Vancouver, B.C. March 23, 2016 International Lithium Corp. (the “Company” or “ILC”) (TSX Venture:ILC.V) is pleased to announce it has acquired in total 464 hectares of mineral claims in the Kenora Mining District of Ontario through a sale and purchase Agreement and additional staking. All the claims were acquired at or near staking cost and are subject to a 1% Net Smelter Return royalty to the vendor, purchasable at any time for $1,000,000.
The Raleigh Project (“Raleigh”) is located about 7km south of the Trans-Canada Highway, 20 km west of Ignace, Ontario and approximately 270km west of Thunder Bay, Ontario. Access to key parts of the property from the Trans-Canada Highway is by secondary roads and forest access roads. The city of Dryden is approximately 80 km west by highway 17, making the Company’s recently announced Mavis joint venture approximately 60 kilometres away.
Raleigh Project Highlights
The rare metal mineralization at Raleigh was first identified by prospecting in 1966 and further categorized between 1993 and 1999 by the Ontario Geological Survey through mapping with particular emphasis on defining the zoned rare metal pegmatite belt and associated rare metal mineralization. This lead to two periods of exploration; the first occurring from 1999 to 2001 focussing on tantalum, while the second in 2010 was expanded to encompass lithium. These exploration campaigns included mapping, lithogeochemistry, trenching (1500m) and diamond core drilling (2817.5m in 17 holes) resulting in the identification of several substantial pegmatites and numerous smaller ones.
Highlights of previously reported drill intercepts at Raleigh are summarized in the table below. The pegmatites are moderately dipping and appear to flatten at depth.
|Hole ID||From m||To m||Width m||Li2O %|
Past work on the property also reported significant tantalum values in grab samples from boulder trains some of which have been traced to sources in outcrop or trenches. Highlights of previously reported drill intercepts are summarized in the table below.
|Hole ID||From m||To m||Width m||Ta2O5%|
All widths in drill core are drill widths and have not been adjusted to true widths. Grab samples are by nature selective and may not be representative of geological units. Therefore, they should not be relied upon. The Company has not yet been able to confirm historical results compiled from assessment reports and news releases filed by previous operators.
Mapping and lithogeochemical sampling indicate a pegmatite belt at least 5 km in length with evidence of highly fractionated pegmatites hosting a variety of rare metals. Additional pegmatites identified by surface exploration exhibiting significant tantalum, lithium and rubidium anomalies have yet to be drill tested.
“The modest historical exploration on the Raleigh Project produced results that compare favourably with early stage results from other rare metals projects that subsequently experienced successful advancement” comments John Harrop, VP Exploration, International Lithium Corp.
The Upper Canada Lithium Pool
The close proximity of the Mavis and Raleigh Projects presents clear strategic and operational advantage. ILC is pursuing lithium prospects with reported high grades in this region and seeking to consolidate them with the aim to identify sufficient resources in multiple prospects to potentially feed a common processing facility. The Upper Canada Lithium Pool is the anticipated geographical consolidation of projects and partnered companies hosting amenable grade, volume, access and infrastructure in order to mitigate the financial burden on any one company when advancing specific projects to reach this goal.
“Pooling projects to optimize development potential in this area has long been known as a strategy, but that only now is being executed. International Lithium Corp. is spearheading this directive and uniquely positioning itself to be the focal point for the burgeoning rare metals exploration activity in this region” states Anthony Kovacs, Chief Operating Officer, International Lithium Corp
John Harrop, P.Geo, FGS, is a Qualified Person as defined under NI 43-101 and has supervised preparation of the technical information contained in this news release.
About International Lithium Corp.
International Lithium Corp. is an exploration company with an outstanding portfolio of projects, strong management ownership, robust financial support and a strategic partner and keystone investor Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer.
The Company’s primary focus is the Mariana lithium-potash brine project, within the renowned South American “Lithium Belt” that is the host to the vast majority of global lithium resources, reserves and production. The 160 square kilometre Mariana project strategically encompasses an entire mineral rich evaporate basin that ranks as one of the more prospective salars or ‘salt lakes” in the region.
Complementing the Company’s lithium brine project are rare metals pegmatite properties in Canada (Mavis project) and Ireland (Avalonia project). These projects reported highly encouraging lithium mineralization in drill holes targeting pegmatites that are unexposed at surface (news releases dated April 3, 2013 and June 25, 2013).
With the increasing demand for high tech rechargeable batteries used in vehicle propulsion technologies and portable electronics, lithium is paramount to tomorrow’s “green-tech”, sustainable economy. By positioning itself with solid development partners and acquiring high quality grass roots projects at an early stage of exploration, ILC aims to be the resource explorer of choice for investors in green tech and build value for its shareholders.
On behalf of the Board of Directors,
President, International Lithium Corp.
Neither the 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 in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company’s future plans and objectives or expected results, are forward-looking statements. News release contains certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.