United Lithium Corp. (CSE: ULTH; OTC: ULTHF; FWB: 0UL) (the “Company”), is pleased to announce it has signed a Letter of Intent (the “LOI”) with Sunstone Metals Limited (“Sunstone”), Scandian Metal Pty Ltd., Scandian Metals AB and Nortec Minerals Corp. (“Nortec”), contemplating the potential acquisition by the Company of 100% of the Kietyönmäki lithium project (the “Proposed Transaction”).
The Kietyönmäki lithium project, located in the Kietyönmäki lithium prospect, was discovered by the Finnish Geological Survey (“GTK”) in the mid-1980’s. GTK drilled 17 shallow diamond drill holes to test down to 70m below surface across three traverses, including one traverse of very shallow holes to locate bedrock. In 2016, six holes drilled by Sunstone intersected lithium mineralization hosted as a spodumene-bearing pegmatite dyke swarm.
Historical drilling results from GTK include:
- 24.25m @ 1.31% Li2O in drillhole R310 from 58.75m depth
- 13m @ 1.66% Li2O in drillhole R316 from 86.00m depth
- 23m @ 1.53% Li2O in drillhole R307 from 14.10m depth
Historical results completed by the property vendors include:
- 42m @ 1.10% Li2O in drillhole KMDD001 from 17.88m depth
- 6m @ 0.90% Li2O in drillhole KMDD002 from 115.14m depth
- 9m @ 0.80% Li2O in drillhole KMDD006 from 167.00m depth
Table 1. Surface Channel Sampling results by GTK
|Width (m)||Li2O (%)||Nb2O5 (ppm)||Ta2O5(ppm)|
Michael Dehn, President and CEO of ULTH, states, “It is our strong belief that the demands for lithium in Europe will outpace global supply in the coming years. By identifying potentially higher grade, more advanced lithium projects in Eastern Canada and Europe, United Lithium is positioning to be a key player in supporting the European markets anticipated demand for lithium minerals”.
The parties have agreed to an exclusivity period during which they will negotiate with each other with a view to settling a definitive agreement. There can be no assurances that any component of the Proposed Transaction will proceed, nor can there be any assurance as to the final definitive terms thereof.
Mark Saxon (FAusMM), Technical Advisor to the Company, is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure or Mineral Projects) and has prepared or reviewed the preparation of the scientific and technical information in this press release.
On Behalf of The Board of Directors
Chief Executive Officer