Ultra Lithium's Mineralogy Research Study Indicates 79.38% Gold as an Independent Mineral in Rock Samples Assayed From ULI's Argetinian Gold Properties

VANCOUVER, British Columbia, July 17, 2019 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF, Frankfurt: QFB) (“Ultra Lithium” or “the Company”) announces that the Company has received the Mineralogy Research Study Report from the Material Composition Department of Kunming Metallurgical Research Institute (KMI) China. The study results show that the average gold content in the samples is 35.916 g/t, with 79.38% gold occurring in the form of an independent mineral, which can be recovered through gravity separation.

Ultra Lithium moves forward with gold projects
“The research work carried out by KMI is a significant milestone for our Argentinian gold projects. This study provides a basis for designing a pilot scale gold processing plant to determine the viability of processing mining dump material on each historical mine site,” according to Dr. Weiguo Lang, CEO of Ultra Lithium. “Presence of over 79% free gold in rock samples is an important finding of the study. This will enable the Company to achieve a high recovery rate at low costs, as well as saving future capital expenditures for the processing and metallurgical test work.”

Research Highlights:
1) The mineralization is composed of 9 categories of 26 types of minerals, including natural elements, sulfide, oxide, silicate, carbonate, sulfate, phosphate, vanadate and halide, among which oxide accounts for 78.86%, carbonate accounts for 7.64%, silicate accounts for 7.46%, sulfate accounts for 3.48% and other smaller ones.
2) By crushing the mineralized rock to -0.3mm (screening rate > 99%), the cumulative distributions of embedded particles sized above 400 mesh (0.038mm) are: 

3) The mineralized rock crushing to 0.3 mm (sieving rate > 99%), dissociation detections of fully dissociated minerals are:

4) Average gold content in samples is 35.916 g/t. Main minerals bearing gold are natural gold, quartz, muscovite, chrysocolla, limonite, hematite, malachite and atacamite. There are two types of gold occurrence: one in an independent form occurring in natural gold accounted for 79.38%, and the other form of mechanical mixing in quartz, muscovite, chrysocolla, limonite, hematite, malachite and atacamite (unable to be identified by optical microscope or scanning electron microscope).
5) Average copper content is 2.45%. Copper mainly occurs in malachite, atacamite and chrysocolla, and a small amount occurs in covellite, calcite and brochanite.
6) Average lead content is 5.87%. Lead mainly occurs in cerusite and sardianite, and a small amount of lead occurs in chervetite.
7) The gold distribution in rock is relatively concentrated, with the distribution of natural gold in the main gold-bearing minerals reaching 79.38%. It is suggested that this part of the gold minerals can be largely recovered through gravity separation.
8) The host rock is mainly composed of massive structures. Some metal minerals, such as limonite and hematite, are sparsely disseminated in the rock, forming a sparse disseminated structure of mineralization. The main structure of metallic minerals is its granular structure, and the main structure of gangue minerals is unequal granular crystallablasstic texture.
9) By microscopic observation, X-ray diffraction analysis, hand panning, electron microprobe analysis and MLA analysis, the results show the natural elements in the rock are as follows: sulfide, oxide, silicate, carbonate, sulfate, phosphate, vanadate and halide in nine categories of 26 kinds of minerals, including oxide (78.86%), carbonate (7.64%), silicate (7.46%), sulfate (3.48%) and other small amounts.
10) Analyses of microprobe and single mineral chemistry confirmed that quartz, muscovite, chrysocolla, limonite, hematite, malachite and cerusite are the main carrier minerals of gold. Mixed rock with -2mm particle size was taken, shrunk and broken to size of -0.3mm, and prepared into MLA resin sample for analysis. The results are as follows:

• Quartz – mainly 6.8 to 300 microns (cumulatively reached 98.06%);
• Muscovite – mainly 3.4 to 212 microns (cumulatively reached 98.86%);
• Chysocolla – mainly 3.4 to 212 microns (cumulatively reached 98.86%);
• Limonite/hematite – mainly 4.8 to 300 micron (cumulatively reached 99.21%);
• Malachite – mainly 6.8 to 150 microns (cumulatively reached 98.00%);
• Atacamite – mainly 4.8 to 106 micron (cumulatively reached 98.17%).

Grab Sample Testing
A total of three grab rock samples were collected from dump material located near the historical mining areas of the newly acquired gold mining licences. 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 (see Company’s news release dated July 09, 2019). Ultra Lithium also requested KMI was to complete a mineralogy research study. 

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. Ultra Lithium recently diversified its portfolio by adding a total of 3 gold exploration and 13 gold mining licenses in Argentina, which it has commenced developing.

ON BEHALF OF THE BOARD OF DIRECTORS

“Kiki Smith” 

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8c0d3879-9485-4dff-9994-832b33377a37 

Fig 1.

Photo showing natural gold morphology phase