Ultra Lithium Intersects 2.68 Percent Lithium Oxide at The Forgan Lake Lithium Property in Northern Ontario, Canada
February 08 2023 - 8:00AM
Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB)
(“Ultra Lithium” or “the Company”) is pleased to announce that
the Company has received the first batch of drilling results from
four diamond drill holes at its 100% owned Forgan Lake Lithium
Property in northwestern Ontario, Canada. The drilling was
contracted to Diafore Drilling Inc. from Quebec who completed 31 NQ
and HQ size core drill holes with a cumulative drilling of 3,635
metres. The results of four drill holes intersected lithium
pegmatites of various widths (see Table 1 and 2 for details).
Highlights
- Drill Hole FL22-19
intersected two pegmatite zones with the upper 7 m wide pegmatite
averaging 1.35% lithium oxide (Li2O) at 15.44 m drilled depth,
including one meter of 2.68% Li2O and 2 m of 1.89% Li2O. The lower
6.81 m wide pegmatite averaged 0.52% Li2O at 26.44 m drilled depth,
including the top one meter of1.08% Li2O.
- Drill Hole FL22-20
intersected three pegmatites with the upper 11-meter-wide pegmatite
averaging 1.1% Li2O at 7.95 m drilled depth. The lower two
pegmatites are thinner in widths and lower grade (see Table 1 for
details).
- Drill Hole FL22-21
intersected three lithium pegmatites with the upper four meter wide
pegmatite averaging 1.21% Li2O at 8 m drilled depth; the middle
eight meter wide pegmatite averaging 1.13% Li2O at 16 m drilled
depth; the lower seven meter wide pegmatite averaging 1.04% Li2O at
26 m drilled depth.
- Drill Hole FL22-22
intersected an 18-meter-wide pegmatite with averaging 0.56% Li2O at
37.22 m drilled depth, including a two-meter-wide zone of 1.38%
Li2O at 47.22 m depth.
All intersections reported are based on drilled widths and have
not been converted to the true width. The drill core was logged and
sampled using a rock saw at 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
(Na2O2). ACTLABS is an independent commercial, accredited ISO
Certified Laboratory. Ultra Lithium is preparing a CIM/NI 43-101
resource estimate based on the 31 drill holes completed in 2022 and
39 historical drill holes on the Property.
Dr. Weiguo Lang, CEO of Ultra Lithium, stated, “The first set of
excellent drilling results at the Forgan Lake project have shown
near surface high value lithium, which encourages the Company to
continue exploring more spodumene bearing pegmatites in the area.
The Company is also conducting processing and metallurgical tests
with bulk samples from the drilled area.”
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: Forgan
Lake drill holes lithium intercepts highlights |
Drill Hole ID |
Depth from |
Depth To |
Width |
Li |
Li2O |
|
m |
m |
m |
% |
% |
FL22-19 |
15.44 |
22.44 |
7 |
0.67 |
1.35 |
Including |
15.44 |
16.44 |
1 |
1.24 |
2.68 |
|
19.44 |
21.44 |
2 |
0.88 |
1.89 |
FL22-19 |
26.44 |
33.25 |
6.81 |
0.244 |
0.52 |
Including |
26.44 |
27.44 |
1 |
0.5 |
1.08 |
|
|
|
|
|
|
FL22-20 |
7.95 |
18.95 |
11 |
0.51 |
1.1 |
Including |
10.95 |
12.95 |
2 |
1.15 |
2.48 |
FL22-20 |
19.95 |
22.76 |
2.81 |
0.25 |
0.53 |
FL22-20 |
24.68 |
27.68 |
3 |
0.08 |
0.17 |
|
|
|
|
|
|
FL22-21 |
8 |
12 |
4 |
0.565 |
1.21 |
FL22-21 |
16 |
24 |
8 |
0.53 |
1.13 |
FL22-21 |
26 |
33 |
7 |
0.48 |
1.04 |
|
|
|
|
|
|
FL22-22 |
37.22 |
55.22 |
18 |
0.26 |
0.56 |
Including |
47.22 |
49.22 |
2 |
0.645 |
1.38 |
Table 2: Drill hole details
Drill Hole ID |
Location NAD 1983 Zone 16N |
Elevation |
TD |
Azimuth |
Dip |
|
Easting |
Northing |
m |
m |
deg |
deg |
FL22-19 |
407296 |
5464763 |
322 |
72 |
312.2 |
-75.5 |
FL22-20 |
407306 |
5464790 |
300 |
39 |
314.8 |
-44 |
FL22-21 |
407306 |
5464790 |
300 |
75 |
311.7 |
-74.4 |
FL22-22 |
407275 |
5464802 |
297 |
81 |
133 |
-45 |
Figure 1: Drill hole location
map https://www.globenewswire.com/NewsRoom/AttachmentNg/9060f36d-9b89-43c3-b295-157f464e74a0
Figure 2: Drill hole
sectionshttps://www.globenewswire.com/NewsRoom/AttachmentNg/7d4700cb-ed61-4854-a7b1-df0d1237f67a
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 lithium values of 6.93% lithium
oxide (Li2O), 6.90% Li2O and 4.88% Li2O
- 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 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.
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