ULTRA LITHIUM INC. — TSX.V-ULT

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Ultra Lithium Mineralogy Research Study Indicates 79.38% Gold as an Independent Mineral in Rock Samples Assayed from ULI’s Argentinian Gold Properties

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Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) announces that the Company has received the Mineralogy Research Study Report from the Material Composition Department of Kunming Metallurgical Research Institute (KMI) China. The study results show that the average gold content in the samples is 35.916 g/t, with 79.38% gold occurring in the form of an independent mineral, which can be recovered through gravity separation.

Ultra Lithium moves forward with gold projects
“The research work carried out by KMI is a significant milestone for our Argentinian gold projects. This study provides a basis for designing a pilot scale gold processing plant to determine the viability of processing mining dump material on each historical mine site,” according to Dr. Weiguo Lang, CEO of UltraLithium. “Presence of over 79% free goldin rock samples is an important finding of thestudy.This will enable the Company to achieve a high recovery rate at low costs, as well as saving future capital expenditures forthe processing and metallurgical test work.”

Research Highlights:

1)      The mineralization is composed of 9 categories of 26 types of minerals, including natural elements, sulfide, oxide, silicate, carbonate, sulfate, phosphate, vanadate and halide, among which oxide accounts for 78.86%, carbonate accounts for 7.64%, silicate accounts for 7.46%, sulfate accounts for 3.48% and other smaller ones.

2)      By crushing the mineralized rock to -0.3mm (screening rate > 99%), the cumulative distributions of embedded particles sized above 400 mesh (0.038mm) are:

  • i.     Quartz: 99.86%
  • ii.     Muscovite: 98.86%
  • iii.     Chrysocolla: 98.86%
  • iv.     Limonite/hematite: 99.21%
  • v.     Malachite: 99.80%
  • vi.     Atacamite: 99.52%

3)      The mineralized rock crushing to 0.3 mm (sieving rate > 99%), dissociation detections of fully dissociated minerals are:

  • i.     Quartz: 99.86%
  • ii.     Muscovite: 51.39%
  • iii.     Chrysocolla: 39.67%
  • iv.     Limonite/hematite: 44.11%
  • v.     Malachite: 55.85%
  • vi.     Atacamite: 21.09%

4)      Average gold content in samples is 35.916 g/t. Main minerals bearing gold are natural gold, quartz, muscovite, chrysocolla, limonite, hematite, malachite and atacamite. There are two types of gold occurrence: one in an independent form occurring in natural gold accounted for 79.38%, and the other form of mechanical mixing in quartz, muscovite, chrysocolla, limonite, hematite, malachite and atacamite (unable to be identified by optical microscope or scanning electron microscope).

5)      Average copper content is 2.45%. Copper mainly occurs in malachite, atacamite and chrysocolla, and a small amount occurs in covellite, calcite and brochanite.

6)      Average lead content is 5.87%. Lead mainly occurs in cerusite and sardianite, and a small amount of lead occurs in chervetite.

7)      The gold distribution in rock is relatively concentrated, with the distribution of natural gold in the main gold-bearing minerals reaching 79.38%. It is suggested that this part of the gold minerals can be largely recovered through gravity separation.

8)      The host rock is mainly composed of massive structures. Some metal minerals, such as limonite and hematite, are sparsely disseminated in the rock, forming a sparse disseminated structure of mineralization. The main structure of metallic minerals is its granular structure, and the main structure of gangue minerals is unequal granular crystallablasstic texture.

9)      By microscopic observation, X-ray diffraction analysis, hand panning, electron microprobe analysis and MLA analysis, the results show the natural elements in the rock are as follows: sulfide, oxide, silicate, carbonate, sulfate, phosphate, vanadate and halide in nine categories of 26 kinds of minerals, including oxide (78.86%), carbonate (7.64%), silicate (7.46%), sulfate (3.48%) and other small amounts.

10)    Analyses of microprobe and single mineral chemistry confirmed that quartz, muscovite, chrysocolla, limonite, hematite, malachite and cerusite are the main carrier minerals of gold. Mixed rock with -2mm particle size was taken, shrunk and broken to size of -0.3mm, and prepared into MLA resin sample for analysis. The results are as follows:

  • Quartz – mainly 6.8 to 300 microns (cumulatively reached 98.06%);
  • Muscovite – mainly 3.4 to 212 microns (cumulatively reached 98.86%);
  • Chysocolla – mainly 3.4 to 212 microns (cumulatively reached 98.86%);
  • Limonite/hematite – mainly 4.8 to 300 micron (cumulatively reached 99.21%);
  • Malachite – mainly 6.8 to 150 microns (cumulatively reached 98.00%);
  • Atacamite – mainly 4.8 to 106 micron (cumulatively reached 98.17%).

Figure 1: Photo showing natural gold morphology phase.

Grab Sample Testing
A total of three grab rock samples were collected from dump material located near the historical mining areas of the newly acquired gold mining licences. These samples were taken for property acquisition due diligence purposes and were tested in two independent laboratories: SGS Laboratories in Burnaby, Canada, and Kunming Metallurgical Research Institute (KMI), China (see Company’s news release dated July 09, 2019). Ultra Lithium also requested KMI was to complete a mineralogy research study.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium and gold assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. Ultra Lithium recently diversified its portfolio by adding a total of 3 gold exploration and 13 gold mining licenses in Argentina, which it has commenced developing.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.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.

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.

Ultra Lithium Assayed Up to 54.77 G/T (1.93 OZ) Gold in Rock Samples from Mining Licenses in Argentina

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Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) announces assay results of rock samples from their newly acquired Gold Mining Licenses in La Rioja Province, Argentine. A total of three grab rock samples were collected from dump material located near the historical mining areas of three mining licenses. These samples were taken for property acquisition due diligence purposes and were tested in two independent laboratories: SGS Laboratories in Burnaby, Canada, and Kunming Metallurgical Research Institute (KMI), China.

Figure 1 – Espinillo Mine – Sampling from Quartz Vein- Showing vein width 2 – 3 metres.

Gold Assay Results from 7.44 to 54.77 Grams per Ton
The results of samples analyzed at SGS Canada Laboratories indicate gold values in the range of 7.44 gram per ton (g/t) to 54.77 g/t(1.93 oz/t), silver 54 g/t to 125 g/t, copper 0.24 percent (%) to 1.24%, lead 0.09% to 22.90%, zinc 0.02% to 5.01%, iron 2.27% to 28.90%, and vanadium 0.01% to 3.07%.

A comparison of assay results for selected elements from both laboratories is provided in Table 1 with location of samples provided in Table 2.

Gold Mining Licenses Transferred To Ultra Lithium’s Argentinian Subsidiary
Following the approval from La Rioja Ministry of Mines, the titles of ULI’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 Lithium 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.

Figure 2 – Quartz vein samples showing mineralization.

Ultra Lithium’s Plans Going Forward
Dr. Weiguo Lang, CEO of UltraLithium, stated that, “These assay results helped the Company to acquire three exploration licenses through direct staking and 13 additional mining licenses through acquisition. The Company has collected over 800-kilograms of mineralized material from existing dumps and quartz veins for testing in a metallurgical laboratory. Our field team is currently estimating the volume of mineralized material at our historical mine dumps. These estimates will provide a guide for developing a pilot scale gold processing plant in the area. Based on the assay results and field geological studies, a polymetallic gold vein deposit model is being considered for further project exploration work. The amount of free recoverable gold will be a significant factor in determining the pilot plant design. Additionally, the Company has acquired historical geological geophysical maps, reports and data which are being evaluated to enable us to launch a focused prospecting and geological mapping program to find additional prospective areas with quartz veins on the properties.”

CAUTIONARY NOTE: Grab surface samples discussed in this news release were taken from historical mine dumps and are not necessarily indicative of mineralization on Ultra Lithium’s properties.

Table 1: Assay Highlights 

Sample ID  

19cal-01

 19cal-03

19esp-05
Element

Unit

 KMI China SGS Canada KMI China SGS Canada KMI China

SGS Canada
Gold (Au)

g/t

 17.34 7.44 21.09 10.98 24.54

54.77
Silver (Ag)

g/t

 85.8 74.00 114.3 125.00 103.9

54.00
Copper (Cu)

%

 0.80 0.24 1.00 0.95 3.00

1.24
Lead (Pb)

%

 4.00 9.57 9.00 22.90 0.30

0.09
Zinc (Zn)

%

 0.02 0.05 3.00 5.01 0.09

0.02
Iron (Fe)

%

 8.00 28.90 6.00 6.14 1.00

2.27
Vanadium (V)

%

 0.20 0.21 0.06 3.07 0.04 0.01

Notes: N.A. – Not analyzed or below detection limits

Table 2: Sample Location

Sample ID

AREA / MINING

LICENSE

LOCATION

Gauss Kruger                                Geographic
19esp-05

ESPIILLO II

 3468569, 6512375

31 41 47,6 S

66 21 38,0 W
19cal-01

CALLANA VI

3465818, 6493704

31 46 26,5 S

66 21 26,6 W
19cal-03

CALLANA V

3466116, 6494355

Laboratories Used
Samples were analyzed in two different laboratories using the following packages / techniques.

Element / Package selected

SGS CANADA

KMI CHINA
Gold by Fire Assay Gold by Fire Assay, package GO_FA303 Gold and Silver by Fire Assay (Code: CF20190131)
All other elements GE_ICP40B CF20190131-1to6 X-ray fluorescence spectral analysis
Over limit packages GC_AAS42V for silver, GO_ICP90Q for copper, manganese, iron, lead, zinc, GC_ICP93A for vanadium, GE_CSA06V for sulphur

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium and gold assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. The Company recently diversified its portfolio by adding a total of 3 gold exploration and 13 gold mining licenses in Argentina, which it has commenced developing.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.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.

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.

Ultra Lithium Acquires 13 Additional Gold Mining Licenses In Argentina

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Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) announced today the Company has signed an agreement with a local vendor to acquire thirteen gold mining licenses in Chepes Area, La Rioja Province, Argentina (the “Chepes licences”). The Chepes licences 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 from1880 to 1914.

Ultra Lithium Enlarges Diversification Program by Adding 13 Gold Mining Licenses
Under the agreement, a total of thirteen gold mining licenses covering 508 hectares were acquired by making cash payments of US $2,000 per license. The Company will pay the vendor 10% of the profit from any future production from the Chepes licences. Ultra Lithium also agreed to pay the vendor 5% of the profit from any future production from its ULTRA I, ULTRA II, and ULTRA III exploration licences which are in the vicinity of the newly acquired Chepes licences. The ULTRA exploration licences were staked earlier this year (see news release dated June 5, 2019).

Fig 1. the Espinillo II historical gold processing plant and Fig 2. mine shaft showing quartz vein both part of Ultra Lithium’s newly acquired Chepes licences.

The Chepes area is known for its gold mines and prospective quartz veins in shear hosted granodiorite rocks of early Paleozoic age. Several of the newly acquired mining licenses have historical mining dumps containing quartz vein material. In 1993, the Japan International Cooperation Agency (JICA) studied this area providing information on 30 different gold mineralization locations and historical mines. JICA carried out geological mapping, surface sampling, ground geophysical surveys and some drilling in the Chepes Area. The Company is in the process of compiling the historical geological and exploration data on the Chepes licenses to plan and develop future work programs.

Geologically, these 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.

Assembled A Highly Prospective 30,000 Hectacre Package of Gold Properties
Dr. Weiguo Lang, CEO of UltraLithium, stated that, “We are very pleased with the acquisition of the 13 Chepes mining licencesproviding the Company with near term targets for further exploration. The Company now has a land package of approximately30,000 hectacres. Our technical team iscurrently evaluating quantities of historically mined oreson the grounds of the thirteen mineswith the objective of establishing apilot 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.”

CAUTIONARY NOTE: The historical information presented above was sourced from the JICA Report entitled, “Informe Sobre Exploracion de Minerales del Area Oeste de la Republica Argentina, Fase II” (March 1994). It is relevant for the further exploration of the project, which the Company intends to undertake in the future. A qualified person has not completed sufficient work to verify the results and the foregoing is presented for informational purposes only and should not be relied upon. 

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. Ultra Lithium recently diversified its portfolio by adding a total of 16 gold exploration licenses in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.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.

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.

Ultra Lithium Diversifies with the Acquisition of Three Gold Exploration Licenses in Argentina

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Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) announced today the Company has acquired three gold exploration licenses in the Chepes Area located in La Rioja Province, Argentina. 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 property surrounds a number of historical producing gold mines and is considered a favourable area for the successful discovery of gold.

Ultra Lithium’s Diversification Program
“While continuing exploration and development of our lithium projects in Canada and Argentina, the Company has developed a well-planned diversification strategy for gold projects. The acquisition of three new gold exploration licenses is our first step in this direction,” stated Dr. Weiguo Lang, CEO of UltraLithium. “The Company’s strong presence in Argentina has enabled us to acquire this large gold exploration property covering 27,900 hectares and continue to expand our gold assets through acquisitions.”

Governor Sergio Casas of La Rioja meets with Ultra Lithium team

Three Mining Licences in Historical Gold Mining Area
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.

Geologically, the gold exploration area is underlain by tonalite, granodiorite, migmatites and amphibolite rocks of Precambrian to Paleozoic age. Gold mineralization is typically associated with epithermal style shear hosted quartz veins. Mineralization is in the form of alteration zones of hematite, limonite, pyrite, chalcopyrite, goethite and galena with occasional free gold.

Old gold mine works with mine tailings in the foreground

Local newspapers reported on Governor Sergio Casas of La Rioja’s meeting with the Ultra Lithium team

CAUTIONARY NOTE: The historical information presented above was sourced fromthe JICA Report entitled, “Informe Sobre Exploracion de Minerales del Area Oeste de la Republica Argentina, Fase II” (March 1994). It is relevant for the further exploration of the project, which the Company intends to undertake in the future. A qualified person has not completed sufficient work to verify the results and the foregoing is presented for informational purposes only and should not be relied upon.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and two hard rock spodumene type lithium properties in the Georgia Lake area in northwestern Ontario, Canada. As of June 2019, Ultra Lithium has diversified its portfolio by adding three gold exploration licenses in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.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.

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.

Ultra Lithium Closes Private Placement

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Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) is pleased to announce that it has completed the sale of 22,883,413 units at $0.06 per unit for total gross proceeds of $1,373,005. Each Unit is comprised of one common share and one-half non-transferable common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.12 per share for a period of two years from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.20 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given. The Company paid finders fees 2,205,833 units for this placement.

The proceeds from the Private Placement will be used to fund the exploration of the Company’s Argentine properties and for general working capital purposes.

All securities issued under the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to final approval by the TSX Venture Exchange..

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of Ultra Lithium Inc.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds brine exploration properties in Catamarca, Argentina and Nevada, USA and two hard rock spodumene type lithium properties in Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.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.

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.

Ultra Lithium Applies for Drill Permit for High Quality Brine Lithium Exploration Targets from Geophysical Surveys at Salar Laguna Verde in Argentina

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Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) today announced that the Company has applied for a drill permit at its Laguna Verde brine lithium property in Catamarca Province, Argentina. This is based on brine targets identified in an interpretation report of the ground geophysical surveys (Gravity and TDEM). The report indicates high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a potential brine basin of 23 square kilometres withthickness of 100 to 150 meters.

Ultra Lithium’s Highlights of 23 Square Kilometre Brine Basin

  • The core area of 3.4 square kilometres (km2) is the core area with resistivity below 3 ohm and can be used for brine extraction on a trial basis if feasible. The size of this core zone salar increases to 5.81 square kilometers at 125 m depth and to 9.44 square kilometres at 225 m depth below surface (see Figure below).
  • A potential salar area of 23 km2is calculated based on the g-shaped area of gravity around the core zone. The surface of this salar area is covered by high resistivity layer which is underlain by aeolian sediments and salt deposits. This interpretation willbe confirmed by drilling and sampling.
  • Gravity survey interpretation shows a major fault system exists to the east of the Laguna Verde Salar representing a 2.4-kilometer-thick Cenozoic basin,which requires further research.

Beijing Engineering CompanyCompletes Gravity and Time Domain Electromagnetic (TDEM) Surveys
A total of 39.2-line- kilometers of ground geophysical survey was completed in eight exploration lines, with azimuth of 137 degrees and 47 degrees from north. Total 312 Time Domain Electromagnetic (TDEM) points and 430 gravity points were measured at a spacing of 100 metres. As announced in Ultra Lithium’s June 25, 2018 News Release, the Company contractedBeijing Technology and Engineering Co., Ltd. (BETEC) from China to complete Gravity and Time Domain Electromagnetic (TDEM) surveys on its brine properties in Argentina.

Excellent Lithium Geochemical Analyses at Salar Laguna Verde Discovery Zone
The geophysical surveys were planned and executed to follow-up excellent lithium geochemical analyses from the Salar Laguna Verde Discovery Zone. This was detailed in Ultra Lithium’sFebruary 21, 2018 News Release, where assay results indicated brine samples with metal values up to 1,270 ppm lithium, 7,920 ppm magnesium, 15,800 ppm potassium, and 2,190 ppm boron. Average values of lithium in all samples is 526 ppm, boron 673 ppm, magnesium 1,916 ppm, potassium 7211 ppm and sodium 86,081 ppm. The Salar Laguna Verde Discovery Zone brine samples area is marked by low magnesium to lithium ratios, in the range of zero to 10.2 which will facilitate lower capital and operating costs.

Figure 1: Laguna Verde size of the salar area at various depth slices interpretation

“The geophysical surveyresults exceeded our expectations,” stated Dr. Weiguo Lang, CEO of UltraLithium, “Based on the geophysical survey interpretation, Ultra Lithium hasdeveloped a drill plan which has been submitted to the Catamarca Mining Ministry for permitting and approval.”

Ultra Lithium also announces that the survey work on the Amelia Brine Lithium Property has been completed and the results are being interpreted.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of Ultra Lithium Inc.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina and hard rock spodumene type lithium properties at the Georgia Lake area in Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.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.

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.

Ultra Lithium Acquires Forgan Lake Lithium Property in Northwestern Ontario

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Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) has entered into an agreement with International Lithium Corp. (TSX-V: ILC) to acquire 100% interest in the Forgan Lake Lithium property.

The 256-hectare lithium property consists of 16 units located in the Thunder Bay Mining District in Northwestern Ontario, Canada.

The Forgan Lake lithium property is comprised of one legacy claim TB4244103 (converted to 18 cell claims and two boundary claims as of April 10, 2018 by the Ontario Ministry of Northern Development and Mines). It is located adjacent to the Lucky Lake claim block on the northwestern part of ULI’s Georgia Lake lithium property.

Ultra Lithium inc. has acquired the Forgan Lake Lithium Property in Ontario

Historical work on the property was first carried out by Lun-Echo Gold Mines Limited between 1955-61. Exploration work included 39 drill holes, aggregating 10,561 feet (3,219 metres) on the eastern side of Forgan Lake.

Lithium mineralization on the Property is comprised of six spodumene-bearing pegmatites (Number 1 to 6 Pegmatites as described in the Ontario Department of Mines Geological Report No. 31).

Some of these Pegmatites continue onto the Lucky Lake claim block.

Several channel samples were taken on Number 1 Pegmatite by Lun-Echo Gold Mines Limited. Three samples, from about midway along the known length of the pegmatite were found to average 2.57% lithium oxide (Li2O) over a width of 21 feet (6.4 m); two samples from 80 feet (24.38m) southwest of the first three, averaged 4.23% Li2O over 24.5 feet (7.46m), and an additional two, from 225 feet (68.58m) farther southwest 1.98% Li2O over 25 feet (7.62m).

Dr. Weiguo Lang, CEO of UltraLithium:“We are very pleased with the acquisition of the Forgan Lake property which is adjacent to the Lucky Lake claim block. This acquisition will enhance the exploration potential of our Georgia Lake claims and strengthen our relationship with International Lithium. The Company intends to start a work program on the property as soon as historical data compilation is completed. We will then follow up with a near-term test production program using high-grade surface mineralization.”

CAUTIONARY NOTE: The historical results presented above 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 are relevant to the further exploration of the project which, the Company intends to undertake in the future. A qualified person has not done sufficient work to verify the results; therefore, they should not be relied upon and are presented for informational purposes only.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.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.

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.

Ultra Lithium Announces OTCQB Listing Under the Symbol ULTXF

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”)  common shares are listed for trading on the OTCQB under the trading symbol ULTXF commencing August 16, 2018 .

Dr. Weiguo Lang, CEO of Ultra Lithium: “We are very excited to provide this platform to our existing and prospective US shareholders. The OTCQB allows for greater exposure and accessibility to US investors.”

ULI is currently completing data interpretation of geophysical surveys for the Laguna Verde Area. It is also preparing for Geophysical Survey work on its Amelia Property.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.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.

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.

Laguna-Verde-Brine-Project

Ultra Lithium Starts Evaporation Testwork at Laguna Verde Brine Lithium Project in Argentina

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) has started bench scale evaporation testwork on brine samples from Laguna Verde Brine in Argentina.

A 4 cubic metre (4,000 litres) sample taken from Laguna Verde Brine was shipped to ULI’s portable lab in Salta, Argentina. The sample will be evaporation tested to evaluate how to produce various lithium salts in controlled temperature, wind, humidity and pressure conditions. ULI will also perform Lithium recovery analysis as part of this project.

Recent sampling results at Laguna Verde indicated lithium values in the range of 34.2 parts per million (ppm) to 1270 ppm. Average lithium concentration of 526 ppm was found.

Laguna-Verde-Brine

Laguna Verde Brine Project

See Company’s press release dated February 21, 2018

Dr. Weiguo Lang, CEO of UltraLithium: “Exploration work at Laguna Verde Brine is progressing well thanks to the hard work of the field crew, especially in harsh winter weather conditions. Evaporation testwork is a big milestone towards developing a scoping study for potential production of lithium salts and concentrate. We are looking forward to results in about 3 months’ time.”

The evaporation testwork is contracted to Mr. Horacio Garkus of Servicios Mineros, Salta Argentina. Mr. Garkus is a consulting geologist with expertise in brine type lithium exploration and development in Argentina

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.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.

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.

Laguna-Verde-Brine-Geophysical-Survey

Ultra Lithium Commences Geophysical Survey at Laguna Verde Brine Lithium Property in Argentina

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce the Laguna Verde Brine Geophysical Survey has begun. The Company contracted Beijing Explo-Tech and Engineering Co., Ltd. (BETEC), a speciality geophysical survey company from China to complete Gravity and Time Domain Electromagnetic (TDEM) surveys on the three brine properties. The BETEC technical team has already completed the survey layout in the Laguna Verde discovery zone.

Dr. Weiguo Lang, CEO of Ultra Lithium, stated, “This is the first milestone in understanding ULI’s lithium brine resource potential. Once the Laguna Verde Brine geophysical survey is finished, we will begin to prepare for the drilling program while the geophysical team gets ready to start work on the remaining survey areas at the Amelia property in Salar Antofalla and the La Borita property. We will provide survey progress updates in the coming weeks.”

laguna-verde-brine-geophysical-survey

ULI’s Laguna Verde Brine geophysical survey has started

Qualified Person
The technical information for the Laguna Verde Brine geophysical survey was reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.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.

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.