Gold Projects in Argentina
Ultra Lithium’s has implemented a diversification program by acquiring a total of three gold exploration licenses and 13 thirteen gold mining licenses totalling over 30,000 acres of highly prospective properties in the Chepes area located in La Rioja Province, Argentina.
Chepes Gold Area, La Rioja Province
The Chepes area has several historical gold mines and the area contains prospective quartz veins in shear hosted granodiorite rocks of early Paleozoic age. These gold veins have been mined for over one hundred years. In 1993, Japan International Cooperation Agency (JICA) studied this area and provided information on 30 different gold mineralization locations and historical mines. JICA conducted geological mapping, surface sampling, ground geophysical surveys, as well as some drilling in the Chepes Area. Based on this historical data, the Ultra Lithium team is currently compiling historical geological and exploration information to develop future work programs on the three new exploration licenses.
Ultra Lithium’s Three Exploration Licences Include 27,900 Hectares in a Historical Gold Mining Area
The exploration licenses:ULTRA I, ULTRA II and ULTRA III covering 27,900 hectares land were acquired by direct staking through Ultra Argentina SRL, a wholly owned subsidiary of Ultra Lithium Inc. The properties surround a number of historical producing gold mines and are considered a favourable area for the successful discovery of gold.
Ultra Lithium’s 13 Gold Mining Licenses Cover 2,000 Highly Prospective Hectacres
The company’s thirteen gold mining licenses are located on past producing historical gold mines, which are considered favourable for exploration of gold and copper. Historically quartz veins were mined for gold and copper in this area from 1880 to 1914.
The Geology of the Mining Properties
Geologically, the three exploration licenses and the thirteen gold mining licenses properties are underlain by tonalite, granodiorite, migmatites and amphibolite rocks from the Precambrian to Paleozoic age. Gold mineralization is typically associated with epithermal style shear hosted quartz veins. The mineralization is in the form of alteration zones of hematite, limonite, pyrite, chalcopyrite, goethite and galena with occasional free gold.
Gold Mining Licenses Owned by Ultra Lithium’s Argentinian Subsidiary
Following the approval from La Rioja Ministry of Mines, the titles of ULT’s recently acquired thirteen gold mining licenses have been transferred into the name of Ultra Argentina S.R.L., a wholly owned subsidiary of Ultra Resources Inc. Under Argentinian mining laws, the exploration licenses grant the titleholder the right to prospect and perform exploration activities for a limited period of time. Whereas, the mining licenses grant the titleholder the right to develop, mine and extract minerals without any time limits.
30,000 Highly Prospective Hectacre Package of Gold Properties
According to Dr. Weiguo Lang, CEO, “We are pleased with the acquisition of the three exploration licenses and the13 Chepes mining licences. These will provide the Company with near term targets for further exploration. Ultra Resources now has a land package of approximately 30,000 hectacres. Our technical team is evaluating quantities of historically mined oreson the grounds of the thirteen mines with the objective of establishing a pilot scale gold processing plant on site. An exploration work plan will also be developed based on the initial evaluation and sampling of historical mine dumps and in situ quartz vein material.”
Gold Mining Licenses Owned by Ultra Resources’ Argentinian Subsidiary
Following the approval from La Rioja Ministry of Mines, the titles of ULT’s recently acquired thirteen gold mining licenses have been transferred into the name of Ultra Argentina S.R.L., a wholly owned subsidiary of Ultra Resources Inc. Under Argentinian mining laws, the exploration licenses grant the titleholder the right to prospect and perform exploration activities for a limited period of time. Whereas, the mining licenses grant the titleholder the right to develop, mine and extract minerals without any time limits.
Ultra Resources’ Historical Gold Mines
