Ultra Resources Inc. (OTCMKTS:ULTXF) Stock Sees Buying Buzz At Lower Level
Shares of Ultra Resources Inc. (OTCMKTS:ULTXF) ended higher in the previous trading after the recent consolidation.
Market Stats
On Wednesday, ULTXF stock gained 3.65% to $0.1760 with more than 10K shares, compared to its average volume of 2.7k shares. The stock has moved within a range of $0.1760 – 0.1760 after opening trading at $0.1760.
Ultra Resources All Set to Explore the Laguna Verde Brine Lithium Project in Argentina
Ultra Resources Inc. (OTCMKTS:ULTXF) has inked a drilling contract with Los Arcangeles SA, for carrying out drilling and brine sampling on its 100% owned Laguna Verde brine lithium project in Catamarca Province, Argentina.
The exploration work is to confirm the potential of the aquifer in terms of porosity, permeability and effective porosity, and also finding out depth of the Laguna Verde basin. Quality of brine terms of content of lithium and other salts is to be assed too. A log is to be maintained about the number and types of aquifers (shallow, intermediate and deeper) and their thickness with the potential to host economically viable lithium brine mineralization.
Los Arcangeles SA is expected to begin mobilization in the 2nd week of January, for setting up field camp and transporting drilling equipment. Initially, the contract is for drilling 3 rotary drill holes, one to depth of up to 400 meters and two to a depth of up to 200 meters below ground surface.
A diamond drill hole is going to be completed as well, for defining subsurface stratigraphy and carrying out in-situ density / permeability tests of various sedimentary units down to a depth of up 400 meters. After completion of the drill hole, the contractor will arrange technical support to conduct pump tests, brine sampling, and down hole geophysical surveys.
Traders Corner
ULTXF stock is trading above the 10-Day and 20-Day Moving averages of $0.1598 and $0.1638 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.1625.
