Slovakia Rare Earth Projects To Be Acquired
Vancouver, July 4, 2013; Ultra Resources Corp. ("Ultra")(TSX.V-ULT) is pleased to announce that it has agreed to acquire by option a 75% interest in three rare earth element (REE) projects with exploration permits in Slovakia. The projects are named Hnilcik, Dobsina and Rejdova and range in size from 5 to 29 square kilometers (500 to 2,900 hectares). Each has excellent access and infrastructure. Click here for a pdf version.
The Slovak Geological Survey conducted exploration and development on the three projects from 1993 to 1997. Work included detailed geological mapping, gamma-spectrometric surveys, litho-geochemical surveys, trenching, technological testing and chemical analyses. Research and analysis on samples included microscope, x-ray, photometry and microprobe and extensive assaying work. All results are available.
The Rejdová prospect is reportedly underlain mainly by Late Paleozoic volcani-sedimentary formations and re-sedimented basalt- and basalt-keratophyre pyroclastics. Gamma-spectrometric anomalies in this prospect do not positively correlate with the REE anomalies and it appears that each group associates with a different volcani-sedimentary complex.
Exploration and development work on the properties in 2012 and 2013 by the vendor included orientation resampling of the old dumps adjacent to historical trenches and chip sampling of outcrops. Samples returned highly anomalous lanthanum and cerium values ranging in several hundreds of ppm lanthanum and cerium. Ultra plans to use detailed ground gamma-surveys on the Hnilcik and Dobsina prospects to assist with locating mineralized streaks which would then be systematically sampled. Further work planned at Rejdova includes soil geochemistry to delineate the anomalous zones in detail.
Ultra also plans to investigate and explore a historical copper mine located within the exploration permit. Ultra’s geologists observed historical adits and dumps associated with this historical copper mine extending over a distance of at least 500 meters at Rejdova, which appear to follow two large quartz vein systems locally mineralized with copper sulphides and secondary oxidation minerals. Grab samples rich in malachite and azurite returned as much as 3.5 % copper.
To acquire a 75% interest Ultra will pay $300,000 over four years and fund the first $2,000,000 in exploration and development. The first $80,000 in payments are binding with the balance and exploration being optional. Ultra is the operator, will hold title to the exploration permits and be responsible for managing the permits and all associated costs and applications. The projects are subject to a 2% NSR royalty reserved in favour of the vendor, Xyquest Mining Corp. a private B.C. company. The acquisition is subject to acceptance for filing by the TSX Venture Exchange.
Ultra is very familiar with exploration in Slovakia. Ultra holds the right to carry out exploration activities for uranium in an area referred to as the Kalnica-Selec property located in Western Slovakia.
Ultra also has the rights to a 100% interest in the Buck Lake Platinum Palladium Nickel Project. The Buck Lake Project is located approximately 25 kms west of North American Palladium’s Lac des Iles Palladium Mine near Thunder Bay, Ontario.
This news release was reviewed by Bohumil (Boris) Molak, PhD., PGeo (BC), a consulting geologist and qualified person as defined by National Instrument 43-101.
Ultra’s common shares are listed and called for trading on the TSX Venture Exchange with the trading symbol “ULT”. Information on Ultra can be accessed at www.ultraresourcescorp.com.ULTRA RESOURCES CORP.
PER: “Kirk Shaw”
Kirk Shaw, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.