Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce assay results which demonstrate a zone of strong tantalum values over a 670 meter strike length from the initial drilling program on the Tebishogeshik showing on its Zigzag Tantalum/Lithium and Rare Metals property (the “Property”) under option from Ultra Lithium Inc. (TSXV: ULI) (“Ultra”). The Property is subject to an Option Agreement with Ultra and the underlying property owners to acquire an 80% legal and beneficial interest (subject to a 2% NSR retained by the Owners, 50% of which can be purchased by Orebodies for $1,000,000).
- Hole CO-10-008 assayed 299.07 ppm Ta2O5 over 6.92 meters, which includes 399.82 ppm Ta2O5 over 2.92 meters.
- Hole CO-10-007 assayed 197.29 ppm Ta2O5 and 1.08 % Li2O over 6.1 meters, which includes 240.18.29 ppm Ta2O5 and 1.49 % Li2O over 3.05 meters.
- Hole CO-10-010 assayed 237.68 ppm Ta2O5 over 3.65 meters.
- Zone of strong tantalum enrichment over a 670 meter strike length.
Zigzag Property Overview
The Property in total consists of 129 claim units comprising 2,064 hectares, located approximately 60 km northeast of Armstrong, Ontario. The property is host to 5 historical lithium and rare metal showings of consequence.
Historical highly anomalous tantalum and cesium values are notably widespread on the property and indicate a high potential for zoned, complex-type pegmatites enriched in tantalum and cesium. Complex-type pegmatites are excellent targets for economic deposits of lithium, tantalum, cesium and rubidium such as the Tanco pegmatite in Manitoba.
Zigzag Drilling Overview
There were a total of 8 short holes drilled on the Tebishogeshik showing on the Zigzag property, totalling 484.6 meters during Orebodies initial program. Each hole drilled intersected pegmatite which demonstrates approximately 670 meters of strike length from hole CO-10-008 on the west to CO-10-011 on the East end. Results from every hole, except CO-10-004, demonstrate there if a zone of strong tantalum enrichment with highly anomalous values for other rare metals. Due to the fact that CO-10-004 assayed uncharacteristically low in tantalum values it is being sent back to the lab to be re-assayed.
Gordon McKinnon, President & CEO commented “This initial drill program was very successful in demonstrating that there is a significant tantalum mineralization zone on the Zigzag property that extends for 670 meters and remains open in all directions.” Gordon McKinnon further commented “It should be noted that tantalum prices have been increasing significantly in the past year and are anticipated to remain at these elevated levels for some time as numerous constraints continue to put pressure on the tantalum market.”
TABLE 1 – HIGHLIGHTED DRILLING ASSAYS FOR TEBISHOGESHIK SHOWING
(Widths above are the intercepted widths of the mineralized zone, true widths are not known at this time.)
Tantalum is a specialty metal which is highly corrosion resistant and has the highest ability to hold and release electricity. These characteristics make it essential for electronic devices (tantalum capacitors) and specialty applications such as jet engines. Several events in the global market have caused the price of tantalum to increase significantly as of late, mainly the fact that two of the largest producers have shut down (Tanco deposit in Canada and Talison Tantalum in Australia) which represents nearly half of the world market. These shutdowns have led to a global supply that has fallen behind demand and the market now requires additional production from new projects.
Orebodies Zigzag property is very interesting for the fact that besides high grade lithium, tantalum could have one of the most considerable economic benefits as historically there have been a significant amount of samples collected that demonstrate widespread, high grade results. Breaks (2003) stated that individual analysis from the Tebishogeshik Lens 3 exceeded 80 wt % Ta2O5 and were amongst the highest documented in lithium-rich pegmatite of Ontario.*
*(historical in nature and not 43-101 compliant and therefore should not be relied upon.)
It should be noted that typically samples with higher tantalum values tend to have low lithium values as is representative of sodic aplite and albitite-rock units that represent significant host- rocks for tantalum mineralization. This is demonstrated by the Tanco Mine in Manitoba and the Wodgina and Greenbushes Mines of Western Australia. However, there are samples with high lithium values that also carry strong anomalous tantalum.
A thorough quality control program is in effect which includes inserting standards and blanks alternating every 25 samples. All samples were submitted to ALS and analyzed using four acid digestion and ICP-MS. For more information on assay methodology please visit the ALS Laboratory Group. Website at http://www.alsglobalcom
This press release has been prepared under the supervision of Mr. Don Hains (P.Geo.)., who is an independent consultant to the Company and a “qualified person” (as such term is defined in National Instrument 43-101). Mr. Hains has verified the technical data disclosed in this press release.
For more information please contact:
Gordon McKinnon, President & CEO Canadian Orebodies Inc.
(705) 268-9000 www.canadianorebodies.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.
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