Tag Archive for: Lithium Projects

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has entered into a Letter of Intent (“LOI”) with Rock Tech Lithium Inc. pursuant to which Ultra Lithium has been granted the sole and exclusive right to purchase a 100% interest in Rock Tech Lithium’s Georgia Lake lithium project in Ontario (the “Project”).

To purchase the Project, Ultra Lithium must deliver $750,000 in cash and $750,000 in common shares of Ultra Lithium over a six-month period.

The Project is comprised of 22 mineral claims and 81 mining leases covering an area of approximately 4,594 hectares in the Thunder Bay Mining District of Ontario (Canada). Rock Tech Lithium’s National Instrument 43-101 (“NI 43-101”) reports an indicated resource estimate of 3.19 million tonnes at 1.10% Li2O and an inferred resource estimate of 6.31 million tonnes at 1.00% Li2O based on over 12,000 metres of diamond drilling, and surface channel sampling. (1)

(1) NI 43-101 resource estimate report dated August 29, 2012 is available on SEDAR, under Rock Tech Lithium’s profile. To the best of the Company’s knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources inaccurate or misleading.

The Project has been explored for lithium bearing spodumene pegmatites since they were discovered in the 1950’s. According to historical records, work includes 40,000 metres of drilling over 335 holes testing the pegmatites, as well as line cutting, mapping, geophysics and geochemical analyses. A historical resource (non-NI 43-101 compliant) was estimated at 8.9 million tonnes with a weighted average grade of 1.19% lithium oxide. The resource estimate reported by Rock Tech Lithium in August 2012 has tested historical resource area of 4.9 million tonnes with a weighted average grade of 1.04% Li2O, and through additional drilling and channel sampling increased it to 3.19 million tonnes at 1.10% Li2O indicated resource and 6.31 million tonnes inferred resource at 1.00% Li2O. The remainder of the untested historical estimate is approximately 4 million tonnes grading 1.32% Li2O. In 1956, a vertical shaft was sunk on one pegmatite, the Nama Creek Main Zone North pegmatite, to a recorded depth of 500 feet. (2)

(2) The source of all historical resource estimates are taken from the Ontario Department of Mines Geological Report No. 31 titled, “Geology and Lithium Deposits of Georgia Lake Area”, by E.G. Pye, (1965), and from a report titled, “Report on the Geology of the MNW Property”, by B. Zayachkivsky (1986). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as a current mineral resource or reserve. The historical estimate should not be relied on and does not comply with NI 43-101.

In October 2011, SGS Canada Inc. completed a metallurgical study on the Project’s lithium bearing pegmatite bulk samples. Metallurgical testing indicated that the spodumene material can be concentrated to a marketable 6.2% lithium oxide with recovery rate of 75.5% through heavy liquid separation and 81.1% by flotation. Additionally, lithium carbonate with 99.987% purity has been produced from these pegmatites, exceeding EV battery-grade specifications.

The Project has been supported by the local communities evidenced by Rock Tech Lithium’s joint memorandum of understanding (“MOU”) with three First Nations, Bingwi Neyaashi Anishinaabek, Biinjitiwaabik Zaaging Anishinaabek, and Animbiigoo Zaagi’igan Anishinaabek. The MOU provides a framework for future negotiations around an Impact and Benefits Agreement while ensuring that development of the Project is conducted in a manner that provides mutual benefits to all parties.

The Project is located approximately 145 kilometers northeast of the city of Thunder Bay. The principal means of access to the area is Highway No. 11, with gravel and tertiary bush roads providing access to the claim groups. These mineral claims and mining leases are located in four different blocks of the Property.

Marc Morin, CEO of Ultra, stated that, “Ultra Lithium is very pleased with this potential acquisition. The project does not only have a NI 43-101 compliant resource in an area where the lithium pegmatites are open at depth and along strike but also has several other lithium pegmatite dykes representing future exploration targets. These pegmatites have demonstrated excellent metallurgical results exceeding EV battery grade specifications. The Project enjoys good infrastructure support and its location which is within 150 kilometres from a world class deep water port gives it an advantage. The Company believes that with the continued support of the First Nations groups and local community, it has the ability to move the Project forward with the backing of its Asian investment partners.”

This transaction is subject to a number of conditions, including but not limited to the approval of TSX Venture Exchange.

The technical information contained in this news release has been reviewed and approved by Shahab Tavakoli, P. Geo., a qualified person, as defined by NI 43-101.

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) announces that it has arranged a non-brokered private placement of shares with Beijing Zairun Mining Investment Co., Ltd (“BZMI”) at a price of $0.05 per share for gross proceeds of $1,000,000. The proceeds from the private placement will be used to fund the continuing exploration and development of the Company’s Balkans project and for general working capital purposes.

The Company also announces that the joint venture agreement with BZMI related to the Balkans project as announced in the Company’s news release dated June 18, 2013, has been terminated. Ultra Lithium through its wholly owned subsidiary, Ultra Balkans D.O.O. Beograd, retains 100% of the Balkans project.

At the Company’s annual and special meeting held on August 7, 2014, Mr. Jiancheng Peng was elected as a new member of the Board of Directors. Mr. Peng brings over 30 years of experience in engineering and finance. He is the Chairman and founder of Chengdu Tonghui Investment Management Corp., an investment firm in China. Mr. Peng obtained his Bachelor’s Degree in Engineering from Southwest Jiaotong University in 1982.

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to provide an update on exploration activities on its exploration concessions in Serbia. The Company has now received and reviewed all geochemical analyses for the recent drill program, reviewed geological drill logs, held discussions with the geological team and met with external borate deposit and lithofacies experts. Results and conclusions are as follows:

Valjevo East Concession
This property is located within an East-West belt of Tertiary sedimentary basins known to host borate mineralization. Subsequent to collecting surface geochemical rock samples and geophysical (Gravity and Audio Magneto Telluric (AMT)) data collection / interpretation, the property was tested by three drill holes totaling 931.0 meters. Lithium values ranged from 7 ppm to 203 ppm. Boron values ranged from 10 ppm to 172 ppm. The sedimentary environment within the concession was determined to be primarily open drainage (vs. closed basin) and it was filled with coarser material (including sandstone) than typically required for borate or lithium-borate mineralization to develop. Upon filing of a closing report to the Serbian government, this license will be relinquished.

Blace Concession
This property is a Tertiary sedimentary basin with mildly anomalous lithium and boron values (+100ppm) noted from previous surface geochemical rock sampling. Subsequent to collecting surface geophysical (Gravity and Audio Magneto Telluric (AMT)) data and interpretation, this property was tested by six drill holes totaling 4459.7 meters. Lithium values ranged from 6 ppm to 212 ppm. Boron values ranged from 10 ppm to 451 ppm. The sedimentary environment in the northwest quadrant of the concession was determined to be primarily ‘closed basin’ with a reducing environment and hosting fine-grained sediments. Drill holes BL-4, 6, and 7 tested the edges of a large gravity low. A statistical review of each of these drill holes displayed a bimodal distribution of Boron, suggesting local enrichment. Drillhole BL-7 encountered a broad interval (from 20-200m) of mildly anomalous Boron near surface and select deeper intervals of exposed core are developing a salty crust. Upon review of a pending lithofacies report by Professor Nebojsa Vasic of the University of Belgrade, Serbia, the Company intends to conduct further exploration and drill down dip (East) of the BL-7 interval noted.

Samples were processed by SGS laboratory in Bor, Serbia. Samples were run for 53 element geochemical analysis by ICP-MS. One meter core samples were sawn in half, with samples collected approximately every 10 meters, or when encountering a change in lithology.

Marc Morin, President and CEO, said, “We are pleased with our Serbian exploration to date. In addition to confirming a target sub-basin in Blace, we continue to refine our Lithium and Borate exploration models and will apply that knowledge to our remaining exploration concessions.

Updated project information can be found on the Company website as it becomes available.

The Ultra Balkans Project is a joint venture between Ultra Lithium Inc. and Beijing Zairun Mining Investment Co., Ltd. (“BZMI”). BZMI has the right to earn up to a 35% interest in Ultra Balkans by funding up to $3,500,000 of exploration expenditures on the Ultra Balkans Project.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved on behalf of the Company by Mr. Shahab Tavakoli, P.Geo, Geophysicist, M.Sc., a Qualified Person under NI 43-101.

On behalf of the Board of Directors
Marc Morin, President & CEO

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has signed a non-binding Letter of Intent (‘LOI”) with CCG Mining (Canada) Inc. (“CCG”) with respect to a joint venture to explore and develop ULI’s South Big Smoky Valley claims located in Nevada, USA (the “Property”). CCG Mining Inc. is a subsidiary of CCG Group which is a state owned entity responsible for prospecting and exploring mineral deposits in China as well as around the world. It was established in 1972 and is headquartered in Jinan, the Capital City of Shandong province, China. CCG Group has over a thousand geologists and supporting staff.

Under the terms of the LOI, CCG undertakes and commits to fund up to $2,000,000 of qualifying exploration expenditures in the Property to acquire up to a 35% equity interest in the joint venture over a period of three years. CCG will earn a 10% equity interest for a $500,000 investment in the first year, an additional 10% equity interest for a $500,000 investment in the second year and an additional 15% equity interest for a $1,000,000 investment in the third year. Upon CCG’s full exercise of its option, the joint venture will be owned 65% by ULI and 35% by CCG.

CCG will have the right of first refusal to further fund and increase its ownership in the joint venture in addition to its 35% share should ULI grant a further option of its interest in the Property.

ULI’s CEO, Marc Morin comments, “We are delighted to work with our new partners CCG to explore and develop the South Big Smoky Valley property.”

The Property consists of 664 placer claims (13,280 acres) strategically located in the South Big Smoky Valley, Esmeralda County, Nevada. South Big Smoky Valley shares a similar geology and weathering history to Clayton Valley, located 16 miles to the south. The north end of Clayton Valley hosts Chemetall Foote Corporation’s Silver Peak Mine, the only lithium brine producer in the United States. Mine production comes from lithium enriched brines located below the surface. This plant has been in production since 1967.

Completion of the transaction contemplated herein is subject to certain conditions including but not limited to the signing of a definitive agreement on or before March 16, 2014 and the receipt of all necessary regulatory and third party approvals.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the Company by Mr. Shahab Tavakoli, M.Sc., a technical consultant to the Company and a qualified person.

On behalf of the Board of Directors
Marc Morin, President & CEO

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that at the Company’s annual general and special meeting, Mr. Jinshui Zhao has been elected to the Board of Directors of the Company.

Mr. Zhao is the Executive Vice President and Director of the Department of Overseas Projects for Beijing Exploration Technology and Engineering Co., Ltd. (“BETEC”) since October 2004. Prior to joining BETEC, he had 20 years of technical experience with Anhui Prospecting Technology Institute, formerly known as the First Comprehensive Geophysical Prospecting Group of the Ministry of Geology and Mineral Resources.

Marc Morin, CEO and Director, said, “Mr. Zhao has extensive technical qualifications and significant industry experience. He will be a valuable addition to our Board.”

The Company granted 250,000 stock options to Mr. Zhao pursuant to the terms of the Company’s stock option plan. The options are exercisable at a price of $0.10 per share for a period of 5 years from the date of grant and will vest over 18 months.

The Company wishes to thank and acknowledge Edward Kelly for his services as a former director.

On behalf of the Board of Directors
Marc Morin, President & CEO