International Lithium Completes Purchase of the Highly Prospective Firesteel Copper Project Near Upsala, Ontario and Application for Drilling Permits

International Lithium Completes Purchase of the Highly Prospective Firesteel Copper Project Near Upsala, Ontario and Application for Drilling Permits

International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that it has completed the purchase of a 90% interest in a highly prospective grass roots copper and cobalt property in Northwestern Ontario (Company news release dated February 20, 2024).

The Firesteel project ("Firesteel" or the "Project" or "Property"), previously referred to as the Honeyjack project, is located less than 10 km directly west of Upsala along Highway 17 and stretches for 16 km to the Firesteel River (Figure 1 and 2).

Under the terms of the Agreement, the Company will acquire an undivided 90% right, title, and interest in Firesteel by:

  • Paying on the Effective Date CAD $55,000 to the Vendor (paid);
  • Within 15 calendar days paying CAD $110,000 to the Vendor (paid); and
  • Granting the right to receive the following milestone payments:
    • if ILC establishes a Resource Calculation equal to or exceeding 10,000,000 metric tonnes at 1% Copper (the "First Resource Bonus Threshold"), ILC shall pay to the Vendor CAD $1,000,000
    • if ILC establishes a Resource Calculation equal to or exceeding 15,000,000 metric tonnes at 1% Copper (the "Second Resource Bonus Threshold"), ILC shall pay to the Vendor a further CAD $1,000,000

Under this structure TSX Venture Exchange approval is not required and the original application to TSX Venture Exchange that also carried a provision for the Company to issue shares at its option as payment for the above Resource Bonus Thresholds has been withdrawn.

Drilling Program

At the same time the Company announces that it has filed applications for permits to conduct the first drilling program at Firesteel targeting copper mineralization within the 6,600 hectare property. The Company intends to test up to six distinct targets with up to 2,000 metres of core drilling.

The six target areas were predominantly identified from the airborne geophysical survey conducted by the Company in late 2023 as part of the due diligence process. A number of the most promising anomalies (magnetic and conductive) correlate well, either directly or on trend, with surface samples returning anomalous copper and/or historic drill holes, of which there are four drilled by the Canadian Nickel Company that returned up to 30 metre intervals of massive pyrrhotite with chalcopyrite, pyrite and sphalerite also present. No assays were reported in the historic drill logs.

Drilling is expected to commence shortly after permits are received.

Project Highlights

  • Resident Geologist Program site visit confirms*:
    • up to 2.8% Cu at the Roadside 1 occurrence on Highway 17; and
    • 5802 ppm Cu with 217.5 ppm Co and 1728 ppm Cu with 309 ppm Co at the Roadside 2, approximately 2.8 km west (along strike) from the Roadside 1 occurrence.
  • 2.6% Cu in a historical sample* at the Roadside 2 occurrence;
  • 316 mining claim units covering an area of approximately 6,600 hectares;
  • Excellent infrastructure and access to technical and logistical support services; and
  • 16 km of strike potential for VMS style Cu-Co mineral deposits in parallel structures.

The Company completed a 1,392 line-km airborne magnetic and electromagnetic survey utilizing the RESOLVE frequency domain electromagnetic system. The data will be interpreted to identify near-surface highly conductive zones that may represent massive sulphide mineralization consisting of pyrrhotite, chalcopyrite, pyrite and bornite as witnessed at the Roadside 1 occurrence (Figure 3).

Several conductive zones, including one coincident with the Roadside 1 and 2 occurrences, are evident in the raw data. Final products from the airborne data are expected in the next month. Following the review of this data, the Company will follow up with prospecting and ground geophysics in preparation for drill testing later in 2024.

Project Overview

The Project consists of 17 mining claims, making up 316 mining claim units covering an area of approximately 6,600 hectares in Northwestern Ontario. The property is adjacent to Highway 17, less than 10 km west of Upsala, Ontario. It stretches westward to the Firesteel River for approximately 16 km.

The Trans Canada natural gas pipeline and CP Rail corridor transects the project making for easy access to existing infrastructure (Figure 2).

The Project is located within the central Wabigoon Sub-province at the eastern limit of the Lumby Lake Greenstone Belt. The Lumby North assemblage in the vicinity of Upsala is described in "Stone, D. 2010. Precambrian geology of the central Wabigoon Subprovince area, northwestern Ontario; Ontario Geological Survey, Open File Report 5422, 130p," as mafic sequences interlayered with iron formation and quartz arenite adjacent to the Marmion batholith. It contains massive mafic flows or gabbro interspersed with thin felsic meta volcanics and rare pillowed mafic units.

On October 5, 2021, D. Campbell (RRG), accompanied by B. Holbik, completed a property visit on the Property (then known as the Honeyjack property). 17 samples were collected from historic copper and gold occurrences.

They included various styles of mineralization and alteration including: i) quartz veins with stringers, blebs and disseminations of pyrite, pyrrhotite and trace chalcopyrite, ii) silicious metasedimentary rocks and iron formations with associated sericite alteration, pyrite, pyrrhotite, trace chalcopyrite and fuchsite, and iii) lenses of semi-massive and net-textured sulphides consisting of pyrite, pyrrhotite, chalcopyrite and bornite as indicated by the bright peacock colours (Figure 3-A).

RRG collected 6 samples of semi-massive and net-textured sulphides at the Roadside 1 Cu Zone on the south side of Highway 17, centred at 677465E 5435937N. The highest copper assay returned 28637 ppm Cu.

"Historical assay results from samples taken at locations approximately 1.6 km northeast and 2.8 km southwest of the Roadside 1 Cu Zone returned values of up to 2.6% Cu, 3.327 ppm Au and 2.6% Cu, 4.294 ppm Au, respectively (Bumbu 1995). RGP collected 2 samples (21DCHJ016-017) approximately 2.8 km southwest of the Firesteel Cu Zone, returning 5802 ppm Cu and 217.5 ppm Co, respectively. Approximately 225 m north of sample 21DCHJ017, Bumbu sampling returned 1728 ppm Cu and 309 ppm Co" (D. Campbell, 2022).

* International Lithium Corp. has not independently verified samples collected under the Resident Geologist Program and as with samples referred to as "historical" above, these analytical results are collectively being treated as historical in nature until the Company can carry out its own investigations with QA/QC protocols under the supervision of a Qualified Person as defined by NI 43-101.

D. Campbell (RRG) summarized:

"The potential for a highly metamorphosed volcanogenic massive sulphide pyrrhotite-chalcopyrite stringer zone or a volcanic-associated sedimentary copper system, perhaps up to 20 m wide and spanning up to 1 km or more in length, should not be overlooked."

John Wisbey, Chairman and CEO of ILC, commented:

"We are very glad to have finally closed this transaction for Firesteel. Since we signed the original deal in February the copper price has gone up by over 20% which is obviously a positive for the project. There has also been a lot of press coverage of copper and how dependent North America is on imported copper, so we believe this project fits in well with the U.S. and Canadian critical metals strategy."

"Firesteel is primarily a copper project. Initial studies reveal highly prospective amounts of copper at Firesteel, and there is also a smaller amount of cobalt and some gold there too."

"Exposure to copper fits our battery metals strategy well and is geographically a very natural follow-on for ILC from our investment in 2022 in the nearby Wolf Ridge claims. Moreover, our flagship Raleigh Lake lithium and rubidium project is also only an hour's drive away on a major road. This is, therefore, a very good project for us to add to our Canadian exploration portfolio."

"Our key focus remains lithium, but copper is also a vital metal in the battery revolution, so we now have copper and rubidium as important metals in our projects to complement our lithium. The access of Firesteel to infrastructure is, like Raleigh Lake, excellent."

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3232/209946_27322316343caae3_003.jpg

Figure 1: Location of the Firesteel Copper-Cobalt project relative to Thunder Bay, the Raleigh Lake Lithium-Rubidium deposits and the Wolf Ridge project area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/209946_27322316343caae3_003full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3232/209946_27322316343caae3_004.jpg

Figure 2: Firesteel Copper-Cobalt project claims outline and local infrastructure.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/209946_27322316343caae3_004full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3232/209946_ilcfig3_550.jpg

Figure 3: The Firesteel Roadside 1 occurrence. A) hand sample of semi-massive and net-textured sulphides consisting of pyrite, pyrrhotite, chalcopyrite and bornite, B) folded iron formation and metasedimentary rocks (hammer is 30 cm long), and C) cut and polished sample showing semi-massive and net-textured sulphides.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/209946_ilcfig3.jpg

About International Lithium Corp.

At ILC, our key mission in the next decade is to make money for our shareholders from lithium and other battery metals and rare metals while at the same time helping to create a greener, cleaner planet and less polluted cities. The world has seen significant governmental and public drive to move away from the energy market's historic heavy dependence on oil and gas. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada and other major economies to safeguard their critical metals supplies and become more self-sufficient. Our Canadian projects, which contain lithium, rubidium and copper, are strategic in that respect.

We have announced separately that we regard Zimbabwe as an important strategic target market for ILC, and we hope to be able to make announcements over the next few weeks and months.

A key goal has been to become and remain a well-funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, the Board considers that ILC is well placed in that respect with no debt and a respectable net cash position.

The Company's interests in various projects now consist of the following, and in addition, the Company continues to seek other opportunities:

NameMetalLocationArea (Hectares)StageCurrent Ownership %Future Ownership percentage if options exercised or work carried outOperator or JV Partner
Raleigh LakeLi, RbOntario48,500PEA for Lithium 2023. Resource Estimate for Rubidium 2023100%100%ILC
FiresteelCuOntario 6,600Exploration90%90%ILC
Wolf RidgeLiOntario 5,700Exploration0%100%ILC
AvaloniaLiIreland29,200Exploration45%21%Ganfeng Lithium
Mavis LakeLiOntario 2,600Resource Estimate for Lithium 20230%0%
(carries an extra earn-in payment of CAD$ 0.7 million if resource targets met)
Critical Resources Ltd. 
Forgan Lake & Lucky LakeLiOntarioExploration0%1.5% Net Smelter RoyaltyUltra Lithium Inc. 

 

The Raleigh Lake Project consists of 48,500 hectares (485 square km) of mineral claims in Ontario and is ILC's most significant project in Canada. Drilling has so far been on less than 1,000 hectares of our claims. A Preliminary Economic Assessment (PEA) was published for ILC's lithium at Raleigh Lake in December 2023, with a detailed economic analysis of ILC's separate rubidium resource still to come. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty-free. The project has excellent access to roads, rail and utilities.

With the increasing demand for high-tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil" and is a key part of a green energy sustainable economy. By positioning itself with projects with significant resource potential and solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue building value for its shareholders in the '20s, the decade of battery metals.

Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the contents of this news release.

On behalf of the Company,

John Wisbey
Chairman and CEO

www.internationallithium.ca

For further information concerning this news release please contact +1 604-449-6520.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Firesteel or Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or copper or other metal recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Company's projects, the increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis, which are available at www.sedarplus.ca. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties, or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209946

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Perth, Australia (ABN Newswire) - QX Resources Limited (ASX:QXR) can confirm that the Liberty Lithium brine project in California, USA, is a large brine basin with numerous brine aquifers, shown in downhole sampling and geophysics in the second hole of the Company's two-hole diamond drill program (Table 1*).

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o Geological similarities confirmed with the nearby Silver Peak lithium brine producer Albemarle, in Clayton Valley Nevada, with encouraging initial lithium assay results, aquifers and salinity.

- Lithium brine specialists have proposed additional drilling to intersect deep lithium brines in the centre of the basin, in a more favourable setting, further west of recent drilling.

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- QXR and IG Lithium Option Agreements are being amended to facilitate undertaking further drilling.

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Porous conglomerates saturated with brines were intersected beneath fine grained lake sediments with sandy layers. The geology intersected is very encouraging as it is similar to the producing sequences of Clayton Valley Nevada, where Albemarle's producing lithium brine deposit is located. Detailed downhole geophysics together with initial downhole brine sampling (packer sampling) shows increasing salinity with depth, together with large brine volumes, both encouraging for discovering a potentially economic lithium brine deposit in the properties.

Although the maximum lithium assay values were 50mg/l Li over 15 metres near the base of hole #2 (Table 2*), the salinity and conductivity increased with depth, at levels similar to known producers. Ingress of fresh water into the aquifers may explain the lower lithium values in drill holes #1 and #2 being located close to a range front fault on the edge of the basin. These initial holes were located near the edge of the basin in part for logistics and access reasons as well as the surface lithium anomaly.

Hole #2 also intersected thick porous brine horizons - critical for future success- which is considered encouraging, together with the geological similarity to Clayton Valley NV (Albemarle's Silver Peak mine). These similarities include basal porous conglomerate units containing brine beneath finer grained lake sediments.

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Results were analysed by external lithium brine specialists to produce interpretations, including the globally recognised Hydrominex Geoscience Consulting. Lithium brine specialists have advised additional drilling is required to potentially intersect deep lithium brines in the centre of the basin, further west of drilling undertaken by QXR, based on lab results to date.

QXR Managing Director, Stephen Promnitz, said: "QXR has defined a new large scale brine basin, saturated with brines, at the Liberty Lithium Brine Project. A large near-surface brine field with lithium potential is rare to date in the USA. The geological setting, with conglomerates loaded with brines, is similar to Albemarle's producing deposit. We are yet to find tuff horizons similar to Clayton Valley, which are the best brine aquifers - although they do outcrop nearby, suggesting they may exist within the basin. Surface and downhole geophysics make it compelling for further drilling to the west, in the centre of the basin under deeper sediments, which may intersect higher grade lithium brine, compared to the drilling to date."

Next Steps

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QXR and IG Lithium are currently discussing amendments to the Option Agreements to facilitate the undertaking of further drilling.

Background

The Liberty Lithium Brine Project, located in SaltFire Flat, California, covers contiguous claims over 102km2 (25,300 acres), being one of the largest single lithium brine projects in the USA (Figure 1*). The Company entered an Option to Purchase Agreement and an Operating Agreement (Option Agreements) to earn a 75% interest in the large scale Liberty Lithium brine project in California, USA, from vendor IG Lithium LLC (ASX announcement 5 October 2023). Based on results received to date, the Company is currently in discussion with IG Lithium regarding potential renegotiation of the Option Agreements to allow a longer period of time to conduct additional drilling prior to any future commitments.

Two vertical diamond drill holes were completed (369m & 443 metres depth), spaced 4km apart (Figure 2, 3*).

Holes were centred over an extensive lithium brine surface anomaly and significant MT geophysical target, interpreted as a series of conductive brine bearing aquifers at depth. Brine horizons were intersected in both holes with numerous brine aquifers intersected in drillhole #2 (ASX announcement 8 Feb 2024).

QXR entered into a Letter of Intent with Stardust Power Inc., a development stage American manufacturer of battery-grade lithium products, to assess the lithium brines from the Liberty Lithium Brine Project. The parties intend to evaluate options to potentially supply Stardust Power with lithium brine products, dependent on results, on a non-exclusive basis for processing into battery-grade lithium materials for electric vehicles (ASX announcement 29 Feb 2024). The Company plans to share the results of the two hole drill program with Stardust as part of ongoing discussions.

Drillholes

Drillhole #1 (LLD23001) was completed at 369 metres depth. Target horizons were intersected at 49m depth and 329m depth. Fine grained sediments, gravels and coarse alluvial fan material were intersected down the length of the hole. An interpretation is that the drillhole went through the range front fault at 249m depth.

Drillhole #2 (LLD24002) was completed at 433 metres depth, located 4km to the south of drillhole #1. Both drillholes were centred over significant MT geophysical targets interpreted as a series of conductive brine bearing aquifers at depth. Both holes were positioned within an extensive lithium brine surface anomaly of over 10km defined in auger samples. An interpretation is that the drillhole went through the range front fault at 370m depth.

Figures 5 shows the increase in lithium and chloride concentration in brine with increasing depth. Figures 6-8* show interpretations of the possible geology on MT geophysical lines and the location of proposed drill holes.

The location of the proposed drill holes is also shown in Figure 9*.

Recommendations

Results were analysed by external lithium brine specialists to produce interpretations, including the globally recognised Hydrominex Geoscience Consulting, and others who have closely reviewed the geological setting of Albemarle's Silver Peak lithium brine producer in Clayton Valley, Nevada. Their recommendations included additional drilling further west of drilling undertaken by QXR, to potentially intersect deep lithium brines in the centre of the basin, based on lab results to date. Surface and downhole geophysics suggests that the basin is angled to the west with deeper sediments and brines to the west of recent drilling. Further, the geochemistry of the brine samples may suggest an ingress of fresh water into the aquifers, resulting in lower lithium grade in the two holes drilled to date, as the holes were drilled adjacent to a range front fault with significant fresh water inflows into the basin, along the basin edge.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/C58T0H5U



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ALX Resources Corp. Receives Analytical Results from the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the results of the 2024 winter drilling program and upcoming summer 2024 exploration plans at its Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan.

Gibbons Creek is the subject of an option earn-in transaction with Trinex Lithium Ltd., a wholly-owned subsidiary of Trinex Minerals Limited ("Trinex"), which is a publicly-traded mineral exploration company listed on the Australian Securities Exchange. Under the terms of a definitive agreement signed in May 2024, Trinex can earn an initial 51% interest and up to a 75% participating interest in the Project in two stages over a period of five years by making cash payments and common shares payments to ALX, and by incurring exploration expenditures at the Project (see ALX news release dated May 8, 2024).

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Brunswick Exploration Launches Multinational Exploration Campaign

Brunswick Exploration Launches Multinational Exploration Campaign

Brunswick Exploration Inc. (" BRW " or the " Company ") is pleased to announce that it has started a helicopter-supported prospecting campaign in Quebec with additional programs in Labrador and Greenland to begin in July and August 2024, respectively. BRW plans to systematically test hundreds of new and outcropping S-type pegmatite targets across its portfolio.

Mr. Killian Charles, President and CEO of BRW, commented: "While we continue to focus our efforts into the Mirage Project, we are thrilled to start new, ambitious grassroots initiatives throughout Eastern Canada and Greenland. These initiatives are a core pillar of BRW's strategy and, as the lithium industry remains ripe for new discoveries, we will continue to leverage our exploration expertise to rapidly identify new targets and explore in sound jurisdictions."

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