Ultra Lithium Assayed Gold in Rock Samples from Mining Licenses in Argentina

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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.

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.

Ultra Lithium’s Plans Going Forward

Quartz vein samples showing mineralization at Callanas mine.

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 ChinaSGS CanadaKMI ChinaSGS CanadaKMI China

SGS Canada

Gold (Au)

g/t

17.347.4421.0910.9824.54

54.77

Silver (Ag)

g/t

85.874.00114.3125.00103.9

54.00

Copper (Cu)

%

0.800.241.000.953.00

1.24

Lead (Pb)

%

4.009.579.0022.900.30

0.09

Zinc (Zn)

%

0.020.053.005.010.09

0.02

Iron (Fe)

%

8.0028.906.006.141.00

2.27

Vanadium (V)

%

0.200.210.063.070.040.01

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 AssayGold by Fire Assay, package GO_FA303Gold and Silver by Fire Assay (Code: CF20190131)
All other elementsGE_ICP40BCF20190131-1to6 X-ray fluorescence spectral analysis
Over limit packagesGC_AAS42V for silver, GO_ICP90Q for copper, manganese, iron, lead, zinc, GC_ICP93A for vanadium, GE_CSA06V for sulphur

Ultra Lithium geologists inspecting the Callanas mine.

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.

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Ultra Lithium Inc. A team of clean energy experts with a finger on the pulse of clean energy news, ULI is a lithium exploration company with lithium holdings in Argentina, Canada and the US and gold holdings in Argentina. (TSX-V: ULI, OTCQB: ULTXF and Frankfurt: QFB).