VANCOUVER, British Columbia, June 26, 2019 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (ULI.V) (“Ultra Lithium” or “the Company”) announced today the Company has signed an agreement with a local vendor to acquire thirteen gold mining licenses in Chepes Area, La Rioja Province, Argentina (the “Chepes licences”). The Chepes licences are located on past producing historical gold mines, which are considered favourable for exploration of gold and copper. Historically quartz veins were mined for gold and copper in this area from 1880 to 1914.
Ultra Lithium Enlarges Diversification Program by Adding 13 Gold Mining Licenses
Under the agreement, a total of thirteen gold mining licenses covering 508 hectares were acquired by making cash payments of US $2,000 per license. The Company will pay the vendor 10% of the profit from any future production from the Chepes licences. Ultra Lithium also agreed to pay the vendor 5% of the profit from any future production from its ULTRA I, ULTRA II, and ULTRA III exploration licences which are in the vicinity of the newly acquired Chepes licences. The ULTRA exploration licences were staked earlier this year (see news release dated June 5, 2019).
The Chepes area is known for its gold mines and prospective quartz veins in shear hosted granodiorite rocks of early Paleozoic age. Several of the newly acquired mining licenses have historical mining dumps containing quartz vein material. In 1993, the Japan International Cooperation Agency (JICA) studied this area providing information on 30 different gold mineralization locations and historical mines. JICA carried out geological mapping, surface sampling, ground geophysical surveys and some drilling in the Chepes Area. The Company is in the process of compiling the historical geological and exploration data on the Chepes licenses to plan and develop future work programs.
Geologically, these properties are underlain by tonalite, granodiorite, migmatites and amphibolite rocks from the Precambrian to Paleozoic age. Gold mineralization is typically associated with epithermal style shear hosted quartz veins. The mineralization is in the form of alteration zones of hematite, limonite, pyrite, chalcopyrite, goethite and galena with occasional free gold.
Assembled A Highly Prospective 30,000 Hectacre Package of Gold Properties
Dr. Weiguo Lang, CEO of Ultra Lithium, stated that, “We are very pleased with the acquisition of the 13 Chepes mining licences providing the Company with near term targets for further exploration. The Company now has a land package of approximately 30,000 hectacres. Our technical team is currently evaluating quantities of historically mined ores on the grounds of the thirteen mines with the objective of establishing a pilot scale gold processing plant on site. An exploration work plan will also be developed based on the initial evaluation and sampling of historical mine dumps and in situ quartz vein material.”
CAUTIONARY NOTE: The historical information presented above was sourced from the 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 one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. Ultra Lithium recently diversified its portfolio by adding a total of 16 gold exploration licenses in Argentina.
ON BEHALF OF THE BOARD OF DIRECTORS
Kiki Smith, CFO
For further information, please contact the Company at:
Attention: Kiki Smith
Telephone: 778 968-1176
Facsimile: 604 909-4682
Or view the Company’s filings at www.SEDAR.com.
Photos accompanying this announcement are available at: