Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) announces an operational update for the audio-magnetotelluric survey (AMT) currently underway on its Balkans Project in the Republic of Serbia.
- Field work complete on Blace, Ladjevci and Preljina concessions
- 300 km² of ground geophysical surveys now complete across the Company’s 643 km² property
- Approximately 400 AMT measuring points have been surveyed with remaining 400 points to be completed by October 2012
- Geophysical work underway on Valjevo concession in same Valjevo Basin where Pan Global Resources’ have reported recent drilling success (click here for PGZ’s July 18 news release)
Marc Morin, Ultra Lithium’s President & Chief Executive Officer said:
“Ultra is actively exploring all seven of its exploration licenses in Serbia. The interpretations from our initial AMT surveys will help prioritize our proposed drill program in Serbia. The area is highly prospective for lithium, boron and jadarite mineralization and we are happy with the progress of the exploration campaign thus far.”
On July 23, 2012, geophysical crews commenced a comprehensive audio-magnetotelluric survey (AMT) on the Company’s 643 km² land package in Southern Serbia. The data is now being used to interpret basin geometry and identify potential lithium and boron bearing horizons.
The geophysical surveys are part of a Phase I exploration program designed to delineate drill targets by carrying out geophysical surveys, geological mapping and soil sampling. Geophysical surveys and interpretations are being carried out by Beijing Explo-Tech Engineering Co., (“BETEC”) of Beijing, China. The survey commenced over previously mapped alteration zones and has been expanded to cover the remainder of the property.
It is anticipated that a total of 19 lines of AMT measurements totaling over 200 km in length, with 800 AMT measuring points, will be completed by October 2012. To complement the AMT survey results, the Company also plans to acquire additional gravity measurements at the same time.
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 on behalf of the Company by Mr. Shahab Tavakoli, P.Geo, Geophysicist, M.Sc., a Qualified Person under NI 43-101.
For more technical information on Ultra’s Balkans property, please refer to: http://ultralithium.com/properties-balkans/
On behalf of the Board of Directors
Marc Morin, President & CEO
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.