Ultra Lithium Diversifies Into Gold with the Acquisition of Three Gold Exploration Licenses
Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) announced 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.”
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.
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.
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.
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 holdings in Argentina, Canada and the US (TSX-V: ULI, OTCQB: ULTXF and Frankfurt: QFB).