Vancouver, B.C. December 08 2015, International Lithium Corp. (the “Company” or “ILC”) (TSX VENTURE:ILC.V) is pleased to announce that on December 7, 2015 the Company received confirmation from the Exploration and Mining Division, Department of Communications, Energy and Natural Resources, Republic of Ireland that all eight (8) prospecting licenses that make up the Avalonia Lithium Project were renewed following acceptance of the Company’s work reports and the required six-year review process. The prospecting licences are renewed for a period of six (6) years making them valid until August 6, 2021.
Further to the license renewal, in preparation for magnetic surveys within the anomalous geochemical areas, the Company has compiled magnetic susceptibility measurements from select drill core samples collected during drilling campaigns on the project. The magnetic susceptibility data confirm that the spodumene bearing pegmatites have virtually zero magnetic susceptibility in contrast to neighbouring granitic lithologies which have distinct elevated magnetic susceptibility and schistose host rocks that report magnetic susceptibilities an order of magnitude higher than the granites. The stark contrast in these physical properties should allow the Company to use high-resolution ground based magnetometer surveys to map the contact zone between the pegmatites and host rocks through cover. Based on these preparatory results the Company anticipates the magnetometer surveys will provide an accurate and efficient method of developing drill targets.
The Company has received approval from their strategic partner, Ganfeng Lithium Co. Ltd., (“GFL”), for a budget of approximately 750,000 Euros for the 2016 Avalonia exploration season. As a result, the Company will begin magnetometer surveying in early 2016 as preparation for another round of drill testing later in the year.
Mr. Kirill Klip, President, International Lithium Corp. comments, “The Avalonia project joint venture, fully funded by strategic partner Ganfeng Lithium Co. Ltd., (“GFL”), could be of strategic importance to the European Union should a sufficient resource be identified. Clean fuel technologies for motor vehicles are becoming increasingly important to the European Economic Community to tackle climate change and the air pollution crisis in major urban areas. Lithium technology will play a major role when it comes to providing batteries for communication devices, electric vehicles and utility storage systems. Renewable sources of energy such as solar and wind power will also benefit from lithium battery technologies and become more commonplace as the problem of intermittency will be addressed providing steady power from these sources 24/7.”
John Harrop, P.Geo, FGS, is the Company’s Qualified Person on the project as defined under NI 43-101 and has reviewed the technical information contained in this press 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” 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 green tech resource explorer of choice for investors and build value for its shareholders.
On behalf of the Board of Directors,
Kirill Klip
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.