Ultra Lithium Inc said it has completed the acquisition of the Forgan Lake property from International Lithium for a total cash payment of $150,000.
Located in the Thunder Bay district of northern Ontario, Forgan Lake consists of nearly 256 hectares of land adjacent to Ultra Lithium’s Lucky Lake claims.
The company plans to start a surface sampling and geophysical survey program on the property in summer 2022.
“The acquisition of the Forgan Lake property strengthens our Canadian hard rock lithium portfolio. We look forward to the summer exploration program on Forgan Lake and Georgia Lake,” Ultra Lithium CEO Weiguo Lang said in a statement.
READ: Ultra Lithium inks tie-up with Chinese giant Zangge to advance Laguna Verde brine asset in Argentina
Lithium mineralization at the property is comprised of six spodumene-bearing pegmatites, and three grab samples taken in 2019 showed values of 6.93% and 4.88% lithium oxide.
Other historical samples have returned values averaging 2.57% lithium oxide over a width of 6.4 metres, and 4.23% lithium oxide over 7.46 metres.
Separately, the company said it is planning a 2,000-metre drill program at its Georgia Lake property in May 2022. It has already received a drilling permit following the completion of a geophysical survey and trenching program in winter 2021.
Ultra Lithium is also currently drilling its Laguna Verde project in Catamarca province, Argentina. The first hole was drilled to a depth of 140 metres, with preliminary results indicating a potential brine aquifer, according to a statement.
The upcoming drill program at Laguna Verde is based on “encouraging exploration results from surface sampling, ground geophysical surveys and evaporation test work since 2017,” it added.
The company is pleased with the progress of the exploratory drilling work at its Laguna Verde brine lithium project in Argentina, where the preliminary results indicate a potential brine aquifer in the first drill hole, Lang said.
Ultra Lithium has also received conditional acceptance from the TSX Venture Exchange for its C$5 million private placement, which the company said will close upon receipt of Zangge's overseas direct investment permit from the government of China, anticipated in the next few days.
“The closing of the private placement will provide significant capital to the company and solidify Ultra Lithium's relationship with strategic investor Zangge,” Lang added.
Based in Vancouver, Ultra Lithium holds a brine lithium property in Argentina, hard rock spodumene type lithium properties in northwestern Ontario, and a brine lithium property in the Big Smoky Valley, Nevada. The company also holds other gold and base metals properties in Argentina.
Contact Angela at angela@proactiveinvestors.com
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