Ultra Lithium Cuts 1.81 Percent Lithium Oxide Over 10 Meters in Channel Samples at the Forgan Lake Lithium Property Northwestern Ontario

Ultra Lithium Cuts 1.81 Percent Lithium Oxide Over 10 Meters in Channel Samples at the Forgan Lake Lithium Property Northwestern Ontario

Ultra Lithium Inc. ( TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB ) ("Ultra Lithium" or "the Company") is pleased to announce assays for the first batch of channel sampling completed during Q4 2022 exploration work at its 100% owned Forgan Lake Lithium Property in northwestern Ontario, Canada. The channel sampling was completed at the Number 1 Pegmatite and other pegmatites on the Property. The first two trenches channels (Channels 1 and 2) cut 10 meters of lithium pegmatites each with 1.81% and 1.29% lithium oxide (Li2O), respectively (see Table 1 and Figure 1 for details). Anomalous values of other rare metals, including beryllium (Be), cesium (Cs), niobium (Nb), rubidium (Rb) and tantalum (Ta) were also returned.

Highlights

  • Channel 1 intersected 10 meters wide pegmatite with average 8,417 parts per million (ppm) lithium (Li) or 1.88% Li2O. The other rare metals assayed average 203.30 ppm Be, 33.99 ppm Cs, 64.27 ppm Nb, 998 ppm Rb, and 42.98 ppm Ta.
  • At Channel 1, a 3 m wide section (Samples 906574-6) assayed average 2.52% Li2O, similarly, a one-meter section (sample 906571) assayed 2.86% Li2O.
  • Channel 2 also intersected 10 meters wide pegmatite with average 6,020 ppm Li or 1.29% Li2O. The other rare metals assayed average 207.3 ppm Be, 28.17 ppm Cs, 65.07 ppm Nb, 753.2 ppm Rb, and 38.75 ppm Ta. A one-meter section (Sample 906589) assayed 2.05% Li2O.
  • Both channels showed less than 1 percent iron (Fe) which can be a positive factor in metallurgical testwork for saving costs to remove impurities.
  • Both channels represent consistency in lithium grades.

Each channel sample represents a one meter long, 5 cm wide and 3-5 cm deep cut in bedrock. The samples were logged in the field and at the Pleson Geoscience core shack located in Nipigon, ON. The samples were bagged and tagged using best practices and were delivered to Activation Laboratories ("ACTLABS"), Ancaster, Ontario for sample preparation and analyses using laboratories code Ultratrace 7 and sodium peroxide fusion (Na 2 O 2 ). ACTLABS is an independent commercial, accredited ISO Certified Laboratory.

Dr. Weiguo Lang, CEO of Ultra Lithium, stated, "The first channel sampling results further validate the presence of near surface high grade lithium mineralization at the Forgan Lake property. We are excited to receive more results from 2022 drilling and further channel sampling in the coming weeks."

Afzaal Pirzada, P.Geo., VP Exploration of the Company, and a "Qualified Person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects , has reviewed and approved the scientific and technical information contained in this news release.

Table 1: Channel Sample Results at Number 1 Pegmatite – Forgan Lake Property

Forgan Lake Channel Samples Li Li 2 O Be Cs Fe Nb Rb Ta
ppm % ppm ppm % ppm ppm ppm
15 3 0.1 0.05 2.4 0.4 0.2
Channel ID Sample # Length (m) FUS-Na2O2
D1-Tr-1 906569 1 2280 0.49 335 24.0 0.68 108.7 845 63.5
D1-Tr-1 906570 1 8670 1.86 213 22.6 0.84 76.4 646 44.3
D1-Tr-1 906571 1 13300 2.86 628 22.0 0.92 132.6 327 68.2
D1-Tr-1 906572 1 6380 1.37 68 19.6 0.66 45.7 624 25.1
D1-Tr-1 906573 1 5070 1.09 80 42.0 0.49 46.9 1690 23.5
D1-Tr-1 906574 1 10700 2.30 143 30.8 0.64 47.9 918 27.3
D1-Tr-1 906575 1 11300 2.43 89 47.2 0.59 41.9 1120 42.4
D1-Tr-1 906576 1 13200 2.84 181 23.8 0.65 58.1 520 59.5
D1-Tr-1 906577 1 4460 0.96 115 67.9 0.39 28.9 2080 23.5
D1-Tr-1 906578 1 8810 1.89 181 40.0 0.55 55.6 1210 52.5
Total / Average 10 8417 1.81 203 33.99 0.64 64.3 998 42.98
D1-Tr-2 906581 1 3870 0.83 540 36.0 0.54 40.1 1050 16.8
D1-Tr-2 906582 1 5740 1.23 83 24.1 0.48 28.3 820 10.0
D1-Tr-2 906583 1 3800 0.82 112 21.4 0.46 45.2 990 14.2
D1-Tr-2 906584 1 2560 0.55 197 19.2 0.53 80.0 712 34.9
D1-Tr-2 906585 1 4480 0.96 181 17.3 0.37 72.6 536 28.0
D1-Tr-2 906586 1 8730 1.88 139 14.6 0.61 99.4 365 58.9
D1-Tr-2 906587 1 5400 1.16 206 23.0 0.47 91.9 577 47.1
D1-Tr-2 906588 1 8060 1.73 156 22.9 0.67 91.8 530 61.2
D1-Tr-2 906589 1 9520 2.05 285 80.5 0.52 53.5 1380 95.5
D1-Tr-2 906590 1 8040 1.73 174 22.7 0.69 47.9 572 20.9
Total / Average 10 6020 1.29 207 28.17 0.53 65.1 753 38.8

Figure 1: Channel samples location map


Forgan Lake Project

The Forgan Lake property consists of approximately 256 hectares land in 20 mining claims located in the Thunder Bay Mining District in Northwestern Ontario, Canada. It is located adjacent to the north of Ultra Lithium's Lucky Lake claim block comprised of 15 mining claims. The Property has excellent infrastructure support, and the First Nations communities are very cooperative for the economic progress of the region through development of mining resources. Historical work on the Forgan Lake Property was first carried out by Lun-Echo Gold Mines Limited during 1955-61 period. The exploration work included 39 drill holes, aggregating 10,561 feet drilling on the eastern side of Forgan Lake. Lithium mineralization on the Property comprised of six spodumene-bearing lithium pegmatites which are mostly parallel to the metasediments.

Highlights

  • Lithium mineralization is comprised of six spodumene-bearing pegmatites
  • Three 2019 grab samples showed Li2O values of 6.93%, 6.90% and 4.88%
  • Historical exploration in the 1950s' included 39 drill holes, aggregating 10,561 feet
  • Three historical channel cut samples returned average 2.57% Li2O over a width of 21 feet (6.4 m)
  • Two historical channel cut samples averaged 4.23% Li2O over 24.5 feet (7.46m)

About Ultra Lithium Inc.

Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, hard rock spodumene type lithium properties at the Georgia Lake/Forgan Lake area in Northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds other 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5fbb7cec-2d86-4a8c-8986-b5c148d2c461


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

ULT:CA
The Conversation (0)
Ultra Lithium Inc. Appoints Directors

Ultra Lithium Inc. Appoints Directors

Ultra Lithium Inc. (TSX-V: ULT OTCQB: ULTXF) ("Ultra Lithium" or the "Company") is pleased to announce that Kiki Smith and Graham Adria have been appoint to the Company's board of directors.

Graham Adria was appointed to the board of directors on November 15, 2023. Graham Adria has extensive experience as a corporate lawyer and currently works for an international law firm in Beijing. He is experienced in cross-border transactions in the resources sector, particularly on small and mid-cap mining transactions into Africa and Asia. Graham received his Bachelor of Arts (Honors) in Political Science from the University of Alberta and his Juris Doctor from Osgoode Hall. Graham is called to the bar in Ontario.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
CORRECTING and REPLACING - Ultra Lithium Inc. Closes Private Placement

CORRECTING and REPLACING - Ultra Lithium Inc. Closes Private Placement

In a news release issued Friday, August 11, 2023, by Ultra Lithium Inc. (TSX-V: ULT OTCQB: ULTXF) under the same headline, please note the Warrant Share price in the second paragraph should be "$0.25 in the second twelve months following issuance" rather than "$0.12 in the second twelve months following issuance" as originally issued. Complete corrected text follows.

Ultra Lithium Inc. (TSX-V: ULT OTCQB: ULTXF) ("Ultra Lithium" or the "Company") is pleased to announce that it has closed a non-brokered private placement issuing 18,181,819 Units at a price of C$0.055 per Unit for gross proceeds of C$1,000,000.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Ultra Lithium Invites Shareholders and Investment Community To Visit Booth #2353 at PDAC 2023 Toronto, March 5-8, 2023

Ultra Lithium Invites Shareholders and Investment Community To Visit Booth #2353 at PDAC 2023 Toronto, March 5-8, 2023

Ultra Lithium Corp. (TSXV: ULT) (OTCQB: ULTXF) ("Ultra" or the "Company") is pleased to be exhibiting in Toronto this weekend at Booth #2353 at the Prospectors & Developers Association of Canada's (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 5 to Wednesday, March 8, 2023.

ABOUT Ultra Lithium

Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium, gold and copper assets. The company holds a brine lithium property in Argentina, hard rock spodumene type lithium properties at the Georgia Lake/Forgan Lake area in Northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nev., United States. The company also holds other gold and base metals properties in Argentina.

Additional information about Ultra and its operations can be found on the Company website at https://ultralithium.com/. Follow us on Twitter @Ultra_Lithium and LinkedIn at https://www.linkedin.com/company/ultra-lithium-inc.

On behalf of the Board of Directors
Kiki Smith, CFO

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Ultra Lithium Completes 3,500 Meters Drilling to Date at Forgan Lake and Georgia Lake Lithium Properties Northwestern Ontario Intersecting Lithium Pegmatites With Widths Up to 15 Meters

Ultra Lithium Completes 3,500 Meters Drilling to Date at Forgan Lake and Georgia Lake Lithium Properties Northwestern Ontario Intersecting Lithium Pegmatites With Widths Up to 15 Meters

Ultra Lithium Inc. ( TSXV:ULT, OTCQB: ULTXF and Frankfurt: QFB ) ("Ultra Lithium" or "the Company") is pleased to provide an update on drilling progress at its Forgan Lake and Georgia Lake Lithium properties in northwestern Ontario, Canada. To date, the Company has completed 31 NQ and HQ size drill holes for over 3,500 meters of diamond drilling over the two properties. Several drill holes intersected lithium pegmatites of various widths ranging from 0.5 m to 15 m. Drill-core is presently stored at the Pleson Geoscience Core yard in Nipigon, ON where it is being logged and sample intervals marked. The drill core will be cut using a rock saw and samples will be shipped for assay over the next month.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
SAGA Metals Completes Field Program at North Wind Iron Ore Project and Lists on Frankfurt Stock Exchange

SAGA Metals Completes Field Program at North Wind Iron Ore Project and Lists on Frankfurt Stock Exchange

Saga Metals Corp. (" TSXV: SAGA ") (" FSE: 20H" ) (" SAGA " or the " Company "), a North American exploration company focused on discovering critical minerals in Canada, is pleased to announce that SAGA's exploration team has completed an initial field program at the North Wind Iron Ore project located in west central Labrador.

SAGA's North Wind Iron Ore Project:

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Raja Step-Out Drilling Returns Multiple Significant Intercepts

Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Raja Step-Out Drilling Returns Multiple Significant Intercepts

Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from 10 drillholes at the Raja and Joki zones of mineralization which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto

Highlights:

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
VIDEO: Lithium Universe Limited  CEO Alex Hanly Discusses the Becancour Lithium Refinery PFS

VIDEO: Lithium Universe Limited CEO Alex Hanly Discusses the Becancour Lithium Refinery PFS

Brisbane, Australia (ABN Newswire) - The Lithium Universe Ltd (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF) strategy emphasizes developing a robust lithium refinery project in Becancour, designed to be viable even in low-price environments and ready to capitalize on price recovery. LU7 aims to close the lithium conversion gap by focusing on both resource development and end-market projects. The financial model demonstrates strong economic viability with a pre-tax NPV8% of US$779M, an IRR of 23.5%, and a payback period of 3.5 years, based on a lithium carbonate price of US$20,970/t and spodumene at US$1,170/t. The project has an expected annual revenue of US$383M and an EBITDA of US$147M, with a break-even lithium carbonate price of US$14,000/t.

LU7 plans to address global lithium conversion challenges by using proven Jiangsu Refinery technology, with a plant designed to produce 18,270 tonnes/year of battery-grade lithium carbonate. The design focuses on smaller, easier-to-operate facilities. The plant is strategically located in Quebec, which offers cost benefits like green energy and proximity to major lithium markets in North America. Powered by Hydro Quebec, the project aims for a 95% reduction in greenhouse gas emissions.

To Watch the Video, please visit:
https://www.abnnewswire.net/lnk/575S0398



About Lithium Universe Ltd:  

Lithium Universe Ltd (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF), headed by industry trail blazer, Iggy Tan, and the Lithium Universe team has a proven track record of fast-tracking lithium projects, demonstrated by the successful development of the Mt Cattlin spodumene project for Galaxy Resources Limited.

Instead of exploring for the sake of exploration, Lithium Universe's mission is to quickly obtain a resource and construct a spodumene-producing mine in Quebec, Canada. Unlike many other Lithium exploration companies, Lithium Universe possesses the essential expertise and skills to develop and construct profitable projects.



Source:
Lithium Universe Ltd

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
SAGA Metals Engages Expert Geologist for Petrographic Analysis and Prepares for Second Tranche of IPO

SAGA Metals Engages Expert Geologist for Petrographic Analysis and Prepares for Second Tranche of IPO

Saga Metals Corp. (" TSXV: SAGA ") (" SAGA " or the " Company "), a North American exploration company focused on discovering critical minerals in Canada has engaged Dr. A. Miller, a renowned geoscientist with over 50 years of expertise in mineral deposits, to improve the geological understanding of the Double Mer Uranium and Radar Titanium-Vanadium projects and guide exploration programs into 2025. Dr. Miller has made significant contributions to uranium exploration in Canada and has worked extensively on layered ultramafic-mafic complexes throughout the Americas. His petrographic and petrological studies will provide key insights into the mineral composition of SAGA's projects, supporting future metallurgical and feasibility studies.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Beyond Lithium Announces Unit Offering for Gross Proceeds of up to $500,000, Amendments to Property Option Agreements and Exploration Program Update for Cosgrave, Ear Falls, And Victory

Beyond Lithium Announces Unit Offering for Gross Proceeds of up to $500,000, Amendments to Property Option Agreements and Exploration Program Update for Cosgrave, Ear Falls, And Victory

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Beyond Lithium Inc. (CSE: BY) (OTCQB: BYDMF) (the "Company" or "Beyond Lithium") is pleased to announce: (i) a proposed non-brokered private placement of up to 10-million units of the Company (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to $500,000 (the "Offering"); (ii) amendments to its existing property option agreements with Bounty Gold Corp. and Last Resort Resources Ltd. (collectively, the "Optionors"); and (iii) an exploration program update for its Cosgrave, Ear Falls, and Victory projects.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Argentina Lithium Announces a 327-metre Lithium Brine Interval at the 13th Exploration Well on the Rincon West Project

Argentina Lithium Announces a 327-metre Lithium Brine Interval at the 13th Exploration Well on the Rincon West Project

TSX Venture Exchange (TSX-V): LIT  
Frankfurt Stock Exchange (FSE): OAY3  
OTCQX Venture Market: LILIF

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×