International Lithium Receives License Renewals for Avalonia

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International Lithium (TSXV:ILC) received confirmation from the the Exploration and Mining Division, Department of Communications, Energy and Natural Resources, Republic of Ireland that is prospecting licenses for the Avalonia lithium project have been renewed. The licenses will now be valid until August 2016.
As quoted in the press release:

Further to the license renewal, in preparation for magnetic surveys within the anomalous geochemical areas, the Company has compiled magnetic susceptibility measurements from select drill core samples collected during drilling campaigns on the project. The magnetic susceptibility data confirm that the spodumene bearing pegmatites have virtually zero magnetic susceptibility in contrast to neighbouring granitic lithologies which have distinct elevated magnetic susceptibility and schistose host rocks that report magnetic susceptibilities an order of magnitude higher than the granites. The stark contrast in these physical properties should allow the Company to use high-resolution ground based magnetometer surveys to map the contact zone between the pegmatites and host rocks through cover. Based on these preparatory results the Company anticipates the magnetometer surveys will provide an accurate and efficient method of developing drill targets.
The Company has received approval from their strategic partner, Ganfeng Lithium Co. Ltd., (“GFL”), for a budget of approximately 750,000 Euros for the 2016 Avalonia exploration season. As a result, the Company will begin magnetometer surveying in early 2016 as preparation for another round of drill testing later in the year.

International Lithium CEO, Kirill Klip, said:

The Avalonia project joint venture, fully funded by strategic partner Ganfeng Lithium Co. Ltd., (“GFL”), could be of strategic importance to the European Union should a sufficient resource be identified. Clean fuel technologies for motor vehicles are becoming increasingly important to the European Economic Community to tackle climate change and the air pollution crisis in major urban areas. Lithium technology will play a major role when it comes to providing batteries for communication devices, electric vehicles and utility storage systems. Renewable sources of energy such as solar and wind power will also benefit from lithium battery technologies and become more commonplace as the problem of intermittency will be addressed providing steady power from these sources 24/7.

Click here for the full press release.