United Lithium Corp. Plans 9,000m of Drilling at the Bergby Project in Sweden Post-Acquisition

Rhea-AI Summary

United Lithium Corp. (CSE:ULTH, OTC PINK:ULTHF) plans to acquire the Bergby Lithium Project in Sweden, expecting completion in Q2 2021. Following the acquisition, a comprehensive drilling program of 9,000 meters is scheduled to commence, divided into three phases. Phase One includes 3,000 meters of drilling over six weeks, complemented by heliborne magnetic and radiometric surveys. Subsequent phases aim to further define lithium mineralization and establish resource calculations. CEO Michael Dehn emphasizes the project's strategic advantages for stakeholders.

Positive

• Acquisition of the Bergby Lithium Project expected to enhance lithium exploration potential.
• Planned 9,000 meters of drilling could significantly define lithium resources and support future revenue.
• Strategic location in Sweden offers excellent logistics for rapid exploration.

Negative

• Risks associated with the completion of the acquisition and its anticipated benefits.
• Potential uncertainties regarding the outcomes of the drilling program and resource estimations.

Heliborne magnetic and radiometric surveys to aid in identifying structures, geology and alteration

Metallurgical test work planned to quantify lithium recoveries and ancillary elements recoveries for Tantalum, Cesium and Niobium

VANCOUVER, BC / ACCESSWIRE / February 24, 2021 / United Lithium Corp. (CSE:ULTH)(OTC PINK:ULTHF)(FSE:0UL) (the "Company")") is pleased to announce that it expects to complete the previously announced acquisition (the "Acquisition") of the Bergby Lithium Project (the "Project"), located in central Sweden, 25 km north of Gavle, from Leading Edge Materials Corp. (see news release dated February 11, 2021) during the second quarter of 2021. The Company is actively preparing a drilling program (the "Program") to commence promptly after completion of the Acquisition and to be carried out over three phases. The Program is expected to be completed on or before December 31, 2021.

Phase one of the Program ("Phase One") contemplates the Company drilling along strike and down dip from previously indicated lithium mineralization at the Property. This phase will consist of 3,000 metres of drilling and is expected to take approximately six (6) weeks to complete.

During Phase One, the Company also plans on conducting a heliborne magnetic and radiometric airborne survey to test for structural controls on pegmatites which may bear lithium as well as on general geology and faulting. Further, a high resolution airborne lidar survey is planned to provide a detailed topographic surface representation to aid in providing accurate elevation and general terrain data on the Project.

Prior to commencement of phase two of the Program ("Phase Two"), surface and drill core samples will be sent for metallurgical test work to quantify recoveries of any lithium mineralization from the Project. Potential in recovering Cesium, Tantalum and Niobium for economic evaluation will also be tested.

Phase Two is intended to better define any lithium mineralization within the known mineralized zone, and to complete drill spacing acceptable for a NI 43-101 compliant resource calculation. Phase Two also contemplates 3,000 metres of additional drilling, which could potentially help the Company establish a resource report and plan for future drill programs.

Phase three of the Program ("Phase Three") contemplates continuing drilling, to a depth of 3,000 metres, along strike exploration of potential lithium targets, and testing potential parallel lithium zones. This is expected to assist the Company in verifying and validating any newly identified targets.

Michael Dehn, President and CEO states, "the Project offers United Lithium at and near surface lithium mineralization indications for targeting and testing, and with excellent logistics, provides stakeholders with a realistic opportunity for rapid understanding of the potential of the Project. We believe that Bergby ticks all the boxes: it's in the right place, at the right time, and the right commodity. We look forward to completing the acquisition and to commencing the work program."

On Behalf of The Board of Directors
Michael Dehn
Chief Executive Officer

Investor Relations
(604) 259-0889
ir@unitedlithium.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 www.leadingedgematerials.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, but not limited to, in relation to statements regarding the anticipated completion of the Acquisition, the commencement and completion of the Program, and the Company's business and plans. 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 Acquisition does not complete as contemplated, or at all; that the Program does not proceed as contemplated, or at all; that the Company does not carry out any further exploration activities in respect of the Project; that the Company does not complete any resource, technical or other geological report in respect of the Project; 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. The statements in this news release are made as of the date of this release.

The CSE does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: United Lithium Corp.

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FAQ

What is the expected completion date for the acquisition of the Bergby Lithium Project by United Lithium Corp.?

The acquisition is expected to be completed in the second quarter of 2021.

What is the scope of the drilling program planned by United Lithium Corp. at the Bergby Lithium Project?

The company plans a drilling program of 9,000 meters, conducted in three phases.

What are the planned activities during Phase One of the drilling program at the Bergby Project?

Phase One includes 3,000 meters of drilling and conducting heliborne magnetic and radiometric surveys.

What is the purpose of the metallurgical test work planned for the Bergby Lithium Project?

The test work aims to quantify lithium recoveries and assess the potential for recovering ancillary elements like Tantalum, Cesium, and Niobium.

What assurances does United Lithium Corp. provide regarding the completion of their acquisition and drilling program?

There are no guarantees that the acquisition will complete as planned, and the company cautions against placing undue reliance on forward-looking statements.