Ultra Lithium Cuts 1.81 Percent Lithium Oxide Over 10 Meters in Channel Samples at the Forgan Lake Lithium Property Northwestern Ontario
March 22 2023 - 8:00AM
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 (Na2O2). 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 |
Li2O |
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 SmithTelephone: 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” 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5fbb7cec-2d86-4a8c-8986-b5c148d2c461
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