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
October 11 2022 - 7:30AM
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.
Georgia Lake DrillingThe summer
2022 diamond drill program comprised 9 holes for a total of 1,402
meters at the Camp and Trans pegmatite showings and was carried out
by Niigaani Drilling using a medium size diamond drill rig with NQ
size bit. Seven of the drill holes completed were focused on the
exposed Camp Pegmatite showing, in order to define the geometry and
the grades of the spodumene bearing pegmatite dyke along strike and
dip. Two drill holes were completed to explore other pegmatites in
the area. The Company will embark on a soils sampling program to
identify additional pegmatites at Georgia Lake.
Forgan Lake Drilling A 3,000
meter drilling contract was signed with Diafore Drilling Inc. from
Quebec, of which 17 NQ size and 5 HQ size drill holes have been
completed for a total of 2,465 meters. Drill holes intersected
lithium pegmatites ranging from 0.5 m to 15 m. It was observed the
Forgan Lake pegmatites are wider and more consistent than at
Georgia Lake so the Company expanded its drilling program at Forgan
Lake. The Company is completing an additional 400 meters of larger
diameter HQ size drill holes to better define the lithium
pegmatites and minimize the nugget effect of large spodumene
crystals. Some of the HQ core will be mixed with bulk surface
samples collected for metallurgical testwork.
Option Grant
The Company has granted a total of 7,762,500
incentive stock options to various directors, officers and
consultants of the Company in accordance with the Company’s stock
option plan. Each Option is exercisable into one common share of
the Company at a price of $0.10 per share. The Options vested on
grant and will expire on October 10, 2027. The stock options
granted are subject to the acceptance of the TSX Venture
Exchange.
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 VP
Exploration of the Company.
About Ultra Lithium Inc.
Ultra Lithium Inc. 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 SmithTelephone: 778 968-1176 Facsimile: 604
909-4682 Email: kiki@ultralithium.com Website: www.ultralithium.com
or view the Company’s filings at www.SEDAR.com.
Cautionary Statement Regarding
“Forward-Looking” InformationSome 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.
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