International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that a drilling program currently underway at the Raleigh Lake lithium and rubidium project near Ignace, Ontario has intersected new spodumene pegmatite occurrences in the project's Zone 4 region which includes the historic Johnson pegmatite.
ILC began an exploration drill program on August 3, 2023 to test targets defined by surface geological, geochemical and geophysical interpretations near Zone 1 and the recently defined mineral resource estimate area (see news release dated April 13, 2023). To date six drill holes have been completed (RL23-65 - RJ23-70) with two drill holes drilled immediately north of the Zone 1 mineral resource (RL23-65 and 66) and four drill holes further north, down dip and along strike of the outcropping Johnson pegmatite (now referred to as Zone 4).
All drill holes except for RL23-69 intersected spodumene bearing pegmatites (Table 1).
The drilling within Zone 4 has intersected pegmatites over a strike length greater than 300 metres with true thicknesses approaching five metres. The pegmatites correlate well with historic mapping of the Johnson pegmatite and historic drilling where the only hole drilled at the Johnson target intercepted a 3-metre interval of microcline pegmatite grading up to 0.466% Rb2O over 1.12 metres starting at 45.3 metres downhole depth. Several other samples from this historic hole returned highly anomalous rubidium assays. The Company believes that the Johnson pegmatite has the potential to become an additional rubidium resource as the microcline mineralization bears a close resemblance to that at Pegmatite 1. The presence of spodumene, also indicates that additional lithium resources might be delineated in Zone 4. Zone 4 was also historically targeted for tantalum mineralization and some columbite is thought to be observed in the recent drilling. The Company intends to follow up with some additional down dip drilling at Zone 4 before moving on to other targets defined at depth in Zone 1 and possibly Zone 3.
Table 1: Pegmatite intersections in recent exploration drill holes at Raleigh Lake. All intersections are drill hole widths. Based on structural interpretations drill hole widths are expected to be within 15% of true width.
|Drill Hole||Area||From (m)||To (m)||Length (m)||Description|
|quartz-microcline-albite-muscovite pegmatite (shallow int. correlates with up-dip of Pegmatite 1)|
|RL23-66||Zone 1||52.47||55.05||2.58||quartz-microcline-albite-muscovite pegmatite|
|RL23-67||Zone 4||77.5||82.2||4.7||Spodumene bearing down-dip extension of Johnson pegmatite. Contains > 1m microcline crystal|
|3 - 7% spodumene in qtz-muscovite albite|
Qtz-musc-albite-microcline (no spodumene?)
|RL23-69||Zone 4||-||-||-||Possibly the drill had overshot the pegmatite|
|RL23-70||Zone 4||120||124.5||4.5||Quartz-microcline dominated pegmatite|
John Wisbey, Chairman and CEO of ILC commented:
"While we await the PEA results later this year on our work to date at Zone 1 following the declaration of our Maiden Resource Estimates at Raleigh Lake in March 2023 for lithium and separately for rubidium, it is very encouraging to have confirmed the likelihood that there is further rubidium and lithium in Zone 4. We will continue to update the market as soon as there is meaningful extra news."
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|
(carries an extra earn-in payment of CAD $0.7M 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., a Qualified Person as defined by NI 43-101, has verified the disclosed technical information and has reviewed and approved the contents of this news release.
On behalf of the Company,
Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520
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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.
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