Ultra Lithium is pleased to announce that drilling has commenced on the Company’s lithium and boron targets in Serbia.
The initial phase of drilling will consist of approximately 3,500 meters of core in 7 holes testing anomalous AMT targets in the Blace and Valjevo East prospecting licenses. The first four drill holes will test the Blace prospecting license, and the subsequent three drill holes will test targets at the Valjevo East prospecting license. The Company has commissioned a second drill rig which will be mobilized to the property within the next 2 weeks.
Ultra currently holds a total of 7 prospecting licenses, covering an area of approximately 643 square km. within well-defined sedimentary basins throughout Serbia. Under new mining laws each license has a 3 year term, extendable up to a total of 7 years.
The Ultra Balkans Project is a joint venture between Ultra Lithium Inc. (95%) and Beijing Guofang Mining Investment Co., Ltd. (“BGMI”) (5%). BGMI 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.