Vancouver, B.C. October 17, 2017: International Lithium Corp. (the “Company” or “ILC”) (TSX VENTURE: ILC) is pleased to announce, with strategic partner Pioneer Resources Limited (“Pioneer”) (ASX: PIO), and further to the Company’s news release of April 11, 2017, an update on the Mavis Lake Lithium Project in Ontario, Canada.
Drilling at the Mavis Lake Lithium Project (“Mavis”) conducted in February 2017 under the direction of Pioneer (the Company’s strategic partner) resulted in several key intersections at the Pegmatite 6 Target Area (Fig. 1).
Key Intersections from the Pegmatite 6 Target Area*:
- 1.47% lithium oxide (“Li2O”) over 17.90 metres* from 80.00 metres in drill hole MF17-39;
- 1.70% Li2O over 26.30 metres from 111.9m in drill hole MF17-49, including a zone grading 2.97% Li2O over 7.70m; and
- 1.45% Li2O over 16.55 metres from 74.55 metres and 1.40% Li2O over 23.10 metres from 122.00 metres in drill hole MF17-50.
* All widths reported are drill core widths and have not been converted into true width.
Pegmatite 6 Target Area
As previously reported, four holes were drilled during the campaign to follow up on mineralization encountered in previous drill holes MF-11-12 and MF-12-24 (see Company news releases dated January 12, 2012 and February 19, 2013). Each of the new drill holes intersected spodumene-bearing pegmatites of varied thickness (Table 1).
Drill holes MF17-49 and MF17-50 intersected zones of mineralized pegmatite at deeper depths than previously encountered and represent a new discovery at the Mavis Project. Hole MF17-49 returned 1.70% Li2O over 26.30 metres from 111.9 metres, including 2.97% Li2O over 7.70 metres with one sample grading 4.20% Li2O over 1.15 metres.
To date, the drilling in the Pegmatite 6 target area has drill tested a horizontal strike length of 60 metres and down dip to a maximum depth of 145 metres below surface.
Figure 1: Generalized location of the 2017 drill holes relative to known pegmatite occurrences at the Mavis lithium project.
Table 1: Selected assay results from the Pegmatite 6 Target Area.
|PEG006 Target Area|
|and||111.90||138.20||26.30||1.70||Includes 2.5m of volcanic host|
|and||74.55||91.10||16.55||1.45||Includes 1.55m of volcanic host|
|and||122.00||145.10||23.10||1.36||includes 6.7m of up to 1.20% Li2O within volcanic host|
*All widths reported are core widths and have not been converted to true widths.
The companies now report that a crew will be dispatched to follow up on and ascertain adequate locations for the next round of drilling to occur at the Pegmatite 6 target area.
“The new deeper discoveries at the Pegmatite 6 area is cause for our joint venture partner, Pioneer Resources to investigate the prospectivity of this target in more detail in upcoming drilling campaigns,” stated Kirill Klip, Executive Chairman of ILC. “To build on the successful discoveries here at Mavis Lake will add significantly to our concept of the Upper Canada Lithium Pool. Our strategy to utilize strategic partnerships to advance projects with the ultimate goal to secure lithium supply for the ongoing electrification of our transportation and energy storage applications is proving to be successful.”
Afzaal Pirzada, P. Geo., a “Qualified Person” for the purposes of Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and Consultant to the Company, has reviewed and approved the scientific and technical information contained in this news release.
About Pioneer Resources Limited
Pioneer explores for key, global demand-driven commodities in prospective geological domains, in areas with low geopolitical risk and with established infrastructure. Its property portfolio includes lithium assets in Canada and mining regions of Western Australia, plus strategically located gold and nickel projects in Western Australia.
In addition to the Mavis Lake and Raleigh Lithium Projects, Pioneer has been advancing its 100%-owned Pioneer Dome Lithium Caesium Tantalum Project.
On behalf of the Board of Directors,
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Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” or “could” occur. 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 “Forward-Looking Statements” in the interim and annual Management’s Discussion and Analysis which are available at www.sedar.com. While our management believes that the assumptions made are reasonable, 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 estimates and opinions of management on the dates they are made 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.