United Lithium Announces 4,000 Metre Diamond Drill Program at Bergby Lithium Project, Sweden
United Lithium Corp. (CSE: ULTH; OTC: ULTHF) announced the mobilization of drill crews at the Bergby Lithium Project in Sweden to initiate a 4,000-metre diamond drill program. The Project spans 10,828 hectares and features LCT-enriched granitic pegmatites. The drill program aims to further evaluate known lithium-bearing pegmatites and drill test additional spodumene outcrops. Key highlights include the completion of a previous 9,000-metre drill program in 2022, which revealed significant lithium intersections totaling 1.34% Li2O over 47.75 metres. The current program is fully funded thanks to a $7 million private placement earlier in the year. Additionally, management changes occurred, with Chris Cairns appointed as CFO and Rona Sellers as Corporate Secretary, effective April 18, 2023.
- Fully funded 4,000 m diamond drill program to evaluate lithium mineralization.
- Previous drill program yielded notable results, including 1.34% Li2O over 47.75 m.
- Located in a top mining jurisdiction with excellent infrastructure.
- None.
VANCOUVER, British Columbia, April 20, 2023 (GLOBE NEWSWIRE) -- United Lithium Corp. (CSE: ULTH; OTC: ULTHF; FWB: 0ULA) (“ULTH” or the “Company”) is pleased to announce drill crews have mobilized to the Bergby Lithium Project (“Bergby” or the “Project”) to commence a 4,000 metre (“m”) diamond drill program. Bergby is a
Highlights:
- 4,000 m diamond drill program spread over 50 holes
- Further drill testing known lithium-bearing pegmatites that remain open along strike and/or at depth
- Drill test other spodumene outcrops that have been identified on the Project
- Additional mapping and sampling to identify more potential outcrops
Scott Eldridge, CEO and Director stated, “We are excited to recommence drilling at the fully funded Bergby lithium project. Bergby is located in one of Europe’s top mining jurisdictions and enjoys world class infrastructure including port, rail, highway and power access. Initial results from the 9,000 m drill program completed in 2022 demonstrated very positive results including 47.75 m of
“Europe has a goal to become the first carbon neutral continent. EV’s and domestic lithium mine supply are important ingredients to support that goal. The Bergby Project presents an opportunity to develop into an important source to help meet the European Union’s goal of local mine supply of lithium.”
2023 Diamond Drill Program
The diamond drill program comprises a proposed 4,000 m spread over approximately 50 holes that will be completed by Ludvika BorrTeknik AB, of Sweden. The program design incorporates the findings from previous exploration activities and has two main objectives. Firstly, to further define known lithium-bearing pegmatites through drilling along strike, testing for potential parallel zones and down dip mineralization. Secondly, several lithium-bearing outcrops have yet to be drill tested and are primary targets to potentially expand known mineralization. The program is expected to conclude by the end of July 2023. Assay results will be announced once received and reviewed. To date 11,000 m of drilling in 130 holes have been completed at the Project with assay results pending for approximately 60 holes.
The 2023 drill program is fully funded following the completion of a
Figure 1 – Bergby Lithium Project Drill Targets
Top Grade Over Width Bergby Drill Holes to Date:
1.34% Li2O over 47.75 m (from 2.25 m) in hole BBY21069* at target “B”1.14% Li2O over 18.8 m (from 17.9 m) in hole BBY17016** at target “A”1.12% Li2O over 19.45m (from 13.55m) in hole BBY17020*** at target “A”1.00% Li2O over 16.35m (from 15.75m) in hole BBY17015** at target “A”
Location
The Bergby Lithium Project consists of eight exploration licenses covering 10,828 ha located near the Gulf of Bothnia coast in central Sweden. The Project is approximately 200 km North of Stockholm via highway E4 and 25 kilometres north of the city of Gavle. The Project is located within an area of world class mining infrastructure including highway and road access, railway, power and the port of Norsundett. Gavle is a proximal labour and supply hub. Furthermore, Bergby is near the world famous Woxna Graphite Mine and the new Northvolt lithium battery gigafactory.
Management Changes
The Company also announces the appointment of Chris Cairns as Chief Financial Officer, and Rona Sellers as Corporate Secretary effective April 18, 2023. United wishes to thank Faizaan Lalani who has resigned as CFO to focus on other endeavours.
Mr. Cairns, a Chartered Professional Accountant (CPA, CA) in Canada, is an accounting and finance professional with over 12 years experience in the finance and mining industry. He brings significant experience in audit, financial reporting, governance, and capital markets and currently also serves as Chief Financial Officer of Apollo Silver Corp. He obtained his designation while working in the audit and assurance group at PricewaterhouseCoopers (PwC), working with numerous Canadian and US-listed mining and exploration companies operating in North America, South America and Mongolia, before leaving to serve in roles as Controller and CFO of two publicly listed exploration mining companies.
Ms. Sellers is an experienced governance professional with more than 12 years of experience in corporate and securities law. She currently serves as the VP of Commercial & Compliance and Corporate Secretary for Apollo Silver Corp. Previously, she held the role of VP Compliance and Corporate Secretary at Maple Gold Mines Ltd. and multiple Corporate Secretarial roles at publicly traded companies listed in Canada and the United States. Ms. Sellers holds a Bachelor of Arts degree from Simon Fraser University and an LLB from City, University of London.
GREENPEG Conference
United Lithium will be attending and presenting at the "Sourcing The European Energy Transition From Domestic Resources - Vision Or Wishful Thinking?” International Conference in Uppsala, Sweden, April 25-26, 2023. On April 26, United Lithium will provide a tour of the Bergby Lithium Project to more than 50 international Geoscientists and other attendees from five continents who will visit the lithium-rich outcrops in the field and tour the core logging facility. GREENPEG is funded by the Horizon 2020 Framework Programme of the European Union GA 869274.
Qualified Person
The scientific and technical data contained in this news release was reviewed and approved by Robert Schafer, Registered Professional Geologist, Qualified Person as defined by NI 43-101 Standards of Disclosure for Minerals Projects.
On Behalf of The Board of Directors
“Scott Eldridge”
Chief Executive Officer and Director
Tel: 604-428-6128 office
Email: scott@unitedlithiumcorp.com
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
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including the timing of commencement, completion and successful execution of the planned drilling at Bergby, and the potential to expand known mineralization. Those assumptions and factors are based on information currently available to the Company. Although such statements are based on reasonable assumptions of the Company’s management, there can be no assurance that any conclusions or forecasts will prove to be accurate.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that the Offering does not close on the timeline expected, or at all, the risk that the Company raises less than the anticipated amount of gross proceeds from the Offering, and the risk that the Company does not use the proceeds from the Offering as currently expected. The forward-looking information contained in this release is made as of the date hereof, and the Company not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release and does not accept responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a5f03c1e-6283-47dc-8415-96b4e39ab763
FAQ
What is the purpose of the 2023 diamond drill program by United Lithium (ULTHF)?
How much lithium was intersected in the previous drill program at Bergby (ULTHF)?
When was the new diamond drill program at Bergby expected to be completed?
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