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Rock Tech Lithium Inc. (the "Company" or "Rock Tech") (TSXV:RCK ) (OTC:RCKTF) ( Frankfurt:RJIB) announces that, further to previous news releases on November 4, December 10 and December 18, 2020, the Company has filed a revised Technical Report on SEDAR
The Technical Report titled, "Preliminary Economic Assessment for an Integrated Lithium Hydroxide Operation from the Georgia Lake Lithium Project, Northwest Ontario, Canada" has an effective date of March 15, 2021, and is a revision of the Technical Report, with an effective date of October 30, 2020, previously filed on November 9, 2020.
A comparison of the March 15, 2021, Preliminary Economic Assessment ("PEA") and the previously filed Technical Report is presented in the following table:
| Technical Reports | ||
| October 30, 2020 | March 15, 2021 | |
| Resource Estimate: | ||
| Measured Resources | 1.89 MT @ 1.04% Li2O | 2.31 MT @ 1.04% Li2O |
| Indicated Resources | 4.68 MT @ 1.00% Li2O | 4.31 MT @ 0.99% Li2O |
| M+I Resources | 6.57 MT @ 1.01% Li2O | 6.62 MT @ 1.01% Li2O |
| Inferred Resources | 6.72 MT @ 1.16% Li2O | 6.68 MT @ 1.16% Li2O |
| Preliminary Economic Assessment: | ||
| Operating expenses (USD/tonne LiOH) | $5,956 | $6,266 |
| IRR (%) | 24.2% | 21.9% |
| IRR (% - after tax) | 21.7% | 19.6% |
| NPV (USD) | $335m | $289m |
| NPV (USD - after tax) | $270m | $230m |
The PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
As part of the revised PEA, P&E Mining Consultants Inc. ("P&E") recommended and reviewed contemporary approaches to geostatistical Mineral Resource classification, the compliant cut-off grade determination from PEA parameters, recommended flatter open pit slopes and executable mine designs, and suggested minor modifications to the process plant flowsheet. These changes resulted in modest increases in both the confidence of the Mineral Resource at Georgia Lake and the estimated operating expenses per tonne of lithium hydroxide. While the revised operating expenses demonstrate the potential for Georgia Lake to be among the lowest cost producers of lithium hydroxide, the Company plans further optimization work as part of the planned Pre-Feasibility Study ("PFS") and is optimistic further improvements in operating expenses can be achieved.
The scientific and technical disclosure included in this news release has been reviewed and approved by Eugene Puritch, P.Eng, FEC, CET president of P&E and an independent Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects ("NI 43-101").
On behalf of the Board of Directors,
"Dirk Harbecke "
Dirk Harbecke
Chairman of the Board of Directors
For further information, please contact:
Brad Barnett
Chief Financial Officer
Rock Tech Lithium Inc.
777 Hornby Street, Suite 600
Vancouver, B.C., V6Z 1S4
Telephone: (778) 358-5200
Facsimile: (604) 670-0033
Email: bbarnett@rocktechlithium.com
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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward ‐ looking statements". Forward ‐ looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward ‐ looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward ‐ looking statements.
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