On June 5th, 2019, Ultra Lithium Inc. reported that it has obtained three gold exploration licenses in the Chepes area situated in La Rioja Province, Argentina.
The exploration licenses: ULTRA I, ULTRA II, and ULTRA III extending over 27,900 ha of land were bought by direct staking through Ultra Argentina SRL, a fully owned subsidiary of Ultra Lithium Inc. The property covers several historical producing gold mines and is regarded as a suitable area for successful gold discovery.
Ultra Lithium’s Diversification Program
While continuing exploration and development of our lithium projects in Canada and Argentina, the Company has developed a well-planned diversification strategy for gold projects. The acquisition of three new gold exploration licenses is our first step in this direction. The Company’s strong presence in Argentina has enabled us to acquire this large gold exploration property covering 27,900 hectares and continue to expand our gold assets through acquisitions.
Dr Weiguo Lang, CEO, Ultra Lithium Inc.
Three Mining Licenses in Historical Gold Mining Area
The Chepes area has many historical gold mines and possesses prospective quartz veins in shear hosted granodiorite rocks of early Paleozoic age. These gold veins have been mined for more than 100 years. In 1993, Japan International Cooperation Agency (JICA) investigated this area and provided the details of 30 different gold mineralization locations and historical mines. JICA carried out surface sampling, geological mapping, ground geophysical surveys, and some drilling in the Chepes area. According to these historical data, the Ultra Lithium team is, at present, collecting historical exploration and geological information for the enhancement of future work programs on the three new exploration licenses.
In geological terms, the gold exploration area is underlain by granodiorite, tonalite, migmatites, and amphibolite rocks of Precambrian to Paleozoic age. Gold mineralization is generally related to epithermal style shear hosted quartz veins. Mineralization is in the form of alteration zones of limonite, hematite, chalcopyrite, goethite, pyrite, and galena with very less free gold.