By UltraLithium

*This statement has been translated by an automatic system

VANCOUVER, British Columbia, Feb. 28, 2023 (GLOBE NEWSWIRE) — Ultra Lithium Inc. (TSX-V:ULT, OTCQB:ULTXF and Frankfurt:QFB) (“Ultra Lithium” or “the Company”) is pleased to announce that the brine sampling is the result of drilling on its brine project of Laguna Verde lithium, 100% owned, in the province of Catamarca, Argentina. Wellbore LV22-04 tested up to 417 parts per million (“ppm” or “mg/L”) of lithium (Li) from two rounds of sampling conducted between January and February 2023. Previously, the Geophysical survey of the first well LV22 -01 indicated the presence of a single continuous brine aquifer composed mainly of clastic sediments from 14 to 205 meters depth with a marked hydrothermal presence towards the deepest section. The Laguna Verde project is the Company’s flagship project and one of the Company’s 100%-owned lithium brine projects in Argentina.

Outstanding results:

• The hole was drilled to 227 meters. The brine aquafer was still open at depth.
• The first round of sampling ended on January 18, 2023, where a total of seven samples were collected at various depths down to 112m below surface. The second round of sampling ended on January 25, 2023 and a total of six samples (2 samples each 12 hour interval) were collected at a depth of 120m below surface.
• The conductivity shows an increase with depth, which is interpreted as allowing for better lithium concentrations through pumping and more hole cleaning.
• The overall concentration of ions and metals indicates a single unconfined aquifer at the 120 m sampling depth.

Round 1 Trials

• Lithium (Li) values ​​are between 386 ppm and 417 ppm with an average of 398 ppm.
• Magnesium (Mg) ranges from 851 ppm to 2,215 ppm with an average of 1,902 ppm. The Mg to Li ratio is between 2.2 and 5.7 with an average of 4.8.
• Boron is in the range of 289 ppm to 392 ppm with an average of 343 ppm.
• The general pH is generally neutral with an average value of 7.
• The average sulphate is 10,479 ppm, the chloride 60,872 ppm.

Round 2 Trials

• Lithium (Li) values ​​are between 256 ppm and 354 ppm with an average of 324 ppm. The lower Li value for Round 2 was mainly due to heavy precipitation during the period between Round 1 and Round 2 sampling.
• Magnesium (Mg) is in the range of 1153 ppm to 2007 ppm with an average of 1773 ppm. The Mg to Li ratio is between 4.5 and 5.7 with an average of 5.5.
• Boron is in the range of 188 ppm to 344 ppm with an average of 294 ppm.
• The general pH is generally neutral with an average value of 7.
• The average sulphate is 9,698 ppm, the chloride 58,630 ppm.

Dr. Weiguo Lang, CEO of Ultra Lithium, said: “The results of the Laguna Verde analysis indicate great potential for the project interpreted as a unique brine aquifer showing consistent values ​​of lithium and other parameters up to at an open depth of 227 meters. The company is carrying out pumping tests to determine the capacity of the aquifer and will carry out further sampling in the process for the LV22-04 well as it prepares to drill deeper and deeper into near future.”

Sampling procedures

Hole LV22-04 was drilled at location: S 25° 18′ 51.3″; W 67° 57′ 55.7″; at a height of 4034 m at a depth of 220 meters with a diameter of six inches using a rotary drilling rig. The hole was then reamed to a diameter of 9 7/8 inches. Sampling of the brine was carried out using an open wedge device at the required sampling depth. The field parameters of the samples, such as pH, dissolved oxygen and conductivity, were noted. Samples were collected in vials provided by the laboratory and shipped to SGS Laboratories in Salta, Argentina, which is an accredited independent global laboratory. The samples were analyzed using the codes mentioned in Tables 1 and 2.

Highlights of the Laguna Verde Brined Lithium Project

Laguna Verde is a new lithium brine discovery where exploratory sampling by the company has shown lithium values ​​between 34 and 1,270 milligrams per liter (mg/L) – (see ULT press release February 2, 2018). The Company’s previous exploration work from 2017 to 2021 included surface brine sampling, ground geophysical surveys and bank-scale evaporation testing. Laguna Verde’s mineralized brines are characterized by low magnesium to lithium ratios, in the range of zero to 10, which can lead to lower production costs.

In 2018, the Company also completed a 39.2 line kilometer ground geophysical survey. The study results indicate high-value lithium brine exploration targets in a 3.4 square kilometer salt core zone within a 23 square kilometer, 100 to 150 meter thick sedimentary basin with the potential to host lithium brines. Interpretation of the gravity survey data shows that there is a significant fault system east of the Salar de Laguna Verde and also indicates the presence of a 2.4 km thick Cenozoic basin, which requires exploration. further.

In 2018, a bench-scale evaporation test of approximately 4,000 liters of Laguna Verde brine sample was performed at Ultra Argentina’s laboratories located in Salta. The specific gravity of the original brine sample was 1156 and its lithium concentration was 391 ppm. Two types of evaporation tests were carried out. The first test involved evaporating 179 liters of brine sample in an external pool located outdoors to match natural evaporation conditions. The results indicate that in five months, the volume of brine was reduced by 16 cubic meters (m ³ ) at 3m ³ and the lithium concentration increased from 391 to 6,760 ppm. The main salts produced during this process were halite, felsobanyaite, silvite, lithium potassium sulphate, carnalite, kainite and gypsum. The second test was performed indoors under controlled conditions. The results indicated that the initial brine volume of 2,326 m ³ drop to 85.06 m ³ and the lithium concentration increased from 391 to 7,370 ppm (see ULT press release of September 24, 2021).

qualified person

The technical information contained in this press release has been reviewed and approved by Afzaal Pirzada, P.Geo., a Qualified Person, as defined by NI 43-101, who serves as Vice President, Exploration of the society.

ON BEHALF OF THE BOARD OF DIRECTORS

“Kiki Smith”

Kiki Smith, Chief Financial Officer

About Ultra Lithium Inc.

Ultra Lithium is a mining exploration and development company focused on the acquisition and development of lithium, gold and copper assets. The Company has lithium brine properties in Argentina, hard rock spodumene-type lithium properties in the Georgia Lake / Forgan Lake areas of northwestern Ontario, Canada, and a brine property lithium plant in Big Smoky Valley, Nevada, USA. properties of base metals in Argentina.

ON BEHALF OF THE BOARD OF DIRECTORS

“Kiki Smith”

Kiki Smith, Chief Financial Officer

For more information, please contact the Company at:
Attention: Kiki Smith
Telephone: 778 968-1176
Email: kiki@ultralithium.com
Website: ultralithium.com
or consult the documents filed by the Company on www.SEDAR.com.

Caution regarding “forward-looking” information

Certain 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 “anticipates”, “expects”, “intends”, “expects”, “potential”, “suggests” or variations of such words or phrases, or statements. that certain actions, events or results “may”, “could”, “should”, “could”, “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 press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or otherwise revise any forward-looking statements, except as required by law.

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