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

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.

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