ULI Ultra Lithium Inc

Ultra Resources Inc. (TSX-V: ULT) (“Ultra Resources” or “the Company”) is pleased to announce that it has shipped two bulk samples with a total weight of 849 kilograms from its Gold Project in La Rioja Province, Argentina to China for metallurgical testing. Bulk sample # 101 is from Callanas mining license and #102 is from Al Espinillo mining license. To make it a representative sample of mineralization style on the property, the sample was collected from multiple quartz veins (464 kilograms) and the historical dump material (385 kilograms) from each mine as summarized below:

Callanas Mine (Sample 101)The sample was taken from two locations at the Callanas VI quartz vein area. The first location is an old exploration camp site where a 3.5-metre-thick quartz vein is exposed within a 40 metre deep historical workings. The vein has a strike of 130° dipping vertically. Mineralization is in the form of malachite, limonite, and other sulfides with silicification / sericite alteration. The dump material is located 40 metres to the north of the pit around the old camp site. The second location is from and old incline where 1.5-metre-thick quartz vein is exposed, shows massive hematite alteration, high density, with a strike of 110° and vertical dip. The Dump sample was taken from the material piled at the edges of the incline.

Al Espinillo Mine (Sample 102)The sample was taken from the edge of a 40 metre deep historical mine workings where an approximately four-metre-wide fractured quartz vein having a strike of 110° dipping vertically is exposed. Mineralization is in the form of malachite, chalcopyrite, and other sulfides. Sericite and copper oxide alteration is common. The dump material is located around the old mine workings.

About the Metallurgical TestworkThe Company has contracted Yantai Xinhai Mining Research & Design Co., Ltd., Shandong, China (“Xinhai”) to carry out the following metallurgical testwork.

1. Head grade sample analysis for gold, silver, and other elements.
2. Particle size analysis: The sample will be screened into several fractions to measure the contents of each fraction and distribution rate of various metals.
3. Determination of true density and bulk density of the mineralized rock.
4. Determination of mineral processing technical parameters and process flows of gold recovery from the samples.
5. As the sample represents a polymetallic mineralized material, containing gold, silver, copper, lead, zinc, etc. The test will focus mainly on gold recovery.
6. The preliminary test scheme for mineral processing of the bulk sample is the gravity concentration plus nonconventional environmentally friendly gravity tailings leaching tests.
7. If other valuable elements such as copper have influence on gold recovery, the corresponding recovery process will be carried out to improve the recovery rate of gold.
8. Conduct dehydration test on mineral processing products.
9. Based on the test results and considering the requirements of capacity and other conditions of mineral processing designs, Xinhai will provide recommendations for equipment selection, water and electricity requirements and other economic parameters.

Dr. Weiguo Lang, CEO of Ultra Resources, stated that, “Although we are facing tough challenges due to the Global Pandemic effects of COVID-19, the Company has been very successful in keep things going on the projects side. The metallurgical testwork will be a leap forward in developing small scale production plans to process available historical dump material at our La Rioja Gold mines while exploring the underground gold resources based on the historical exploration work by JICA and ASGO.”

About Yantai Xinhai Mining Research & Design CoShandong Xinhai Mining Technology & Inc. is a stockholding high and new technology enterprise to provide “Turnkey Solution for Mineral Processing Plant” including design and research, machine manufacturing, equipment procurement, management service, mine operation, mine materials procurement & management as well as industry resources integration. Up to now, with 500 mine EPC projects, mining technologies and experience of 70 kinds of ores and 112 patents, Xinhai has established overseas offices with products exported to more than 90 countries. For further information, please visit the Xinhai’s website at: http://www.xinhaimineral.com/en/about_4.html.

About La Rioja Gold ProjectThe gold project in the south of the province of La Rioja Argentina, consists of three prospecting and exploration areas and 13 manifestations of discoveries. Also, in the area there are several historical gold mines and quartz veins in granodiorite rocks hosted by early Paleozoic shearing. Gold mineralization is typically associated with epithermal style shear hosted quartz veins. Initial evaluation of dump material available for historical mines on the Property indicates approximately 25,000-30,000 tons of dump material is available for gold and other metals processing.

Qualified PersonThe technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

“Kiki Smith” 

Kiki Smith, CFO

About Ultra Resources Inc.Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper, and lithium assets. The Company currently holds a brine lithium property in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

For further information, please contact the Company at:Attention: Kiki SmithTelephone: 778 968-1176Facsimile: 604 909-4682Email: kiki@ultraresources.comWebsite: www.ultraresources.comor view the Company’s filings at www.SEDAR.com.