United Lithium Corp. (“United Lithium” or the “Company”)
(CSE: ULTH; OTCQX: ULTHF; FWB: 0UL) is pleased
to announce that it has increased its land position in Finland and
Sweden after acquiring the rights to the 54,400 hectare (“ha”) Kova
Property reservation and the 13,900 ha Kast Property reservation in
Finland, and the 14,000 ha Axmarby Property in Sweden
(collectively, the “Properties”).
United Lithium has increased its Nordic holdings
by almost 300% after acquiring the Properties, all within highly
prospective geological terrains with potential to host lithium
bearing pegmatites. The Company has obtained the rights to the
Properties after acquiring all of the issued and outstanding common
shares of two private companies, PR1 Finland Oy (“PR1”) (a
wholly-owned Finnish subsidiary of Pure Resources Ltd.) and
Scandinavian Battery Metals (“SBM”), a Canadian private
company.
“Europe is the second largest EV market in the
world and the continent is at the forefront of global carbon
footprint reduction. The demand for domestic sources of raw
materials to support decarbonization represents an opportunity for
United Lithium and its shareholders. The acquisition of three new
Properties increases our holdings within the underexplored Nordics
in geological settings similar to the Keliber Lithium Mine, which
is currently being built. Axmarby, in Sweden, is situated
immediately north of our flagship Bergby Project and shares the
same key infrastructure. Furthermore, the acquisition of Kast and
Kova add additional prospective opportunities to our portfolio of
properties in Finland,” commented President and CEO, Scott
Eldridge.
As consideration for acquiring the Properties,
the Company paid AUD$20,112 to Pure Resources Ltd. and made
payments of CAD$40,050 and USD$110,984 to an arm’s-length third
party vendor, in exchange for all of the issued and outstanding
common shares of each respective company. At the time of the
acquisition, SBM held the rights to acquire the Kova Property from
PR1; however, as a condition of closing, the agreement between SBM
and PR1 was terminated. The rights to the Axmarby Property are held
by SBM, and are part of the Company’s SBM acquisition .
Pure Resources Ltd. will retain a 2% net smelter
returns royalty (“NSR Royalty”) on the Kast Property and Kova
Property, subject to a buyback right in favour of the Company,
pursuant to which the Company may purchase 1% of the NSR Royalty at
any time in exchange for payment of CAD$750,000. No such agreement
is in place for the Axmarby Property, which remains
royalty-free.
About the Kova Property
The Kova Property is situated approximately 150
km north of Helsinki and 50 km east of the City of Tampere (Figure
1) and covers 54,400 ha (54.4 sq. km). It is located on the
northern margin of the Pirkanmaa migmatite belt (1.96 – 1.91 Ga),
immediately to the south of the Tampere schist belt. Kova sits
directly to the south from the Eräjärvi LCT-metallogenic area,
where more than 70 pegmatite dykes enriched in B, Be, Li, Nb, Sn,
and Ta have been identified (Lahti 1981, Alviola 2004). The area is
in a prospective geological setting with the presence of
late-orogenic (1.80 Ga) LCT type complex pegmatites that were
previously mined.
The local geology is comprised of migmatites
made up of mica (para) gneiss (turbidites, graywackes) with a
lesser extent of mafic-intermediate volcanic rocks and
amphibolites. Felsic plutonic rocks in the Kova area include
granodiorites, aplite, pegmatite and tonalite and are considered
early Svecofennian (1.91-1.88 Ga). In addition, complex structures
with sheared and schistose metasediments further provided possible
conduits for the pegmatite melts. Nearby known complex pegmatite
deposits include the Seppalä LCT pegmatite and the historical
Juurakko and Viitaniemi pegmatite mines are located directly north
of the Kova claims.
Bedrock in the project area is well exposed with
220 pegmatites sites mapped by PR1 (see Pure Resources ASX
announcement dated July 12, 2023). A field visit completed by
United Lithium in the summer of 2023 confirmed the presence of
dyke-like pegmatites striking NW-SE, ranging in thickness from
centimeters to 5-10 meters and up to several tens of meters in
length. The pegmatites are comprised of K-feldspar and quartz with
variable amounts of biotite and muscovite. Tourmalines, ranging in
size from medium to coarse to pegmatite-sized are found locally.
Li-silicates were not observed.
Figure 1: Kova Property Outline, Finland
About the Kast Property
Located adjacent to the Rosendal tantalum
deposit, the Kast Property is approximately 110 km west of Helsinki
and covers approximately 13,900 ha (13.9 sq. km) in the Kemiö
metallogenic area region of Finland (Figure 2). Kast is located on
the western part of the Uusimaa supracrustal belt (~1.89 Ga) and is
defined by the presence of gneisses, schists, amphibolites, mafic
to felsic volcanic rocks and carbonates. The area is intruded by
Svecofennian orogenic felsic intrusive of the Southern Finland
Granite and Plutonic Suites. The area is prospective for mixed or
hybrid rare-element pegmatites which have REE signatures and are a
mix between LCT (Li, Cs, Ta) and NYF (Nb, Y, F) pegmatites.
Historical and GTK data suggest that the
Rosendal deposit contains Ta, Be and Li mineralization, as well as
recoverable albite, quartz and muscovite (Alviola 1997). The
presence of the Rosendal deposit and the known Ta-Nb mineral
pegmatites in the region indicate that the Kemiö metallogenic may
have a significant, largely untested Li-Ta potential.
Bedrock exposures over the Kast Property are
relatively sparse and PR1 observed 49 pegmatites during their work
in 2023 (see Pure Resources ASX announcement dated July 12, 2023),
however no assays are available. Historical drilling has been
completed in the Kast area, and logging reports indicate intercepts
of approximately 501 intersections of pegmatite and granite,
however, none of the pegmatite intercepts have been sampled or
assayed.
Figure 2: Kast Property Outline, Finland
The Kast and Kova Property reservations were
issued to PR1 on June 21, 2023 and are valid until April 23, 2025,
at which time, the Company will need to evaluate its results and
determine whether to convert any portion of each property into an
exploration permit. Until that time, under a reservation status,
the Company has the right to complete field work including mapping
and sampling to potentially identify future drill targets.
About the Axmarby Property
The 14,015 ha (140 sq. km) Axmarby Property is
located approximately 200 km north of Stockholm via highway E4 and
40 km north of the city of Gävle (Figure 3). Axmarby is also
directly north of United Lithium’s flagship Bergby Project, near
the Gulf of Bothnia coast in central Sweden. To date, five
pegmatite dyke systems have been identified on the Bergby
claims.
Part of the Axmarby Property is situated within
the Hamrånge synform in the west-central part of the Fennoscandian
Shield. The stratigraphy in the area consists of mica schist
overlain by 1.88 billion years (“Ga”) old felsic and mafic volcanic
rocks, followed by metaquartzite (< 1.86 Ga) believed to have
formed during an 1.86-1.83 Ga intra-orogenic phase. Geological and
isotopic data suggests an oceanic island arc signature of the
metavolcanic rocks. The surrounding 1.86 Ga granitoids of the
Ljusdal Batholith is believed to have been formed in an active
continental margin setting. Directly to the north of Axmarby, the
granitoid rocks are believe the be older and mostly gneissic or in
part migmatitic.
Pegmatite dykes have been observed approximately
2 km north of the town of Axmarby and seem to be associated with
the same structures that host the pegmatite at Bergby. Pegmatites
were between 40 cm and up to 4 m and could be traced up to 20 m in
some cases.
Figure 3: Axmarby Property Outline, Sweden
Patriot Project Claims
The Company also announces that it received
notice from the Bureau of Land Management, notifying the Company
that 104 of the 321 claims staked at the Patriot Project in 2022
are null and void as they are located on lands that were designated
under the National Wilderness Preservation System and the Colorado
Wilderness Act of 1993. The Company is entitled to a refund of
US$38,480 for the initial maintenance fees, location fees and
annual maintenance fees paid to date on the aforementioned
claims.
Qualified Person
The scientific and technical information in this
news release was reviewed, verified and approved by Isabelle
Lépine, M.Sc., P.Geo. Ms. Lépine is a Registered Professional
Geologist in British Columbia and a Qualified Person as defined by
NI 43- 101 Standards of Disclosure for Minerals Projects. Ms.
Lépine is the Director of Mineral Resources of the Company and is
not independent of the Company.
On Behalf of The Board of
Directors
“Scott Eldridge”President, Chief Executive Officer
and Director Telephone: +1-604-428-6128Email:
scott@unitedlithium.com
About United Lithium
United Lithium is an exploration &
development company energized by the global demand for lithium. The
Company is targeting lithium projects in politically safe
jurisdictions with advanced infrastructure that allows for rapid
and cost-effective exploration, development, and production
opportunities.
The Company’s consolidated financial statements
and related management’s discussion and analysis are available on
the Company’s website at https://unitedlithium.com or under its
profile on SEDAR+ at www.sedarplus.ca.
Forward-Looking Statements
This news release includes “forward-looking
statements” and “forward-looking information” within the meaning of
Canadian securities legislation. All statements included in this
news release, other than statements of historical fact, are
forward-looking statements including, without limitation,
statements with statements with respect to the potential of the
Kast, Kova and/or Axmarby properties; the timing, completion and
successful execution of any planned exploration activities at any
of the Properties; and prospective opportunities about the
Properties. Forward-looking statements include predictions,
projections and forecasts and are often, but not always, identified
by the use of words such as “anticipate”, “believe”, “plan”,
“estimate”, “expect”, “potential”, “target”, “budget” and “intend”
and statements that an event or result “may”, “will”, “should”,
“could” or “might” occur or be achieved and other similar
expressions and includes the negatives thereof.
Forward-looking statements are based on the
reasonable assumptions, estimates, analysis, and opinions of the
management of the Company made in light of its experience and its
perception of trends, current conditions and expected developments,
as well as other factors that management of the Company believes to
be relevant and reasonable in the circumstances at the date that
such statements are made. Forward-looking information is based on
reasonable assumptions that have been made by the Company as at the
date of such information and is subject to known and unknown risks,
uncertainties and other factors that may have caused actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied
by such forward-looking information, including but not limited to:
risks associated with mineral exploration and development; metal
and mineral prices; availability of capital; accuracy of the
Company’s projections and estimates; realization of mineral
resource estimates, interest and exchange rates; competition; stock
price fluctuations; availability of drilling equipment and access;
actual results of current exploration activities; government
regulation; political or economic developments; environmental
risks; insurance risks; capital expenditures; operating or
technical difficulties in connection with development activities;
personnel relations; contests over title to properties; and changes
in project parameters as plans continue to be refined. The estimate
of mineral resources may be materially affected by environmental,
permitting, legal, title, taxation, sociopolitical, marketing, or
other relevant issues. Forward-looking statements are based on
assumptions management believes to be reasonable, including but not
limited to the price of lithium and other metals and minerals; the
demand for lithium and other metals and minerals; the ability to
carry on exploration and development activities; the timely receipt
of any required approvals; the ability to obtain qualified
personnel, equipment and services in a timely and cost-efficient
manner; the ability to operate in a safe, efficient and effective
matter; and the regulatory framework regarding environmental
matters, and such other assumptions and factors as set out herein.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate and actual results, and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information contained herein, except in accordance
with applicable securities laws. The forward-looking information
contained herein is presented for the purpose of assisting
investors in understanding the Company’s expected financial and
operational performance and the Company’s plans and objectives and
may not be appropriate for other purposes. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
The Canadian Securities Exchange has not
approved nor disapproved the contents of this news release and does
not accept responsibility for the adequacy or accuracy of this
release.