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Ultra Resources Inc. (TSXV:ULT) – Notable News

December 9, 2021

Ultra Resources Inc. (TSXV:ULT, Not Rated, David A. Talbot) announced it has closed the first tranche of its private placement for gross proceeds of C$3,626,899. This financing was initially announced in September 2021 (read more). The company sold 7,005,148 flow-through (FT) units of the company at C$0.165 per FT unit for gross proceeds of C$1,155,849, and 16,473,667 non-flow-through (NFT) units at C$0.15 per NFT unit for gross proceeds of C$2,471,050. Each FT unit represents one common share of the company issued as a flow-through share and one half of one common share purchase warrant, while each NFT unit consists of one common share and one half of one warrant. Each warrant entitles the holder to purchase one common share of Ultra Resources at C$0.25/sh for a period of twelve months from the date of issue. We note that the proceeds from the sale of NFT units will be used to fund exploration work at the company’s Argentine and NW Ontario properties, while the sale of FT funds will be ear-marked for exploration in Ontario, and both are intended for general working capital purposes. The company’s Ontario-based hard-rock properties include the 100%-owned Georgia and Forgan Lake lithium pegmatite projects. Georgia is a 2,416 ha property that has excellent infrastructure, power within 8km, and is 145km from a deep water port with a nearby labour force. The majority of pegmatites at the property are hosted by Archaean meta-sediments near large masses of granite. While there is potential for other rare metals – Nb, Ta, Rb, Be and Cs – the main lithium mineral present is spodumene. Highlight prospecting and grab sampling results have returned 2.73% Li2O, while stripping, trenching and channel sampling results returned 1% lithium over 1m to 3m widths, and four short drill holes indicated 0.76% to 1.42% lithium oxide over widths from 1m to 5m. We note that the property has the potential to produce lithium-bearing spodumene concentrates, hosting the equivalent of 20,000tpa LCE. Management is considering applying for a quarrying permit to facilitate small-scale trial production and further engaging local First Nations to bring support for the project. In terms of its Forgan Lake property, the company first acquired it in September 2018 from International Lithium Corp. (TSXV:ILC, Not Rated). Forgan covers a total area of 256 ha and historical drilling totaled 3,000m (39 holes) during 1955-61, when six lithium pegmatites were discovered. Channel samples were found to average 2.57% Li2O over 6.4m, while those southwest of the first three samples averaged 4.23% Li2O over 7.46m, and two additional samples returned 1.98% Li2O over 7.62m. We believe that proceeds from the private placement can help advance both of these hard-rock projects with 1) the commencement of a 2,000m drilling program by EOY 2021, and 2) metallurgical testing, which will provide a clearer path toward resource estimation. The company is also currently awaiting approval for bulk sample permits on different pegmatites. Read more

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