc.
Ultra Lithium is a mineral exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds brine lithium properties in Argentina, hard rock spodumene type lithium properties in the Georgia Lake / Forgan Lake areas in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds gold and base metals properties in Argentina.

ON BEHALF OF THE BOARD OF DIRECTORS

"Kiki Smith"

Kiki Smith, CFO

For further information, please contact the Company at:
Attention: Kiki Smith
Telephone: 778 968-1176
Email: kiki@ultralithium.com
Website: www.ultralithium.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.

Table 1: Round 1 sample results

Sample ID Unidad: 1 2 3 4 5 6 7 Average Método:
Depth m 38.8 38.8 70.4 70.4 85.0 112.4 112.4
Densidad a 20°C kg/m3 1071 1078.4 1077.8 1079.5 1085.6 1086.4 1086.1 1,080.69 ASTM D4052-18a
Densidad a 20°C G/ML 1.071 1.0784 1.0778 1.0795 1.0856 1.0864 1.0861 1.08 ASTM D4052-18a
Alcalinidad mg CaCO3/l 1285 3405 1195 1155 1025 1020 1010 1,442.14 Basado en SM 2320 B - 23rd Edition
Bicarbonatos mg CaCO3/l 1285 1725 1195 1155 1025 1020 1010 1,202.14 Basado en SM 2320B - 23rd Edition
Carbonatos mg CaCO3/l 1680 Basado en SM 2320B - 23rd Edition
Cloruros mg/L 53623 56907 58443 60666 65685 65028 65749 60,871.57 Basado en SM 4500Cl-D - 23rd Edition
Conductividad uS/cm 151700 167400 180900 162900 170000 172800 178300 169,142.86 Basado en SM 2510 B 23rd Edition
Dureza (por cálculo) mg/L 8960 4030 9650 9880 10600 10600 10700 9,202.86 Basado en SM 2340B - 23rd Edition
Bario mg/L SGS.ME.342
Boro mg/L 289 392 316 331 356 359 357 342.86 SGS.ME.342
Calcio mg/L 604 210 566 594 610 610 618 544.57 SGS.ME.342
Estroncio mg/L SGS.ME.342
Hierro mg/L SGS.ME.342
Litio mg/L 387 386 398 398 411 417 388 397.86 SGS.ME.342
Magnesio mg/L 1808 851 2000 2040 2203 2195 2215 1,901.71 SGS.ME.342
Manganeso mg/L SGS.ME.342
Potasio mg/L 3811 4331 3907 4070 4308 4380 4078 4,126.43 SGS.ME.342
Sodio mg/L 31237 35550 33725 35345 38153 37964 37656 35,661.43 SGS.ME.342
Zinc mg/L SGS.ME.342
pH UpH 6.8 8.8 6.8 6.8 6.8 6.8 6.7 7.07 Basado en SM 4500 H B 23rd Edition
Solidos Suspendidos Totales mg/L 64 660 62 64 80 480 60 210.00 Basado en SM 2540 D - 23rd Edition
Solidos Totales Disueltos mg/L 108500 122500 115500 120000 129000 140500 130000 123,714.29 Basado en SM 2540 C - 23rd Edition
Sulfatos mg/L 9360 10525 9870 10220 11089 11245 11047 10,479.43 Basado en SM 4500 D - 23rd Edition

Table 2: Round 2 sampling results

Sample ID Unit CLVW4008 CLVW4010 CLVW4011 CLVW4012 CLVW4013 CLVW4009 Average Método:
Depth m 120 120 120 120 120 120
Densidad a 20°C kg/m3 1086.9 1082.8 1084.6 1081.1 1077.8 1054 1,077.87 ASTM D4052-18a
Densidad a 20°C G/ML 1.0869 1.0828 1.0846 1.0811 1.0778 1.054 1.08 ASTM D4052-18a
Alcalinidad mg CaCO3/l 930.5 1018.7 955 1028.5 783.6 1439.9 1,026.03 Basado en SM 2320 B - 23rd Edition
Bicarbonatos mg CaCO3/l 931 1019 955 1028 784 1440 1,026.17 Basado en SM 2320B - 23rd Edition
Carbonatos mg CaCO3/l Basado en SM 2320B - 23rd Edition
Cloruros mg/L 65821 62327 63374 61973 58428 39857 58,630.00 Basado en SM 4500Cl-D - 23rd Edition
Conductividad uS/cm 134500 130100 132800 128200 124500 94460 124,093.33 Basado en SM 2510 B 23rd Edition
Dureza (por cálculo) mg/L 9820 9460 9670 9220 8270 6020 8,743.33 Basado en SM 2340B - 23rd Edition
Bario mg/L SGS.ME.342
Boro mg/L 344 317 324 308 281 188 293.67 SGS.ME.342
Calcio mg/L 621 614 620 602 492 510 576.50 SGS.ME.342
Estroncio mg/L SGS.ME.342
Hierro mg/L SGS.ME.342
Litio mg/L 354 343 344 333 311 256 323.50 SGS.ME.342
Magnesio mg/L 2007 1924 1971 1873 1710 1153 1,773.00 SGS.ME.342
Manganeso mg/L SGS.ME.342
Potasio mg/L 3006 2877 2939 2802 2588 1832 2,674.00 SGS.ME.342
Sodio mg/L 39353 37024 37722 37043 35636 24498 35,212.67 SGS.ME.342
Zinc mg/L SGS.ME.342
pH UpH 7 7.1 6.9 7 7 7 7.00 Basado en SM 4500 H B 23rd Edition
Solidos Suspendidos Totales mg/L 540 530 270 180 510 210 373.33 Basado en SM 2540 D - 23rd Edition
Solidos Totales Disueltos mg/L 130350 123200 123800 120650 113950 79650 115,266.67 Basado en SM 2540 C - 23rd Edition
Sulfatos mg/L 11187 10381 10529 10109 9668 6314 9,698.00 Basado en SM 4500 D - 23rd Edition

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