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ultra lithium inc (QFB) Snapshot

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07/31/13 - €0.05
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ultra lithium inc (QFB) Details

Ultra Lithium Inc. engages in the acquisition, exploration, and development of resource properties in Canada. The company holds interests in the Balkans project comprising 7 lithium/boron exploration licenses, which cover an area of approximately 643 square kilometers located in the Republic of Serbia. It also holds an option to acquire a 20% interest in the Zigzag Lake lithium, tantalum, beryllium, and gallium property that consists of 129 claim units for a total surface area of 2,064 hectares located in the town ship of Crescent Lake, Ontario; and a 100% interest the South Big Smokey Valley property, which comprises 364 placer claims covering an area of approximately 7,280 acres located in Esmeralda County, Nevada. The company was formerly known as Jantar Resources Ltd. and changed its name to Ultra Lithium Inc. in September 2009. Ultra Lithium Inc. was founded in 2004 and is headquartered in Vancouver, Canada.

Founded in 2004

ultra lithium inc (QFB) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$115.3K
Chief Financial Officer
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

ultra lithium inc (QFB) Key Developments

Ultra Lithium Inc. Commences Drilling on its Koceljeva Prospecting License in Serbia

Ultra Lithium Inc. announced that drilling has commenced on its Koceljeva prospecting license in Serbia. The company intends to drill a minimum of 6,000 meters on its Kragujevic, Tnarva, Koceljeva, Preljina and Ladveci prospecting licenses. In conjunction with the drilling, further geophysics will be performed. Follow up exploration of the Blace concession is also planned. Ultra currently holds a total of 7 prospecting licenses covering an area of approximately 643 square km. Beijing ExploTech Engineering Co. has been engaged to conduct geophysical surveys over the concessions. The Ultra Balkans Project is a joint venture between Ultra Lithium Inc. and Beijing Zairun Mining Investment Co. Ltd. BZMI has the right to earn up to a 35% interest in Ultra Balkans by funding up to $3,500,000 of exploration expenditures on the Ultra Balkans Project.

Ultra Lithium Inc Provides Exploration Update on Balkans Properties in Serbia

Ultra Lithium Inc. provided an update on exploration activities on its exploration concessions in Serbia. The Company has now received and reviewed all geochemical analyses for the recent drill program, reviewed geological drill logs, held discussions with the geological team and met with external borate deposit and lithofacies experts. Results and conclusions are as follows: Valjevo East concession: This property is located within an East-West belt of Tertiary sedimentary basins known to host borate mineralization. Subsequent to collecting surface geochemical rock samples and geophysical (Gravity and Audio Magneto Telluric (AMT)) data collection /interpretation, the property was tested by three drill holes totaling 931.0 meters. Lithium values ranged from 7 ppm to 203 ppm. Boron values ranged from 10 ppm to 172 ppm. The sedimentary environment within the concession was determined to be primarily open drainage (vs. closed basin) and it was filled with coarser material (including sandstone) than typically required for borate or lithium-borate mineralization to develop. Upon filing of a closing report to the Serbian government, this license will be relinquished. Blace concession: This property is a Tertiary sedimentary basin with mildly anomalous lithium and boron values (+100ppm) noted from previous surface geochemical rock sampling. Subsequent to collecting surface geophysical (Gravity and Audio Magneto Telluric (AMT)) data and interpretation, this property was tested by six drill holes totaling 4459.7 meters. Lithium values ranged from 6 ppm to 212 ppm. Boron values ranged from 10 ppm to 451 ppm. The sedimentary environment in the northwest quadrant of the concession was determined to be primarily `closed basin' with a reducing environment and hosting fine-grained sediments. Drill holes BL-4, 6, and 7 tested the edges of a large gravity low. A statistical review of each of these drill holes displayed a bimodal distribution of Boron, suggesting local enrichment. Drillhole BL-7 encountered a broad interval (from 20-200m) of mildly anomalous Boron near surface and select deeper intervals of exposed core are developing a salty crust. Upon review of a pending lithofacies report by Professor Nebojsa Vasic of the University of Belgrade, Serbia, the Company intends to conduct further exploration and drill down dip (East) of the BL-7 interval noted. Samples were processed by SGS laboratory in Bor, Serbia. Samples were run for 53 element geochemical analysis by ICP-MS. One meter core samples were sawn in half, with samples collected approximately every 10 meters, or when encountering a change in lithology.

Ultra Lithium Inc. Completes Nine Holes

Ultra Lithium Inc. announced that it has completed nine holes, totaling 5,390.70 meters of diamond drilling on the Company's Valjevo East and Blace exploration claims. The current drilling program tested several targets that were identified by previous Audio Magneto-Telluric (AMT) and gravity geophysical surveys. Core samples have been dispatched to SGS in Bor, Serbia for multi-element assays including Lithium and Boron. The company expects to receive all lab analysis by the end of March, 2014. To date, 1124 AMT survey points along with 1,365 gravity point measurements have been collected which have identified several targets within the company's 7 exploration properties with a total area of 676.54 Sq. km. Upon receipt of assay results, the company will analyze and review all the data and plan this year's exploration program.

 

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