Vancouver, B.C. October 11, 2016, International Lithium Corp. (the “Company” or “ILC”) (TSX Venture:ILC.V) in conjunction with strategic partner Pioneer Resources Limited (“Pioneer”) (ASX:PIO) have mobilized field crews to the Mavis and Raleigh lithium pegmatite projects east of Dryden, Ontario, Canada. In addition, 3 claims totalling 640 hectares (1,581 acres) were added to the west and along trend of the high-grade lithium spodumene pegmatites adjacent to the Mavis project boundary.
Planned Exploration Programs’ Key Highlights:
Mavis: 400 lithogeochemical (rock chips) sample program to refine drill targets in high priority areas;
- 3 claims totalling 640 hectares newly staked to encompass extension of high-grade pegmatites near western edge of previous Mavis project boundary;
- 58 km ground magnetic survey to delineate target lithology along pegmatite trend;
- 100 lithogeochemical sample program to define continuation of pegmatite corridor;
- 500 lithogeochemical sample program to refine and extend drill targets in high priority areas;
- Comprehensive airborne magnetic survey across entire project to delineate target lithology to assist with drill placement;
Mavis and Raleigh Exploration Programs
A $1 million budget has been allocated across the Mavis and Raleigh lithium pegmatite projects (“Projects”). The exploration programs will include lithogeochemical sampling, ground and airborne geophysics and 3,000m of diamond drilling with 1,500m allocated to each of the Projects and anticipated for the fall and winter 2016. The budgeted exploration expenditures will be wholly funded by Pioneer as part of their earn-in on the Projects (See details regarding the terms of the Mavis and Raleigh option agreements in Company news releases dated June 22 and July 26, 2016).
To date a continuous-reading ground magnetic survey has been completed over much of the Mavis Lithium Project that has produced a high resolution image revealing the preferential lithological contacts and structures hosting the lithium spodumene pegmatites. In addition a first phase of lithogeochemical sampling has been completed. The current field program will primarily comprise a follow-up 400 lithogeochemical sampling program to refine drill targeting in areas identified as high priority.
Along strike and to the west of the high-grade spodumene pegmatites near the western edge of the Mavis project boundary, 3 claims totalling 640 hectares have been contiguously staked. The new project area, referred to as Mavis West, is known from historical work to host pegmatites that are situated on trend of the Fairservice Group of high-grade spodumene pegmatites near the western boundary of the Company’s Mavis Project. The Mavis West claims will form part of the existing Mavis Project and be incorporated into the associated option agreement with Pioneer.
The current exploration program at Mavis West comprising a 58 km ground magnetic survey and a 100 lithogeochemical sampling program is designed to define the continuation of the prime pegmatite corridor and continue to delineate the target lithology that hosts lithium bearing pegmatites.
Following completion of the exploration program at Mavis the field crews will move to the Raleigh project. The exploration program at Raleigh will comprise a 500 lithogeochemical sampling program to refine drill targets in high priority areas and a comprehensive airborne magnetic survey across the entire Project to delineate the target lithology and assist with drill placement.
About the Mavis and Raleigh Lithium Pegmatite Projects
The Mavis and Raleigh Lithium Projects are situated 19 and 80 kilometres east respectively from the town of Dryden, Ontario. Both Projects are in close vicinity to the Trans-Canada highway and railway major transportation arteries linking larger cities such as Thunder Bay, Ontario, to the southeast and Winnipeg, Manitoba, to the west.
When rare-metal pegmatites are emplaced, the host rocks adjacent to the pegmatite may be enriched by the associated fluids forming a rare-metals’ dispersion halo around the pegmatite body. Normally the extent of the rare-metal alteration halo is within a few meters of the pegmatite. Whereas, the pegmatite belts at Mavis and Raleigh exhibit alteration halos on the order of tens of metres wide, representing some of the broadest and strongest host-rock lithium anomalies observed around the world and denoting an intense mineralizing system.
Previous exploration programs on the Projects successfully discovered spodumene bearing high-grade Lithium-Caesium-Tantalum (“LCT”) pegmatites within these anomalous bands (see Company news releases March 14, March 23, July 13 and July 25, 2016 for further details).
The close proximity of the Projects presents clear strategic and operational advantages. 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.
John Harrop, P.Geo, FGS, is a Qualified Person as defined under NI 43-101 who 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, a joint venture with Ganfeng Lithium Co. Ltd. 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 three rare metals pegmatite properties in Canada known as the Mavis, Raleigh, and Forgan projects; and one project in Ireland (Avalonia project) that encompasses an extensive 50km long pegmatite belt. The Avalonia project is under option to strategic partner Ganfeng Lithium and the Mavis and Raleigh projects with strategic partner Pioneer Resources Limited (PIO:ASX). The Mavis, Raleigh and Forgan projects together form the basis of the Company’s newly created Upper Canada Lithium Pool designated to focus on acquiring numerous prospects with previously reported high concentrations of lithium in close proximity to existing infrastructure.
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.