International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") is pleased to announce that all resolutions proposed at the Company's annual general and special meeting of shareholders held on December 29, 2021 were passed. All agenda items outlined in the information circular for the meeting were approved and all director nominees were elected, with over 99% of votes cast in favour of all the motions. The directors elected for the ensuing year were: John Wisbey, Maurice Brooks, Nicholas Davies, Anthony Kovacs and Ross Thompson.
About International Lithium Corp.
International Lithium Corp. believes that the '20s will be the decade of battery metals, at a time that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. Our key mission in this decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits. In addition, we have seen the clear and growing wish by the USA and Canada to safeguard their supplies of critical battery metals, and our Canadian Raleigh Lake property is strategic in that respect.
A key goal has been to become a well funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021, the Board of the Company considers that ILC is already well placed in that respect with a strong net cash position. The disposal of Mavis Lake, assuming the option is exercised as planned, will add useful further liquidity.
International Lithium Corp. has a significant portfolio of projects, strong management, and strong partners. Partners include Ganfeng Lithium Co. Ltd., ("Ganfeng Lithium") a leading China-based lithium product manufacturer quoted on the Shenzhen and Hong Kong stock exchanges (A share code: 002460, H share code: 1772) and Essential Metals Limited, quoted on the Australian Stock Exchange (ASX:ESS).
The Company's primary strategic focus is now on the Raleigh Lake lithium and rubidium project in Canada and on identifying additional properties.
The Raleigh Lake project now consists of over 47,000 hectares (470 square kilometres) of adjoining mineral claims in Ontario, and is ILC's most significant project in Canada. The exploration results there so far, which are on only about 5% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
Complementing the Company's rare metal pegmatite property at Raleigh Lake, are interests in two other rare metal pegmatite properties in Ontario, Canada known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which encompasses an extensive 50-km-long pegmatite belt.
The ownership of the Mavis Lake project is currently 51% Essential Metals Limited (ASX: ESS, "ESS") and 49% ILC. In addition, ILC owns a 1.5% NSR on Mavis Lake. ESS has an option to earn an additional 29% by sole-funding a further CAD $8.5 million expenditures of exploration activities, at which time the ownership will be 80% ESS and 20% ILC. Mavis Lake is now under option until January 2022 to Critical Resources Ltd. (ASX:CRR) to buy 100% at which point ILC's NSR would also be surrendered. If exercised, that option will bring the Company approximately CAD$1.4m of cash and shares in CRR, with upto a further CAD$1.4m if certain resource targets are achieved by CRR. If CRR were to complete its purchase but then sell or joint venture the Mavis Lake claims in future, this further payment obligation would pass to any future owner of the claims. ILC and ESS would have a right of first refusal to buy the claims back if CRR had not achieved and made additional payment for the first additional payment milestone.
The Forgan Lake project will, upon Ultra Resources Inc. meeting its contractual requirements pursuant to its agreement with ILC, become 100% owned by Ultra Resources (TSXV: ULT), and ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng Lithium and 45% ILC. Ganfeng Lithium has an option to earn an additional 24% by either incurring CAD$ 10 million expenditures on exploration activities by September 2024 or delivering a positive feasibility study on the project, at which time the ownership will be 79% Ganfeng Lithium and 21% ILC. In the event that ILC does not contribute to the project after that, and its share consequently falls below 10% of the project, its share will be substituted by a 1% NSR.
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 tech" sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
On behalf of the Company,
John Wisbey
Chairman and CEO
www.internationallithium.com
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 Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium 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 Avalonia Joint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners where we have them. Such forward-looking information is based on a number of 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.sedar.com. 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/108665
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As the demand for clean technologies grows, so too does the demand for high-tech rechargeable batteries used to power the green economy. However, the United States and the European Union’s current dependence on Japan, South Korea and China for 80 percent of the world’s battery production is threatening their auto industry. As the largest processor and producer of these battery materials, China alone can significantly influence pricing and supply chain flows.
The United States and the European Union are working to reduce dependence on these countries and restructure supply chains. Both regions have identified Canada as a secure and stable source of sustainable raw materials, such as lithium, which is critical to the growing electric vehicle market. As a result, mining companies with Canada-based projects that supply materials needed for high-tech rechargeable batteries such as lithium may be an interesting opportunity for investors to consider.
International Lithium (TSXV:ILC, OTC:ILHMF, FRA:IAH, OTCQB:ILHMF) is a mineral exploration company focused on developing a portfolio of lithium and rare metals projects and royalties in Canada and Ireland. The company is led by an experienced management team with a proven track record of advancing prospective projects with low technical risk in established mining jurisdictions.
International Lithium delivers shareholder value through project development, strategic partnerships and project sales. The company’s projects include the Raleigh Lake and Avalonia projects.
The company’s flagship Raleigh Lake project is a wholly owned and highly prospective lithium, rubidium and caesium project in Ontario. Raleigh Lake spans 48,500 hectares adjacent to the Trans-Canada highway and CPR railway, just outside the town of Ignace, and features promising drill results. Drilling identified stacked tabular dyke-like bodies that gently dip from surface, covering an area of 600 meters along strike by 400 meters downdip with each dyke having grades akin to the 3.78-meter interval grading 1.72 percent lithium oxide and 2,829 parts per million (ppm) rubidium in drill hole RL21-03. Prospecting on newly acquired claims discovered 20 new pegmatites at surface level over several kilometers.
Pegmatite outcrop discovered at the White Otter prospect, Raleigh Lake project area.
International Lithium’s Avalonia project is a joint venture lithium project located in Leinster, Ireland, spanning 29,200 hectares covering a 50-kilometer belt. Drilling on the Avalonia project returned 2.23 percent lithium oxide over 23.3 meters including 3.43 percent lithium oxide over 6 meters and 1.50 percent lithium oxide over 5.6 meters. The Avalonia project is currently under an option agreement. International Lithium currently owns 45 percent.
“International Lithium. is now in by far the strongest financial position that it has been since its listing in 2011, and we look forward to building successfully on that both at our lithium and rubidium project at Raleigh Lake in Ontario and on our other present and future projects,” said chairman and CEO John Wisbey.
In October 2021, the company sold its share in the Mavis Lake joint venture lithium and caesium project in Ontario to Critical Resources Ltd. (ASX:CRR) with proceeds totaling C$1.48 million and a possible further C$1.38 million linked to resource discovery milestones.
The company also sold its remaining interest in the Mariana project in Argentina for US$13.17 million, which has placed International Lithium in a strong financial position to further increase its liquidity. In 2021 alone, the company raised C$4.9 million in equity financing.
International Lithium is currently focused on developing its flagship Raleigh project. In addition, the company continues to identify additional properties to add to its portfolio.
Drilling at Raleigh Lake
The flagship Raleigh Lake project is a fully owned lithium, rubidium and caesium project located immediately west of Ignace in Ontario, Canada. The Raleigh Lake project spans 48,500 hectares and is accessible via the Trans-Canada Highway. The project also features access to the Canadian Pacific railway, natural gas pipelines and a hydropower line that crosses through the property.
Drilling on the property began in April 2021 and returned promising grades of lithium, sizable amounts of rubidium and small amounts of caesium. Drilling identified mineralization hosted in at least four main pegmatites and more observed in outcrops. Drill results include 2.80 of lithium oxide over 9.0 meters as well as 1.05 meters grading 2.69 percent lithium oxide from 31.04 meters and 1.18 meters grading 4210 ppm rubidium from 29.86 meters within a 3.78-meter interval grading 1.72 percent lithium oxide and 2829 ppm rubidium.
In 2021, International Lithium focused on evaluating the regional potential for additional lithium-bearing pegmatites in and around the Raleigh Lake area and, as a result, has expanded the project from 3,000 hectares to more than 47,700 hectares, based on analysis of regional geophysical and geological data.
Phase 3 of the diamond drilling program, which began in September 2022 at Zone 1 of the Raleigh Lake Lithium project intersected spodumene-bearing pegmatite, demonstrating tremendous continuity of the mineralized body.
Lithium MRE isometric section view looking southwest with lithium grades.
International Lithium filed lithium and rubidium mineral resource estimates (MRE) which will be published in a related NI 43-101 Technical Report. The two MREs are closely related due to their spatial relationships, but their respective resource estimates are considered separate and unique.
This is a summary of the lithium MRE for lithium-caesium-tantalum (LCT) pegmatites of the Raleigh Lake pegmatite field. The open pit and underground MREs are constrained via optimized pit shell and minable shape wireframes, respectively.
An independent MRE has been calculated for the rubidium contained within microcline zones of the LCT pegmatites. Rubidium also occurs throughout the LCT pegmatites within the lithium-bearing spodumene at a lower cutoff but is not included in this rubidium MRE. Rubidium reaching grades greater than 4,000 ppm is attributed to pockets of high modal abundance of microcline (potassic feldspar). The open pit and underground MREs are constrained via optimized pit shell and minable shape wireframes, respectively.
Rubidium Open Pit and Underground MRE
Spodumene in boulder at Avalonia
The Avalonia project is a joint venture lithium project located in Leinster, Ireland. The property spans 29,200 hectares covering a 50-kilometer belt with around 29 significant lithium pegmatite occurrences. Drilling on the Avalonia project returned 2.23 percent lithium oxide over 23.3 meters including 3.43 percent lithium oxide over 6.0 meters and 1.50 percent lithium oxide over 5.60 meters. However, some drill results on the property are still pending.
International Lithium currently owns 45 percent of the project while Ganfeng Lithium owns 55 percent. Ganfeng Lithium has the option to acquire 79 percent of the project by spending C$10 million for exploration activities by September 2024 or by producing a positive feasibility study. If the option is exercised, International Lithium will retain 21 percent of the Avalonia project which may reduce further if the company does not contribute to the project. However, if the company’s ownership becomes less than 10 percent then its share will convert to a 1 percent NSR.
John Wisbey joined the board of ILC in 2017. After a few months, he became deputy chairman and then he became chairman and CEO in March 2018. He has personally invested significant funds in ILC since joining the board and is now ILC’s largest shareholder. He has had a career as a technology entrepreneur and is also a former banker. More recently, Wisbey was a green energy entrepreneur. He founded two London AIM-listed companies –– IDOX plc which provides software for the UK local government and Lombard Risk Management plc which specializes in software for bank risk management and regulation. He also established CONVENDIA Ltd. which is a private company that specializes in software for cash flow forecasting, project valuation and M&A financial analysis. Wisbey holds various non-executive director roles in the UK and Switzerland. He was formerly a banker at Kleinwort Benson. At Kleinwort Benson, he held various roles, including a director in the derivatives group, head of options and corporate lending. Wisbey has acted as a public company chairman, CEO, or director for twenty years. He is a graduate of Cambridge University.
Maurice Brooks joined the board of ILC in 2017. He is a licensed senior statutory auditor in the UK. Since 2000, he has been a senior partner at Johnson Smith & Co. in Staines, Surrey. Before that, Brooks was a senior partner in Johnsons Chartered Accountants in the London Borough of Ealing. His commercial and investment experience includes executive directorships in manufacturing and an investment accountant role to the superannuation fund of the Western Australian state government. His early professional employment includes Ball Baker Leake LLP and LLC and Price Waterhouse Coopers-UK.
Anthony Kovacs joined the board of ILC in 2018 and has worked with the company since 2012. He has over 25 years of experience in mineral exploration and development. Before joining ILC, he held senior management roles in which he sourced and advanced iron ore and industrial minerals projects. Kovacs was involved in early-stage work at the Lac Otelnuk Iron Ore project in Quebec, Canada and the Mustavaara Vanadium Mine in Finland. Before that, Kovacs worked for Anglo American where he focused on Ni-Cu-PGE and IOCG projects. At Anglo-American, Kovacs was directly involved in several discoveries internationally. Kovacs has significant experience with industrial minerals, ferrous metals, non-ferrous metals and precious metals projects throughout the Americas, Europe and Africa.
Ross Thompson joined the board of ILC in 2017 and is the chair of the audit and remuneration committees. He is a speaker and expert in marketing behavioral science. In 1995, he founded Giftpoint Ltd. which is now one of the largest specialist promotional merchandise businesses in the UK. with offices in London and Shanghai. Giftpoint Ltd.’s clients include L’Oreal, Oracle, Ocado and Pernod Ricard among others. Thompson was president of IGC Global Promotions, one of the world’s oldest and largest global networks of premium resellers, for seven years. He is an active investor with a special interest and understanding of natural resources businesses.
In advance of the PDAC (Prospectors & Developers Association of Canada) conference, 'The World's Premier Mineral Exploration & Mining Convention', which starts on March 3, 2024, in Toronto, International Lithium Corp. (TSXV: ILC) ("ILC" or the "Company") wishes to put several matters into the public domain for full disclosure, enabling the Company to talk openly about anticipated questions and topics of a strategic nature.
Raleigh Lake Lithium and Rubidium Project
The Company will speak about the PEA announced on December 4, 2023, and the related NI43-101 report announced on January 18, 2024. These reports only dealt with the economic value of the lithium at Raleigh Lake, leaving the rubidium as a possible appreciable upside.
Firesteel Copper Project
The Company will speak about the News Release for this copper acquisition issued on February 20, 2024.
Zimbabwe
The Company announces that it has applied for several Exclusive Prospecting Orders ("EPOS") in Zimbabwe. It is anticipated that the Company will be able to announce an award shortly. If awarded, the area covered will be significant. Zimbabwe is the sixth largest lithium-producing country in the world at present and is the largest producer in Africa.
It must be stressed that such awards are very hard to obtain, and their grant is in the hands of the Government of Zimbabwe. Consequently, there is no guarantee of success.
Fundraising
The Company has had indications in principle from John Wisbey, Chairman and CEO, Ross Thompson, Non-executive Director and from two other parties that they are together willing to participate in the amount of CAD$ 1.1 million in the Company's proposed fundraising, which, subject to Exchange approval, will be at a premium quantum of CAD$ 0.05 per share for units which include ILC shares and warrants. This compares with ILC's current market share price of CAD$ 0.03.
The Company is withdrawing the private placement announced on October 24, 2023. Still, it will relaunch it when it is confident that funds are available, provided that Exchange approval is obtained for the terms. At the same time, the Company wishes to expand its investor base to new investors capable of supporting the Company's expansion. It is in discussions with other parties who have expressed serious interest.
The lithium market
The rise in the lithium price from circa USD$ 12,000 per tonne of lithium carbonate in mid-2021 to a high of USD$ 80,000 at the end of 2022 has been followed by a fall back to around USD$ 13,000. Moreover, the significant money printing during and after the pandemic has appreciably escalated mining costs. In such a price and cost environment, it is no surprise that, without exception, lithium stocks are trading well below their 1-year high or 3-year high. In a study produced by the Company of 21 Canadian and Australian companies operating in hardrock lithium in Canada with a market capitalisation of less than CAD$ 1 billion, and based on closing prices on February 23, 2024, the percentage of the current market price versus the highest one year and three-year market prices was as follows:
| Market stock price Feb 23, 2024 as % of 1 year high | Market stock price Feb 23, 2024 as % of 3 year high | |
| Best performer | 54.5% | 41.5% |
| ILC | 35.3% | 20.0% |
| Average | 29.1% | 19.99% |
| Worst performer | 3.1% | 1.57% |
The Company is not satisfied with being just over the average, and this situation arguably takes little or no account of our recent copper acquisition, our significant plans in Zimbabwe, or the upside of our rubidium at Raleigh Lake. We remain hopeful that these factors will, in due course, help the shares re-rate.
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, and fundraising underway in 2024, the Board considers that ILC is well placed in that respect with no debt and a strong 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:
| Name | Metal | Location | Area (Hectares) | Stage | Current Ownership % | Future Ownership percentage if options exercised or work carried out | Operator or JV Partner |
| Raleigh Lake | Li, Rb | Ontario | 48,500 | PEA for Lithium 2023. Resource Estimate for Rubidium 2023 | 100% | 100% | ILC |
| Firesteel | Cu | Ontario | 6,600 | Exploration | 90% | 90% | ILC |
| Wolf Ridge | Li | Ontario | 5,700 | Exploration | 0% | 100% | ILC |
| Avalonia | Li | Ireland | 29,200 | Exploration | 45% | 21% | Ganfeng Lithium |
| Mavis Lake | Li | Ontario | 2,600 | Resource Estimate for Lithium 2023 | 0% | 0% (carries an extra earn-in payment of CAD$ 0.7 million if resource targets met) | Critical Resources Ltd (ASX: CRR) |
| Forgan Lake & Lucky Lake | Li | Ontario | Exploration | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. (TSXV: ULT) |
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.
On behalf of the Company,
John Wisbey
Chairman and CEO
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.sedar.com. 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/199850
News Provided by Newsfile via QuoteMedia
Come visit International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") at Booth #2350 at the Prospectors & Developers Association of Canada's (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 3 to Wednesday, March 6, 2024.
John Wisbey, Chairman and CEO, will be on hand with Anthony Kovacs, Director and COO, to discuss the recently announced positive PEA* for the Raleigh Lake Lithium project (located along Highway 17 just outside of Ignace, Ontario) and the recently acquired highly prospective Firesteel Copper project** (just down the road near Upsala) - all in Northwestern Ontario.
* "The Raleigh Lake Project, NI43-101 Technical Report – PEA," was filed on SEDAR on January 18, 2024 (Company news release dated January 18, 2024).
** Company news release dated February 20, 2024.
About PDAC
The World's Premier Mineral Exploration & Mining Convention is the leading convention for people, governments, companies and organizations connected to mineral exploration. In addition to meeting more than 1,100 exhibitors, 2,500 investors and 24,000 attendees in person in 2023, participants could also attend programming, courses and networking events.
The annual convention is held in Toronto, Canada. It has grown in size, stature and influence since it began in 1932 and today is the event of choice for the world's mineral industry.
For more information and/or to register for the conference please visit: https://www.pdac.ca/convention.
We look forward to seeing you there.
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, and fundraising underway in 2024, the Board considers that ILC is well placed in that respect with no debt and a strong 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:
| Name | Metal | Location | Area (Hectares) | Stage | Current Ownership % | Future Ownership percentage if options exercised or work carried out | Operator or JV Partner |
| Raleigh Lake | Li, Rb | Ontario | 48,500 | PEA for Lithium 2023. Resource Estimate for Rubidium 2023 | 100% | 100% | ILC |
| Firesteel | Cu | Ontario | 6,600 | Exploration | 90% | 90% | ILC |
| Wolf Ridge | Li | Ontario | 5,700 | Exploration | 0% | 100% | ILC |
| Avalonia | Li | Ireland | 29,200 | Exploration | 45% | 21% | Ganfeng Lithium |
| Mavis Lake | Li | Ontario | 2,600 | Resource Estimate for Lithium 2023 | 0% | 0% (carries an extra earn-in payment of CAD$ 0.7 million if resource targets met) | Critical Resources Ltd (ASX: CRR) |
| Forgan Lake & Lucky Lake | Li | Ontario | Exploration | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. (TSXV: ULT) |
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.
On behalf of the Company,
John Wisbey
Chairman and CEO
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.sedar.com. 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/199526
News Provided by Newsfile via QuoteMedia
International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce it has entered into a Purchase and Sale Agreement (the "Agreement") to acquire a 90% interest in a highly prospective grass roots copper and cobalt property in Northwestern Ontario.
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:
The Agreement was signed on February 16, 2024. No finder's fees were paid to facilitate this transaction.
Project Highlights
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 73 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:
"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 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 to infrastructure is, like Raleigh Lake, excellent."
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.
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Figure 2: Firesteel Copper-Cobalt project claims outline and local infrastructure.
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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.
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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, and fundraising underway in 2024, the Board considers that ILC is well placed in that respect with no debt and a strong 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:
| Name | Metal | Location | Area (Hectares) | Stage | Current Ownership % | Future Ownership percentage if options exercised or work carried out | Operator or JV Partner |
| Raleigh Lake | Li, Rb | Ontario | 48,500 | PEA for Lithium 2023. Resource Estimate for Rubidium 2023 | 100% | 100% | ILC |
| Firesteel | Cu | Ontario | 6,600 | Exploration | 90% | 90% | ILC |
| Wolf Ridge | Li | Ontario | 5,700 | Exploration | 0% | 100% | ILC |
| Avalonia | Li | Ireland | 29,200 | Exploration | 45% | 21% | Ganfeng Lithium |
| Mavis Lake | Li | Ontario | 2,600 | Resource Estimate for Lithium 2023 | 0% | 0% (carries an extra earn-in payment of CAD$ 0.7 million if resource targets met) | Critical Resources Ltd |
| Forgan Lake & Lucky Lake | Li | Ontario | Exploration | 0% | 1.5% Net Smelter Royalty | Ultra 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
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.sedar.com. 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/198562
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International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") announces that it intends, subject to TSX Venture Exchange approval, to extend the term of 25,121,583 warrants expiring on February 29, 2024 for a period of two years. The share purchase warrants were issued pursuant to a private placement of 54,545,455 units accepted for filing by the TSXV on April 5, 2021. Following the extension, 12,571,073 warrants will expire on February 3, 2026, and 12,550,510 warrants will expire on February 19, 2026. The exercise price remains unchanged at $0.08.
International Lithium Corp. believes that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada to safeguard their supplies of critical battery metals and to become more self-sufficient. Our Canadian projects are strategic in that respect.
Our key mission in the next decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet and less polluted cities. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits. 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 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 of the Company considers that ILC is now well placed in that respect with a strong net cash position.
The Company's interests in various projects now consists of the following, and in addition the Company continues to seek other opportunities:
| Name | Location | Area (Hectares) | Current Ownership Percentage | Future Ownership percentage if options exercised or work carried out | Operator or JV Partner |
| Raleigh Lake | Ontario | 48,500 | 100% | 100% | ILC |
| Wolf Ridge | Ontario | 5,700 | 0% | 100% | ILC |
| Avalonia | Ireland | 29,200 | 45% | 21% | Ganfeng Lithium |
| Mavis Lake | Ontario | 2,600 | 0% | 0% (carries an extra earn-in payment of CAD $0.7 million if resource targets met) | Critical Resources Ltd (ASX:CRR) |
| Forgan Lake & Lucky Lake | Ontario | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. (TSXV:ULT) |
The Company's primary strategic focus at this point is on the Raleigh Lake Project's lithium and rubidium project in Canada and on identifying additional properties in Canada and Zimbabwe.
The Raleigh Lake Project consists of 48,500 hectares (485 square kilometres) 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. The exploration results there so far, which are on only about 8% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
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 with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
On behalf of the Company,
John Wisbey
Chairman and CEO
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 Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium 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, 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.sedar.com. 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/196758
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International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce the National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI43-101") technical report ("The Report") for the Preliminary Economic Assessment(" PEA") for a proposed lithium mining operation to produce spodumene concentrate at Raleigh Lake, is now filed on SEDAR+.
Further to the Company's news release dated December 4, 2023, the Raleigh Lake Project, located 25 kilometres west of Ignace, Ontario has demonstrated a highly favourable economic scenario based on the production of a spodumene concentrate containing 6% Li2O ("SC6").
The PEA relies on recent metallurgical test work (Phase 1) which indicates that SC6 can be produced using a simple crushing circuit and heavy liquid separation techniques. In the Phase 1 tests lithium recoveries were above 81% while iron oxide content remained within acceptable limits. As originally foreshadowed, the very near proximity of Raleigh Lake to existing service infrastructure along the Trans-Canada Highway corridor affords significant logistical and economic advantages to the project.
This PEA only considers spodumene concentrate, i.e. lithium, as a revenue source. The Company continues to investigate the potential value associated with the extraction of rubidium from the microcline zone within the spodumene deposit.
PEA Highlights
Economics (discounted at 8% p.a., CAD$)
CAPEX/OPEX
Mining Method
Process Plant
A copy of The Report, "The Raleigh Lake Project, NI43-101 Technical Report - PEA," was filed on SEDAR on January 18, 2024.
Raleigh Lake is 100% owned by ILC and there are no overriding royalties. The Company's vision for Raleigh Lake is a low-risk, low-impact, small-scale mining operation that can begin to provide critical minerals necessary to fulfil Canada's Critical Mineral Strategy in a shorter time frame than would be required for a much larger scale, longer duration and more remotely located project. Revenues from the mine production would continue to feed back into exploration work to expand ILC's drive to become a significant Critical Minerals supplier in North America.
Executive Comment
John Wisbey, Chairman and CEO of ILC commented:
"As stated in our news release of December 4, 2023, we are really pleased to have brought the first stage of the Raleigh Lake project to the PEA stage in a relatively short time, and it was pleasing to have been able to announce these results despite a considerable fall in the lithium price. Since publication in early December that price has fallen appreciably further owing, we understand, to destocking in the Chinese battery industry. The lithium price is now back to mid 2021 levels having been six times higher in late 2022. It is obvious that destocking cannot continue indefinitely, and we hope for a significant price recovery in 2024-25 given the tremendous progress taking place in new lithium battery technologies and the ever increasing uptake of EVs and battery storage based on lithium. At the same time, as we made clear previously, this PEA takes no account of the considerable amounts of rubidium that we have at Raleigh Lake. Rubidium is on the US critical minerals list. We will be actively researching the market for rubidium in the coming months, and assessing the real likely annual demand. More news releases on that subject will follow at the appropriate time."
PEA Summary
Environmental Resource Management ("ERM") was retained by International Lithium Corp. ("ILC" or the "Company") to prepare a Preliminary Economic Assessment ("PEA") in accordance with National Instrument 43-101 (NI 43-101) for the Raleigh Lake Project (the "Project") located near Ignace, Ontario, Canada.
The Raleigh Lake Project is roughly 25 kilometres west of Ignace and 235 kilometres west of Thunder Bay in the northwestern part of Ontario within the Kenora Mining District. It is adjacent to the Trans-Canada Highway (Hwy 17) with CN Rail, TC Energy natural gas pipeline and Hydro One 235kV power lines transcending the Property. It is owned 100% by International Lithium Canada Ltd., a 100% owned subsidiary of ILC. There are no royalties or other encumbrances on the Property.
ILC identified the opportunity at Raleigh Lake in 2016 but did not begin actively pursuing work on the project until 2021 when an initial test drilling campaign was conducted along with regional lithogeochemical sampling. In 2022 the Company completed sufficient drilling to define a maiden Mineral Resource Estimate ("MRE") with resources reported in the measured, indicated, and inferred categories (see below and Company press releases dated March 1 and April 13, 2023). Upon analyzing the MRE the Company embarked upon some initial metallurgical and economic studies that culminated in the results presented here. It is the Company's opinion that the results to date provide a good basis to pursue a mining operation at Raleigh Lake and such an operation can be considered low impact due to the existence of well-developed and utilized infrastructure and the path to environmental permitting and eventual production would be shorter than if the project were to be more remotely located. The entire operation could be significantly more sustainable than remote operations and have direct economic benefits for the nearby and surrounding communities.
The proposed open pit mining operation would extract 57Mt of material over the mine life, which will be comprised of 4Mt of mill feed and 53Mt of waste with an average strip ratio of 13.2:1. The proposed PEA level mine plan is based around work at a proposed plant feed production rate of 540,000 tpy producing a total of 414,904 tonnes of SC6 concentrate over the mine life. The average mill feed grade is 0.70% Li2O (Table 1).
Table 1: Summary of Base Case Cash Flow Modelling and Project Financial Analysis.
| Parameter | Value | Unit |
| Project Schedule | ||
| Overall project life | 11 | years |
| Mine life | 9 | years |
| Mining, Processing and Economic Parameters | ||
| Total mill feed | 4.4 | Mt |
| Average mill feed grade | 0.70 | % Li2O |
| Open pit mining rate | 1,500 | tpd |
| Process recovery | 81.0 | % |
| Total concentrate produced - 6% TG Li2O | 414,904 | T |
| Commodity price - 6% TG Li2O | $2,325 | USD/t |
| Exchange Rate | 1.35 | CAD/USD |
A summary of the base case capital and operating costs calculated and used in the economic analysis exercise is shown in Table 2 below. Total costs are based on unit cost rates per tonne mill feed multiplied by the total tonnes of mill feed (4.37Mt).
Table 2: Summary of Base Case Capital and Operating Costs.
| Parameter | Value | Unit |
| Unit Operating Costs -Production Phase | ||
| Mining | CAD$3.55 | /t mined |
| Mining | CAD$40.98 | /t mill feed |
| Milling | CAD$28.53 | /t mill feed |
| G & A | CAD$17.74 | /t mill feed |
| Concentrate transportation | CAD$7.13 | /t mill feed |
| Total | CAD$94.38 | /t mill feed |
| Project Operating and Sustaining Capital Costs | ||
| Total operating costs | CAD$381.0 million | |
| Total sustaining capital costs | CAD$17.5 million | |
| All operating and capital costs | CAD$398.6 million | |
A summary of the base case revenues used in the economic analysis exercise is shown in Table 3 and a summary of the pre- and post-tax economic analysis results is shown in Table 4.
Table 3: Summary of Base Case Revenues.
| Parameter | Value |
| Project Revenue, Profit and Pre/Post Tax Cash Flows | |
| Concentrate sales revenue | CAD$1,302.3 million |
| Concentrate transportation costs | CAD$31.1 million |
| Net operating revenue | CAD$1,271.2 million |
| Operating and sustaining capital costs | CAD$398.6 million |
| EBITDA | CAD$872.6 million |
| Payable taxes | CAD$75.5 million |
| Net profit after taxes (NPAT) | CAD$797.1 million |
| Total pre-production capital costs | CAD$163.1 million |
Table 4: Summary of Pre- and Post-tax Economic Analysis Results.
| Parameter | Value | Unit |
| Economic Analysis Results | ||
| Discount Rate | 8.0 | % p.a. |
| Pre-Tax Cashflow | $709.5 | CAD$ million |
| Pre-Tax NPV | $385.1 | CAD$ million |
| Pre-Tax IRR | 46.5 | % p.a. |
| Post-Tax Cashflow | $634.0 | CAD$ million |
| Post-Tax NPV | $342.9 | CAD$ million |
| Post-Tax IRR | 44.3 | % p.a |
Resource Estimate
The MRE for the Raleigh Lake project that the current PEA study was based on was produced by Nordmin Engineering Ltd. ("Nordmin"), based in Thunder Bay, Ontario, who prepared an independent lithium (spodumene-hosted) and rubidium (microcline-hosted) MRE for the Project and Technical Report, "NI 43-101 TECHNICAL REPORT AND MINERAL RESOURCE ESTIMATE FOR THE RALEIGH LAKE LITHIUM PROJECT, IGNACE, ONTARIO" (the " MRE Report") consistent with the standards and guidelines set out by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") and in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
In preparation of the MRE and MRE Report, Nordmin applied processes that were appropriate for lithium pegmatite-style deposits. The Report is available on SEDAR. The effective date for the Report was April 13, 2023.
Detailed summaries of the MRE Report can be found in Company news releases dated March 1 and April 13, 2023. A tabulated listing of the MRE for both lithium in spodumene and rubidium in microcline is given in Table 5 and Table 6 respectively.
Table 5: Lithium Open Pit and Underground MRE.
| Area | Resource Category | Mass (kt) | Grade | Contained Li (t) | |
| Li (ppm) | Li2O (%) | ||||
| Open Pit 650ppm Li Cut-off | Measured | 80 | 3,887 | 0.84% | 313 |
| Indicated | 2,021 | 2,919 | 0.63% | 5,897 | |
| Measured + Indicated | 2,101 | 2,956 | 0.64% | 6,210 | |
| Inferred | 3,247 | 2,595 | 0.56% | 8,427 | |
| Underground 2,000ppm Li Cut-off | Measured | 3 | 2,560 | 0.55% | 8 |
| Indicated | 189 | 3,203 | 0.69% | 606 | |
| Measured + Indicated | 192 | 3,192 | 0.69% | 614 | |
| Inferred | 655 | 3,162 | 0.68% | 2,073 | |
| Total | Measured + Indicated | 2,293 | 2,976 | 0.64% | 6,824 |
| Inferred | 3,902 | 2,691 | 0.58% | 10,499 | |
Refer to notes on Mineral Resources below.
Table 6: Rubidium Open Pit and Underground MRE.
| Area | Resource Category | Mass (kt) | Grade | Contained Rb (t) | |
| Rb (ppm) | Rb2O (%) | ||||
| Open Pit 4,000ppm Rb Cut-off | Measured | 5 | 5,412 | 0.59% | 29 |
| Indicated | 90 | 6,073 | 0.66% | 547 | |
| Measured + Indicated | 95 | 6,036 | 0.66% | 576 | |
| Inferred | 18 | 3,005 | 0.33% | 53 | |
| Underground 4,000ppm Rb Cut-off | Measured | 5 | 6,547 | 0.72% | 35 |
| Indicated | 33 | 6,474 | 0.71% | 211 | |
| Measured + Indicated | 38 | 6,484 | 0.71% | 246 | |
| Inferred | 106 | 4,427 | 0.48% | 468 | |
| Total | Measured + Indicated | 133 | 6,163 | 0.67% | 822 |
| Inferred | 123 | 4,224 | 0.46% | 521 | |
Refer to notes on Mineral Resources below.
Notes on Mineral Resources
Preliminary Economic Assessment
The Project:
Figure 1: Major public infrastructure relative to the Raleigh Lake project.
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Mining Methods
The mining method selected for this project will use traditional open pit drilling and blasting followed by load and haul. The primary mining production will be executed using hydraulic excavators, front shovels, and/or wheel loaders as appropriate to the terrain and depending on the major production equipment available for the project. The material will be hauled from the bench to the crusher, ROM stockpiles or waste dump depending on the material type. Furthermore, ancillary equipment, such as bulldozers, graders, and a range of vehicles, is employed to perform functions related to maintenance, support, services, and utilities.
The proposed PEA level mine plan is based around work at a proposed plant feed production rate of 540,000 tpy.
This LoM mine plan is proposed to mine 57Mt of material over the mine life, which will be comprised of 4Mt of mill feed and 53Mt of waste with an average strip ratio of 13.2:1 (Table 7).
The open pit created for the Raleigh Lake deposit covers about 800 metres in length and 450 metres in width at the surface (Figure 2). The pit's lowest point extends to a depth of 330 metres above sea level, while the entrance to the pit is positioned at 475 metres above sea level. The pit incorporates two entrance ramps, with the first granting access to the southern section of the pit and the second facilitating entry to the northern part.
The approach selected for the storage of tailings generated at the concentrator and the waste rock from the mine will be co-disposal. This co-disposal method involves containing filtered tailings within designated waste rock cells. This approach offers the benefit of enhancing overall stockpile stability and the efficiency of water drainage. The primary goal is to guarantee long-term physical and geochemical stability.
Figure 2: General arrangement of the mine site layout for Raleigh Lake showing the final open pit (right) and co-disposal facility (left).
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Table 7: Proposed mine production schedule for Raleigh Lake.
| Project Year | -1 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | Total |
| Mill Feed (tonnes) | 54,037 | 324,183 | 539,881 | 540,107 | 539,899 | 539,895 | 540,305 | 539,713 | 540,312 | 208,721 | 4,367,053 |
| Measured (tonnes) | 0 | 0 | 5,566 | 0 | 6,338 | 27,854 | 0 | 8,927 | 23,584 | 2,725 | 74,994 |
| Indicated (tonnes) | 20,659 | 112,928 | 365,731 | 298,367 | 265,030 | 250,939 | 41,048 | 152,832 | 278,257 | 115,990 | 1,901,781 |
| Inferred (tonnes) | 33,378 | 211,254 | 168,584 | 241,741 | 268,531 | 261,103 | 499,257 | 377,954 | 238,471 | 90,005 | 2,390,278 |
| Grade Li2O (%) | 0.67 | 0.67 | 0.71 | 0.94 | 0.83 | 0.79 | 0.49 | 0.54 | 0.68 | 0.65 | 0.70 |
| Measured (Li2O%) | 0.00 | 0.00 | 0.30 | 0.00 | 0.63 | 1.19 | 0.00 | 1.13 | 0.78 | 0.66 | 0.92 |
| Indicated (Li2O%) | 0.47 | 0.51 | 0.70 | 0.93 | 0.67 | 0.75 | 0.47 | 0.63 | 0.67 | 0.58 | 0.70 |
| Inferred (Li2O%) | 0.79 | 0.75 | 0.75 | 0.94 | 0.99 | 0.79 | 0.49 | 0.48 | 0.68 | 0.75 | 0.70 |
| Waste (tonnes) | 7,572,425 | 8,641,731 | 8,930,422 | 9,147,177 | 8,855,024 | 4,651,476 | 2,979,449 | 1,530,607 | 864,285 | 509,626 | 53,682,222 |
| Concentrate (tonnes) | 0 | 34,194 | 51,828 | 68,321 | 60,532 | 57,726 | 35,668 | 38,988 | 49,323 | 18,324 | 414,904 |
Mineral Processing
The Raleigh Lake Orebody contains two metallurgical domains, the lithium spodumene domain and the rubidium microcline domain. These two separate domains represent zones in the Raleigh Lake orebody that require customized process flowsheets to be developed for each zone. For the lithium domain, the objective is the recovery of spodumene to 6% Li2O concentrate grade, while the rubidium bearing microcline domain objective is to develop a flowsheet for extraction of the rubidium from the microcline.
The current focus was to perform mineralogy and mineral processing testing to develop the flowsheet for the lithium zone (Li-Head) and do a literature review to begin to investigate the flowsheet development of the rubidium zone (Rb Head). Samples of the lithium and rubidium domains were sent to SGS Canada in August of 2023, to perform phase one mineralogy tests with follow-up mineral processing testing and literature review. The Li Head and Rb Head were collected from the Raleigh Lake Deposit and were received by the SGS Lakefield Canada Advanced Mineralogy Facility for mineralogy. Mineralogy was conducted to determine liberation, mineral assemblages which would help to support and guide the metallurgical test work.
The lithium Li head sample assayed 1.59% Li2O and 0.56% Fe2O3, while the rubidium head sample graded 6,580 g/t Rb (equivalent to 0.72% Rb2O) with 0.12% Li2O and 0.24% Fe2O3.
The main objective of the phase one scoping level mineral processing test investigation was to provide a preliminary indication of the lithium beneficiation of the Li head by heavy liquid separation (HLS).
The metallurgical target was the preparation of spodumene concentrate grading >6.0% Li2O while maximizing lithium recovery.
The pegmatite Li Head sample was initially stage-crushed to 100% passing 12.7 mm, homogenized, and split into 10 kg test charges. One of the 10 kg charges was sub-sampled 500 g for head assays and the remaining was screened at 16 mesh to remove the -1 mm fraction for mineralogy.
From the 10kg charges, the minus 12.7 mm +1 mm fraction was further screened at 1⁄4" (6.3 mm) to generate two fractions of -12.7 mm +6.3 mm and -6.3 mm +1 mm. The two coarse fractions, -12.7 mm +6.3 mm and -6.3 mm +1 mm, were submitted for Heavy Liquid Separation (HLS) testing.
The HLS testing results at SG 2.85, 6.0% Li2O concentrate grade of 14.9 weight % with global lithium recovery of 53.0% was obtained in the fraction of -12.7 mm/+6.3 mm.
The HLS Testing results interpolated to SG 2.83, a 6.0% Li2O concentrate grade of 8.0 wt% with a global lithium recovery of 28.5 % was obtained in the -6.3 mm/+1 mm fraction.
Combining the 6% Li2O concentrates from the two fractions of -12.7 mm/+6.3 mm and 6.3 mm/+1 mm (highlighted in cyan in Table 8) generated a combined global lithium recovery of 81.5%.
Above a tailings SG-cut point of 2.70, the HLS middling from each sample contained between 1.27 - 1.69% Li2O with 2.3 - 8.2% of the global lithium distribution. Therefore, the HLS middling can potentially be stage crushed then mixed with the minus 1 mm fines fraction to produce a flotation feed (or gravity feed) grading 1.19 % Li2O and 0.59% Fe2O3.
The combined HLS middling and fines fraction contained 16.2% of the lithium distribution graded 1.19% Li2O. This is potential feed for a roll crusher and screening, for flotation feed, or a ultrafines DMS gravity circuit to increase the lithium recovery.
The grade of iron in the spodumene concentrate was ~1% Fe2O3, which is acceptable, however, this would likely be reduced by treating the concentrate by magnetic separation.
Table 8: Summary of HLS Global Mass Balance (Interpolated @ 6.0% Li2O).
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Recovery Methods
The lithium zone flowsheet development test work showed a viable flowsheet to crush to minus 12.7 mm and screen at 1 mm, followed by screening again at 6.3 mm to make two streams (-12.7 mm plus 6.3 mm and -6.3 mm plus 1mm) for HLS (plant DMS). The minus 1 mm fines and HLS middlings (DMS plant middlings) would be stored for future processing and recovery of additional lithium, and other minerals of interest. HLS floats (DMS floats) may also be considered for road construction projects. The flowsheets developed for Project are shown in Figure 3.
The base case process plant is designed to crush 1,500tpd and process 1,500tpd in a DMS plant to produce a nominal 56,000 tpy of 6% Li2O at 81% recovery.
Engineering and design were developed to a scoping level based on the results of the SGS laboratory testing. The SGS lab tests obtained 22.9 weight percentages of 6% Lithium Concentrate and estimated 81% lithium recovery.
A design factor of 10 % is applied on nominal requirements to ensure that the process equipment has enough capacity to take care of the expected feed variation.
Environmental
The preliminary analysis of the Project indicates it will be subject to multiple Class Environmental Assessments under the Ontario provincial Environmental Assessment Act. The Project is not anticipated to trigger a federal impact assessment under the Impact Assessment Act. Several other permits, approvals or authorizations will be required to continue Project development beyond early exploration, including advanced exploration through closure.
At the time of filing, environmental and socio-economic studies have not been initiated for the Project though will be necessary to support and inform environmental assessment(s) and permitting applications. These studies are required to characterize the existing environmental setting of the Project and to inform design and/or process considerations.
Figure 3: Crushing area flowsheet (A) and DMS area flowsheet (B) for the Raleigh Lake project.
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Once Project approvals are secured, ILC will be required to comply with any terms and conditions associated with Project-specific authorizations issued by provincial or federal authorities, as well as relevant environmental law and regulation.
First Nation's and Metis communities are situated near the Raleigh Lake property and consider the area part of their traditional territory. ILC has identified Indigenous groups that may have an interest in the Project and has initiated engagement. The lands and community of the Wabigoon Lake Ojibway Nation (WLON) are the closest to the Project, WLON has been the foremost community for communication and involvement by Company representatives.
Capital Costs
The Raleigh Lake Preliminary Economic Analysis Study (PEA) involves the development of an open pit mine, the construction of on-site processing facilities and all infrastructure required to support those activities.
The capital cost estimate for the Raleigh Lake has been prepared to an accuracy of + 30% / - 20% based on a 10% to 40% engineering completion ratio to conform with the requirements for an American Association of Cost Engineers (AACE) Class 3 Estimate.
All capital cost estimates are based on Q4 2023 Canadian Dollars (CAD$) and an assumed US to Canadian Dollar ratio of $1 USD = $1.35 CAD.
Total pre-production capital costs will be CAD $111.9 million as shown in Table 9, which include capitalized operating costs incurred before the open pit mine moves into the production phase.
Table 9: Pre-production Capital Costs.
| Cost Centre | Description | Cost (CAD$ million) |
| Direct CAPEX Costs | ||
| 1000 | Open Pit Mining | 18.2 |
| 3000 | Mineral Processing | 38.5 |
| 4000 | Power, Electrical and Instrumentation | 3.8 |
| 5000 | Site Infrastructure and Support Services | 11.5 |
| 6000 | Water Management Systems | 2.0 |
| 7000 | Tailings and Mine Waste Management Facilities | 1.8 |
| Total Direct CAPEX Costs | 75.8 | |
| Owner and Indirect CAPEX Cost Summary | ||
| 8000 | Reclamation and Closure | 10.0 |
| 9000 | Indirect and Owner Costs | 18.6 |
| Total Indirect CAPEX Costs | 28.6 | |
| 9600 | Contingency | 7.6 |
| Total Pre-Production CAPEX Costs | 111.9 | |
Total sustaining capital costs over the mine production phase will be CAD$17.5 million (Table 10).
Table 10: Total Sustaining Capital Costs (SUSEX).
| Cost Centre | Description | Cost (CAD$ million) |
| Direct SUSEX Costs | ||
| 1000 | Open Pit Mining | 9.1 |
| 6000 | Water Management Systems | 0.2 |
| 7000 | Tailings and Mine Waste Management Facilities | 3.8 |
| Total Direct SUSEX Costs | 13.0 | |
| Owner and Indirect SUSEX Cost Summary | ||
| 9000 | Indirect and Owner Costs | 3.2 |
| Total Indirect Costs | 3.2 | |
| 9600 | Contingency | 1.3 |
| Total SUSEX | 17.5 | |
Operating Costs
The operating cost estimate (Table 11) is based on the total amount of labour, materials and consumables that will be required to fully execute the mining and processing plans as described above.
The total operating costs incurred over the life of the project are based on sufficient mill feed material being available to begin processing plant operations in Year 1 of the overall project schedule, which will include the processing of 54,037 tonnes of mill feed stockpiled in Year -1 of the pre-production schedule.
Total operating costs for the operation will primarily be those for mining and processing.
The total LoM operating cost is estimated to be CAD $412.1 million.
The total LoM operating cost of mining is estimated to be CAD $179 million.
The total LoM operating cost of processing is estimated to be CAD $124.6 million.
The total LoM operating cost of G&A is estimated to be CAD $77.5 million.
The total LoM operating cost of concentrate transport is estimated to be CAD $31 million
Road Transportation Costs
Road transportation costs incurred over the production life of the project assume that the final technical grade concentrate would be transported by truck to a conversion plant located in Winnipeg or Thunder Bay.
A total cost of CAD$75 per tonne of concentrate was assumed based on a conservative truck haulage cost of CAD$60 per tonne and total loading/unloading costs of CAD$15 per tonne of concentrate produced, or CAD$7.13 per tonne of mill feed for a total LoM cost of CAD$31.1 million.
Table 11: Unit Operating and Overall Project Costs.
| Parameter | Value | Unit |
| Unit Operating Costs - Production Phase | ||
| Mining | CAD$3.55 | /t mined |
| Mining including Waste (Strip Ratio = 13.2:1) | CAD$40.98 | /t mill feed |
| Milling | CAD$28.53 | /t mill feed |
| G & A | CAD$17.74 | /t mill feed |
| Concentrate transportation | CAD$7.13 | /t mill feed |
| Total | CAD$94.38 | /t mill feed |
| Overall Project Costs | ||
| Total Mining Cost* | CAD$179 million | |
| Total Milling Costs | CAD$124.6 million | |
| Total G&A Costs | CAD$77.5 million | |
| Total Concentrate Transport Costs | CAD$31 million | |
| Total Operating Costs | CAD$412.1 million | |
* Does not include capitalized waste mining pre-production
Project Economics
The economic analysis of the Raleigh Lake project is based on cost models prepared for each major component of the overall project, which includes an open pit mine, crushing and processing plants, supporting surface infrastructure and a waste rock / tailings co-disposal facility.
The assumed technical grade 6% spodumene concentrate product and cost calculations are all expressed in Canadian dollars unless otherwise noted, with an exchange rate of 1.35 CAD/USD being used for currency conversions.
The calculated internal rate of return (IRR) of the project does not include potential external financing costs and assumes that all required funding will be equity based. The net present value (NPV) calculations assumed a discounting rate of 8% p.a.
The discounted cash flow model includes revenues, costs, taxes, and other known factors directly related to the project but excludes indirect factors such as financing costs, sunk costs, and corporate obligations.
The results of the economic analysis yielded a post-tax NPV of CAD$342.9 million, an IRR of 44.3% p.a. and a payback period of 4 years after construction begins or 2 years after the start of the production phase of the project.
About International Lithium Corp.
International Lithium Corp. believes that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada to safeguard their supplies of critical battery metals and to become more self-sufficient. Our Canadian projects are strategic in that respect.
Our key mission in the next decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet and less polluted cities. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits. 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 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 of the Company considers that ILC is now well placed in that respect with a strong net cash position.
The Company's interests in various projects now consists of the following, and in addition the Company continues to seek other opportunities:
| Name | Location | Area (Hectares) | Current Ownership Percentage | Future Ownership percentage if options exercised or work carried out | Operator or JV Partner |
| Raleigh Lake | Ontario | 48,500 | 100% | 100% | ILC |
| Wolf Ridge | Ontario | 5,700 | 0% | 100% | ILC |
| Avalonia | Ireland | 29,200 | 45% | 21% | Ganfeng Lithium |
| Mavis Lake | Ontario | 2,600 | 0% | 0% (carries an extra earn-in payment of CAD $0.7 million if resource targets met) | Critical Resources Ltd (ASX: CRR) |
| Forgan Lake & Lucky Lake | Ontario | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. (TSXV: ULT) |
The Company's primary strategic focus at this point is on the Raleigh Lake Project's lithium and rubidium project in Canada and on identifying additional properties in Canada and Zimbabwe.
The Raleigh Lake Project consists of 48,500 hectares (485 square kilometres) 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. The exploration results there so far, which are on only about 8% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
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 with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
Patrick McLaughlin, P. Geo., and Garth Liukko P.Eng., are Qualified Persons as defined by NI 43-101 and have verified the disclosed technical information and have reviewed and approved the contents of this news release.
On behalf of the Company,
John Wisbey
Chairman and CEO
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 Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium 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, 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.sedar.com. 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/194818
News Provided by Newsfile via QuoteMedia
Forward Water Technologies (TSXV:FWTC) is helping lithium mining companies and other industries reduce their environmental impact through its innovative wastewater treatment technology that enables industrial operations to reduce liquid waste volume by up to 95 percent.
Environmental, social and governance (ESG) ratings continue to be a key business strategy for organizations as they impact public perception and partnership possibilities. For water-intensive industries, such as mining, sustainable wastewater management is critical.
Transformative wastewater technologies are critical for both businesses and the world’s population. In fact, unless sufficient progress is achieved, UNICEF and WHO estimate that 1.6 billion people will be without access to safe drinking water by 2030, and 2.8 billion will be without access to safe sanitation and hygiene. Water treatment technologies can disrupt current trends and improve global access to safe drinking water.
Through its Forward Osmosis (FO) technology, Forward Water is providing an environmentally friendly alternative to traditional wastewater disposal. Traditionally, wastewater disposal requires transporting untreated wastewater for deep well disposal or high-intensity thermal treatment.
Forward Water’s FO system is installed at the client site, and wastewater is treated to reduce waste volume and produce valuable clean water for reuse in the manufacturing process. Then, the significantly reduced volume of wastewater is transported and disposed of, significantly saving on transportation and disposal costs.
The FO technology targets three massive sectors: industrial wastewater, mining and food manufacturing. Forward Water’s unique and patented FO technology achieves high-rate water extraction within a low-energy continuous process. The process reduces waste and allows up to 95 percent water recovery, ready for reuse.
Forward Water’s Li-FO™ technology is ideal for lithium-brine mining operations, allowing mines to “fine tune” brine sources to improve concentration by up to 20 times. This results in improved recovery and makes lower-concentration brines economically viable. Forward Water is currently embarking on an early development testing project to further evaluate and refine the technology’s viability in lithium mining.
In 2023, the company’s wholly owned subsidiary, Forward Water Technologies Inc., licensed specific intellectual property from FUJIFILM Corporation to solidify the protection of its water treatment technology platform.
CleanTech Lithium (AIM:CTL,Frankfurt:T2N,OTC:CTLHF) has contracted FWT to provide advisory services for the support and development of CleanTech Lithium's direct lithium extraction (DLE) process in Chile. The collaboration will use FWT’s industrial forward osmosis system in the hyper-concentrating of CleanTech Lithium's eluate and its conversion into battery-grade lithium carbonate through Conductive Energy's DLE process.
Howie Honeyman, CEO, explained in an interview how the company’s technology can improve lithium mining operations. “A lot of lithium being mined today around the world is coming from underground aquifers that store the lithium brine. The challenge is that the lithium is surrounded by other minerals and salts, requiring chemical ‘tweezers’ to pluck out that lithium. What we can do is, at multiple places in that process, we can concentrate that lithium-containing water stream, which makes it far easier for these miners to handle the volumes they need to extract that lithium.”
An experienced management team with technical expertise leads the company towards further refining and deploying its technology. The team includes experts in materials science, chemistry and engineering. Additional experts in corporate administration and financing round out the leadership team to lead the company toward its goals.
Forward Osmosis is a naturally occurring process in which water is spontaneously drawn across a membrane when one solution is higher in salt concentration than the other. The difference in salinity, known as the osmotic gradient, creates a low-energy water treatment process.
Forward Water Technologies has leveraged the naturally occurring process to innovate its patented, three-step FO technology, enabling a 95 percent wastewater reduction and 95 percent water recovery.
Dr. Howie Honeyman has 20 years of experience commercializing new technologies at Xerox, Cabot, E Ink, Natrix Separations and as former CTO of GreenCentre Canada. Honeyman commercialized high-capacity, high-throughput membranes for bioprocessing as SVP of Natrix Separations, which has since been acquired by Millipore-Sigma. Since 2015, Honeyman has been leading Forward Water to become a premier wastewater treatment solution. Honeyman is also an inventor of record on over 50 US patents and holds a PhD in chemistry from the University of Toronto.
Michael Willetts has over 25 years in financial leadership roles primarily in manufacturing, from large multinational businesses to startups, both public and private. He previously worked as an engineer in the automotive industry before entering into finance at Ford Motor Company. Willets went on to progressively larger finance roles in several international automotive suppliers (Textron, GKN, DSM) and Canadian manufacturers (Armtec, Stronach International, AirBoss of America). Willetts is currently providing fractional CFO services through WD Numeric Corporate Services in the manufacturing, SaaS and cannabis industries. Willetts graduated with a BASc, BComm and MBA from the University of Windsor.
Dr. Wayne Maddever received his Ph.D. in materials science engineering from the University of Toronto. Since 1985, he has held senior executive management positions with technically based businesses in start-up, turnaround or acquisition situations where his skills in change management have brought considerable success in the commercialization of new technologies. His experience in both private and public companies, domestically and internationally, spans a broad variety of industries, including bio and advanced materials, precision manufacturing, recycling, waste-to-energy and medical devices. He holds a number of patents in several fields. He is a fellow of the Canadian Academy of Engineering. In addition to his duties as COO of Forward Water, he is currently portfolio manager at Bioindustrial Innovation Canada, one of the major shareholders of Forward Water.
Grant Thornley is a business strategist with more than 25 years of experience. He has developed and grown international water/wastewater markets through innovative growth hacking techniques and processes, synergized with product development and positioning, data analytics and acceleration of go-to-market strategies through alliances and partnerships. Having expertise in chemical, mechanical and biological treatment processes as well as designing hundreds of municipal and industrial applications, Thornley brings a knowledge-to-action approach to helping clients solve problems and realize new opportunities in water reuse, energy conservation and CO2 reduction.
Leonard Seed has over 18 years of experience developing and commercializing new water and wastewater treatment technologies, primarily in a start-up environment. Seed is named as an inventor on over seven patents and has authored several publications. Seed is a professional engineer and has an MSc in environmental engineering from the University of Guelph. Leonard holds inventorship on seven US patents and is an instructor at Mohawk College teaching aspects of water treatment technologies and leading research efforts on forward osmosis.
Dr. Philip Jessop is a professor and Canada Research Chair of Green Chemistry at the Department of Chemistry, Queen’s University in Kingston, Ontario. He also serves as the technical director of GreenCentre Canada and executive research director at Forward Water Technologies. After his Ph.D. (British Columbia, 1991) and a postdoctoral appointment (Toronto, 1992), he became a contract researcher in Japan working for R. Noyori (Nobel Prize 2001). As a professor at the University of California-Davis (1996-2003) and since then at Queen’s, he has studied green solvents and the chemistry of carbon dioxide. Distinctions include the NSERC Polanyi Award (2008), Killam Research Fellowship (2010), Canadian Green Chemistry & Engineering Award (2012), Eni Award (2013), Fellowship in the Royal Society of Canada (2013), a Canada Research Chair Tier 1 (2013 to 2020), and the NSERC Brockhouse Prize (2019). He serves as chair of the editorial board for the journal Green Chemistry, has chaired three international conferences, and helped create GreenCentre Canada, a national center of excellence for the commercialization of green chemistry technologies. Forward Water is a spin-off company based on Dr. Jessop’s switchable solvents.
Highlights
Solonópole Project, Ceará, Brazil
Napperby Project, Northern Territory, Australia
Corporate
Solonópole Project, Ceará State, Brazil
The Solonópole Project area is located in the state of Ceará, north-eastern Brazil and consists of ten (10) exploration permits covering approximately 124km2 (Figure 1), owned by Oceana’s subsidiary Ceará Litio. The project is approximately three to four hours by road from the state capital Fortaleza and deep-water port of Pecém, and is well serviced by sealed highways and high voltage electricity.
Figure 1: Solonópole Project permits and targets drilled in May – June 2023 (red dots)
Large-Scale Soil Sampling and Geological Mapping at Solonópole Lithium Project
The large-scale infill soil sampling program that commenced in March 2023 continued over the project area (Figure 2). The optimized sampling grids are along 200m spaced lines with 25m sampling stations, aligned north south to cut across all typical pegmatite strike directions in this area.
As at 31 March 2024, over 10,300 soil samples had been collected from Solonópole and 8,741 soil samples had been analysed by X-Ray Fluorescence (XRF) for Lithium-Caesium-Tantalum (LCT) pathfinders, of which 1,908 soil samples have lab results validated by Oceana´s internal QA/QC. Anomalous lithium values above 100 ppm and up to 631 ppm were found in 383 soil samples within existing and new target areas.
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HIGHLIGHTS
A total of 11 RC holes for 1,623m were drilled to test the main outcropping pegmatites at the Buttamiah Prospect. Additional studies of the outcropping pegmatites in the larger Buttamiah Prospect area including fractionation vectoring using K/Rb ratios suggest the core of the system to be located to the east of the previous drilling.
In addition, the data indicate that LCT pegmatites occur within the granites to the north of the drill area. Further mapping and sampling of pegmatites in these areas as well as over the remaining tenement package has commenced. Focus is to delineate drill targets of higher grades and greater thickness that have the potential to form a significant lithium deposit within the existing LCT system.
Premier1 is fully funded for any subsequent phase two drilling program.
Figure 1: Cross-section of intercepted pegmatites showing significant results >0.05% Li2O.
Figure 2: Geological map of the Buttamiah Prospect with collar locations of completed RC drilling.
Significant intercepts from RC drilling undertaken on the Abbotts North project in February 2024 are shown in Table 1a. Drill collar details are shown in Table 1b.
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This article includes content from Premier1 Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.