VANCOUVER, British Columbia, Feb. 14, 2022 (GLOBE NEWSWIRE) — United Lithium Corp. (CSE: ULTH; OTC: ULTHF; FWB: 0UL) (“ULTH” or the “Company”), is pleased to announce that it has completed acquisition (the “Acquisition”) of 83.6% of the Kietyönmäki lithium project in Finland. The Acquisition was completed with Sunstone Metals Limited (“Sunstone”), Scandian Metal Pty Ltd., Scandian Metals AB and Litiumlöydös Oy (“Litiumlöydös”) involving purchase of 83.6% of the issued and outstanding share capital of Litiumlöydös, which holds a 100% interest in and to the mining licenses comprising the Kietyönmäki lithium project (the “Project”).
As consideration for the Acquisition, the Company has: (a) paid $420,000 in cash and (b) issued 871,803 common shares in the capital of ULTH (each, a “ULTH Share”) at a deemed price of approximately $0.48 per ULTH Share. The ULTH Shares are escrowed and released over an 8-month period, whereby 70% of such ULTH Shares will be released on June 11, 2022, and the remaining 30% ULTH Shares will be released on October 11, 2022.
The Kietyönmäki lithium project was discovered by the Finnish Geological Survey (“GTK”) in the mid-1980’s. GTK drilled 17 shallow diamond drill holes to test down to 70 metres below surface across three traverses, including one traverse of very shallow holes to locate bedrock. In 2016, six holes were drilled by Sunstone which intersected lithium mineralization hosted within a spodumene-bearing pegmatite dyke swarm.
Historical drilling results from GTK include 24.25 metres grading 1.31% Li2O in drill hole R310 from 58.75 metres; 13 metres grading 1.66% Li2O in drill hole R316 from 86.00 metres; and 23 metres grading 1.53% Li2O in drill hole R307 from 14.10 metres.
Historical results from Sunstone include 42 metres grading 1.10% Li2O in drill hole KMDD001 from 17.88 metres; 6 metres grading 0.90% Li2O in drill hole KMDD002 from 115.14 metres; and 9 metres grading 0.80% Li2O in drill hole KMDD006 from 167.00 metres.
Surface channel sampling by GTK included 16.25 metres at 1.72% Li2O, 115.6 ppm Nb2O5 and 130.2 ppm Ta2O5; 7.70 metres at 1.21% Li2O, 100.2 ppm Nb2O5 and 111.3 ppm Ta2O5 and 2.25 metres at 1.10% Li2O, 105.4 ppm Nb2O5 and 163.5 ppm Ta2O5.
Mark Saxon (FAusMM), Technical Advisor to the Company, is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and has prepared or reviewed the scientific and technical information in this press release.
On behalf of the Board of Directors,
United Lithium Corp.
Michael Dehn, President, CEO and Director
For further information, please contact the Company at:
About United Lithium Corp.
United Lithium Corp. (CSE: ULTH) is an exploration & development company energized by the global demand for lithium. The Company is targeting lithium projects in politically safe jurisdictions with advanced infrastructure that allows for rapid and cost-effective exploration, development and production opportunities.
The Company’s consolidated financial statements and related management’s discussion and analysis are available on the Company’s website at https://unitedlithium.com/ or under its profile on SEDAR at www.sedar.com.
Forward Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws, including in relation to statements regarding the Company’s business and plans, including with respect to undertaking further acquisitions and carrying out exploration activities in respect of its mineral projects, including the Project. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company does not complete any further acquisitions; that the Company does not carry out exploration activities in respect of its mineral projects, including the Project, as planned (or at all); and that the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
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