Ultra Lithium Signs Agreement to Acquire Forgan Lake Lithium Property in Northwestern Ontario

VANCOUVER, British Columbia, Sept. 11, 2018 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (TSX-V: ULI) (“Ultra Lithium” or “the Company”) is pleased to announce that it has entered into an agreement with International Lithium Corp. (TSX-V: ILC) to acquire 100% interest in the Forgan Lake Lithium property, consisting of approximately 256 hectares land in 16 units located in the Thunder Bay Mining District in Northwestern Ontario, Canada.

The Forgan Lake property is comprised of one legacy claim TB4244103 (converted to 18 cell claims and two boundary claims as of April 10, 2018 by the Ontario Ministry of Northern Development and Mines) located adjacent to the Lucky Lake claim block on the northwestern part of Ultra Lithium’s Georgia Lake property. Historical work on the property was first carried out by Lun-Echo Gold Mines Limited during the 1955-61 period. The exploration work included 39 drill holes, aggregating 10,561 feet (3,219 metres) drilling on the eastern side of Forgan Lake. Lithium mineralization on the Property is comprised of six spodumene-bearing pegmatites (Number 1 to 6 Pegmatites as described in the Ontario Department of Mines Geological Report No. 31). Some of these Pegmatites continue onto the Lucky Lake claim block.

Several channel samples were taken on Number 1 Pegmatite by Lun-Echo Gold Mines Limited. Three samples, from about midway along the known length of the pegmatite were found to average 2.57% lithium oxide (Li2O) over a width of 21 feet (6.4 m); two samples from 80 feet (24.38m) southwest of the first three, averaged 4.23% Li2O over 24.5 feet (7.46m), and an additional two, from 225 feet (68.58m) farther southwest 1.98% Li2O over 25 feet (7.62m).

CAUTIONARY NOTE: The historical results presented above are taken from the Ontario Department of Mines Geological Report No. 31 titled, “Geology and Lithium Deposits of Georgia Lake Area”, by E.G. Pye, (1965) and are relevant to the further exploration of the project which, the Company intends to undertake in the future. A qualified person has not done sufficient work to verify the results; therefore, they should not be relied upon and are presented for informational purposes only.

Dr. Weiguo Lang, CEO of Ultra Lithium, stated, “We are very pleased with acquisition of the Forgan Lake property which is adjacent to the Lucky Lake claim block. This acquisition will enhance the exploration potential of our Georgia Lake claims and strengthen our relationship with International Lithium. The Company intends to start a work program on the property as soon as historical data compilation is completed. We will then follow up with a near term test production program using high grade surface mineralization.”

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.

ON BEHALF OF THE BOARD OF DIRECTORS  

“Kiki Smith” 

Kiki Smith, CFO

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.

For further information, please contact the Company at:
Attention: Kiki Smith
Telephone: 778 968-1176
Facsimile: 604 909-4682
Email: kiki@ultralithium.com
Website: www.ultralithium.com
or view the Company’s filings at www.SEDAR.com.