Ultra Lithium Receives Drilling Permit and Signs Drill Contract for Exploration at the South Big Smoky Valley Brine Lithium Project
Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has received its notice-of-intent exploration work permit from the Bureau of Land Management (BLM) to conduct Phase 1 exploratory drilling at its 100% owned South Big Smoky Valley brine lithium project in Nevada, USA. The Company has also signed a drilling contract with Harris Exploration Drilling for a minimum of 4,000 feet core drilling to complete two drill two holes as part of its Phase 1 exploratory drill program.
The purpose of this drill program is to test two of the several potential brine lithium targets identified in the Controlled Source Audio-Frequency Magneto-telluric (CSAMT) ground geophysical survey data interpretation report received in December 2015 (see Company’s press release dated March 07, 2016). The Company’s 2015 shallow subsurface sampling program also confirmed presence of anomalous lithium values in sediments (see March 14, 2016 press release).
The drilling is anticipated to commence in the fourth week of April 2016.
Dr. Weiguo Lang, CEO of Ultra, stated that, “We are very pleased to contract the drilling work to Harris Exploration, who is an experienced driller for brine lithium exploration at the Clayton Valley. The Company plans to continue exploration work at the South Big Smoky Valley brine lithium project based on the progress of Phase 1 exploratory drilling, which will test only two of the several potential brine lithium targets. The recent boom in lithium prices has been driven by new upcoming lithium-ion battery plants in North America and around the world. Our Company is progressing well to potentially become part of the lithium supply chain and add shareholder value”.
The Company is also pleased to announce that it has staked and registered 115 new placer claims in the south Big Smoky area.
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 a consultant with the Company.
About the South Big Smoky Valley Brine Lithium Project
The Company holds a 100% interest in the Big Smoky Valley Project comprising 659 placer claims covering approximately 13,000 acres’ land located in Nevada, USA. This Project has geological conditions favourable for hosting Lithium enriched brines. The Project is located 16 miles to the north of Albemarle Corp.’s Silver Peak mine, which is the only brine lithium producing project in North America, and has been producing lithium from brines since 1966. The Company has completed a ground CSAMT geophysical survey and surface sediment / water sampling programs on the project and intends to be drilling in April 2016.
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 is currently focused on North American acquisitions and exploring its Big Smoky Valley Project located in Nevada, USA. The Big Smoky Valley project is in the vicinity of Abermarle’s Silver Peak mine and only 310 kilometres from Tesla’s upcoming Gigafactory.
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.
