Ultra Lithium Inc. announced the brine sampling results from a drill hole at its 100% owned Laguna Verde brine lithium project in Catamarca Province, Argentina. Drill hole LV22-04 assayed up to 417 parts per million (“ppm” or “mg/L”) lithium (Li) from two rounds of sampling completed in January – February 2023. Earlier, the geophysical study of the first well LV22-01 indicated the presence of a continuous single brine aquifer comprising of mainly clastic sediments from 14 meters to 205 meters depth with a marked hydrothermal presence towards the deeper section.

The Laguna Verde project is the project of the Company and one of the Company's 100% owned brine lithium projects in Argentina. The drill hole LV22-04 was drilled at location: S 25° 18' 51,3"; W 67° 57' 55,7"; at elevation 4034 MASL down to a depth of 220 meters with a six-inch diameter using a rotary drill machine. The well was then reamed to a diameter of 9 7/8 inches.

Brine sampling was carried out using a bailing device which was opened at the required depth of sampling. Field parameters of the samples such as pH, dissolved oxygen, and conductivity were noted. The samples were collected in the laboratory supplied bottles and were shipped to SGS laboratories in Salta, Argentina which is an independent accredited global laboratory.

Laguna Verde is a new brine lithium discovery where exploratory sampling conducted by the Company has shown lithium values in the range of 34 to 1,270 milligrams per liter (mg/L). The Company's previous exploration work from 2017-2021 included surface brine sampling, ground geophysical surveys and bench scale evaporation testwork. The Laguna Verde mineralized brines are marked by low magnesium to lithium ratios, in the range of zero to 10 which can result in lower production costs.

In 2018, the Company also completed a 39.2-line- kilometers of ground geophysical survey. The survey results indicate high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a 23 square kilometre, 100- to 150-meter-thick sedimentary basin with the potential to host lithium-brines. Interpretation of gravity survey data show a major fault system exists to the east of the Laguna Verde Salar and also indicates the presence of a 2.4-kilometer-thick Cenozoic basin, which requires further exploration.

In 2018, a bench scale evaporation test of approximately 4,000 litres of brine sample from Laguna Verde was carried out in Ultra Argentina laboratories located in Salta. The density of the original brine sample was 1156 and its lithium concentration was 391 ppm. Two types of evaporation tests were conducted.

The first test included evaporating 179 litres of brine sample in an external pool located outside to match natural evaporation conditions. The results indicate that in a period of five months, the brine volume was reduced from 16 cubic metres (m3) to 3 m3 and lithium concentration increased from 391 to 6,760 ppm. Major salts produced during this process were Halite, Felsobanyaite, Silvite, Lithium Sulfate and Potassium, Carnalite, Kainite and Gypsum.

The second test was conducted inside in controlled conditions. The results indicated that the original brine volume of 2,326 m3 was reduced to 85.06 m3 and the lithium concentration increased from 391 to 7,370 ppm.