Ultra Lithium Inc.
TSX VENTURE : ULI

Ultra Lithium Inc.

July 07, 2016 12:37 ET

Ultra Lithium Intersects Up to 270 ppm Lithium in Drill Core Samples at Big Smoky Valley Brine Lithium Project in Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 7, 2016) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

Ultra Lithium Inc. (TSX VENTURE:ULI) ("Ultra Lithium" or "the Company") is pleased to announce drill core assay results from the first drill hole at its 100% owned South Big Smokey Valley brine lithium project located in Nevada.

The results of 22 drill core samples from the hole BSH16-01 indicate maximum values for lithium of 270 parts per million (ppm), boron 410 ppm, potassium 10,000 ppm, and magnesium 12,000 ppm; and the average concentration is lithium 131 ppm, boron 151 ppm, potassium 5,575 ppm, and magnesium 6,210 ppm. One sample from a 10 cm gypsum layer had lithium values below labs detection limits. These samples were taken at various depth intervals down to 1,000 feet (305 metres) below ground surface(See table for details). The Company is in the process of collecting brine water samples from this hole.

The Company is also pleased to announce that it has signed a new drill contract with Boart Longyear to finish the remaining planned exploratory drilling at the South Big Smoky brine lithium project.

Dr. Weiguo Lang, CEO of Ultra, stated that, "The core sampling of the first hole not only provided positive results but also gave valuable information regarding subsurface lithology and hydrogeological conditions. We are pleased to have an experienced drill contractor to finish this challenging drill job in soft lake sediments. With Boart Longyear's drilling experience and organizational capabilities, the Company is expecting to obtain groundwater samples of the potential deeper brine targets by drilling down to 2,200 feet below surface in the next hole."

Quality Assurance and Quality Control

All the samples were shipped to Western Environmental Testing Laboratory in Sparks, Nevada, which is an US EPA accredited independent laboratory. The samples were analyzed for lithium, potassium, boron, and magnesium using Test Methods for Evaluation of Solid Waste, Physical/Chemical Methods (SW846), Third Edition. Laboratory used its own quality control and quality assurance protocols for sample analysis.

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 a consultant with the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

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 is currently focused on North American acquisitions and exploring its Big Smoky Valley Project located in Nevada, USA.

About the South Big Smokey 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 started drilling in 2016.

View the Company's filings at www.SEDAR.com.

BSH16-01: Core samples assay results
Sample ID Depth Depth Lithology Li K B Mg
feet meters ppm ppm ppm ppm
BSH16-01-50'S 50 15.24 Light brown SILTY CLAY, medium plastic, damp, silt patches 100 7100 250 8300
BSH16-01-75'S 75 22.86 Black SHALE with organic matter, peat like appearance, damp 86 7000 230 7700
BSH16-01-104'S 104 31.70 Greenish grey SILTY CLAY, plastic, volcanic nature, wet 96 7800 320 8600
BSH16-01-154'S 154 46.94 Greenish grey SILTY CLAY, plastic, volcanic nature, damp, more greenish at the in some sections, chloritic, peat bog odour and mixing of organic matter at places 250 9600 410 9400
BSH16-01 204'S 204 62.18 Greenish grey SILTY CLAY, plastic, volcanic nature, wet, more greenish in this part due to more chlorite, mixing of organic matter 190 8700 320 8800
BSH16-01 254'S 254 77.42 Greenish grey to dark black SILTY CLAY, volcanic, plastic, damp, some black organic matter 270 10000 330 12000
BSH16-01-300'S 300 91.44 Greenish grey to dark grey and black SILTY CLAY, with organic matter, damp, medium plastic 120 6700 190 7000
BSH16-01-349'S 349 106.37 Greenish grey CLAYEY SILT, with some fine grey sand patches, damp to wet 190 7000 140 7700
BSH16-01-354'S 354 107.89 Same as above 40 1500 27 1600
BSH16-01-435'S 435 132.58 Light grey SAND, medium to coarse grained, quartzitic, rounded to sub rounded to rounded grains, damp to wet, pores are filled with drilling mud showing loose sand dilution, rock fragments including clay, chert, amphibole, limestoneand igneous (quartz 50%, rockfragments 20%, 30% voids filled with drilling fluids and clay cement) 24 1300 23 1400
BSH16-01-453'S 453 138.07 Same as above 24 1100 17 1200
BSH16-01-459'S 459 139.90 Same as above 36 1300 19 1900
BSH16-01-500'S 500 152.39 Light grey TUFF, with volcanic ash material, silty, contains <cm to 1cm rock fragments, wet moist, irritatting to hands, bottom 6" more clayey with <1" salt/gypsum layer 250 8200 120 10000
BSH16-01-554'S 554 168.85 Brownish to grey SILTY CLAY, medium plastic damp, more silty at places 260 9200 190 12000
BSH16-01-576'S 576 175.56 Brown and grey SILTSTONE/CLAY, volcanic, core loss in some sandy parts 210 7600 130 10000
BSH16-01-710'S 710 216.40 A 3 inch layer of GYPSUM at 710' within grey silty sand, white powdry, damp 0 540 13 130
BSH16-01-719'S 719 219.14 Grey to greenish grey SILTY CLAY, medium plastic, damp, turns into silt at the bottom 140 7000 89 7700
BSH16-01-730'S 730 222.49 Grey SAND, fine to medium grained, quartzitic, with 30% rock fragments, interstices are filled with drilling mud, wet, sub rounded to sub angular grains are bind by fluids 44 2200 25 2000
BSH16-01-801'S 801 244.13 Greenish grey SILTY CLAY, volcanic, plastic, damp, some parts are whitish, bentonitic 240 9300 200 9100
BSH16-01-887'S 887 270.34 Light greenish grey TUFF, coarse quartz, amphibole and, chert, clay and other fragments, thin salt layers at places 130 4300 110 4100
BSH16-01-952.5'S 952.5 290.31 SILTY SAND, fine grained, with clay and salt matrix, 3" of gypsum layer at 952.5' (Sample) 92 2600 89 3000
BSH16-01-1000'S 1000 304.79 SILTY SAND, fine grained, with clay and salt matrix, 3" of gypsum layer at 952.5' (Sample) 92 2600 89 3000
Average 131 5575 151 6210

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