Ultra Lithium Inc. ( TSXV:ULT, OTCQB: ULTXF and Frankfurt: QFB ) ("Ultra Lithium" or "the Company") is pleased to provide an update on drilling progress at its Forgan Lake and Georgia Lake Lithium properties in northwestern Ontario, Canada. To date, the Company has completed 31 NQ and HQ size drill holes for over 3,500 meters of diamond drilling over the two properties. Several drill holes intersected lithium pegmatites of various widths ranging from 0.5 m to 15 m. Drill-core is presently stored at the Pleson Geoscience Core yard in Nipigon, ON where it is being logged and sample intervals marked. The drill core will be cut using a rock saw and samples will be shipped for assay over the next month.
Georgia Lake Drilling The summer 2022 diamond drill program comprised 9 holes for a total of 1,402 meters at the Camp and Trans pegmatite showings and was carried out by Niigaani Drilling using a medium size diamond drill rig with NQ size bit. Seven of the drill holes completed were focused on the exposed Camp Pegmatite showing, in order to define the geometry and the grades of the spodumene bearing pegmatite dyke along strike and dip. Two drill holes were completed to explore other pegmatites in the area. The Company will embark on a soils sampling program to identify additional pegmatites at Georgia Lake.
Forgan Lake Drilling A 3,000 meter drilling contract was signed with Diafore Drilling Inc. from Quebec, of which 17 NQ size and 5 HQ size drill holes have been completed for a total of 2,465 meters. Drill holes intersected lithium pegmatites ranging from 0.5 m to 15 m. It was observed the Forgan Lake pegmatites are wider and more consistent than at Georgia Lake so the Company expanded its drilling program at Forgan Lake. The Company is completing an additional 400 meters of larger diameter HQ size drill holes to better define the lithium pegmatites and minimize the nugget effect of large spodumene crystals. Some of the HQ core will be mixed with bulk surface samples collected for metallurgical testwork.
The Company has granted a total of 7,762,500 incentive stock options to various directors, officers and consultants of the Company in accordance with the Company's stock option plan. Each Option is exercisable into one common share of the Company at a price of $0.10 per share. The Options vested on grant and will expire on October 10, 2027. The stock options granted are subject to the acceptance of the TSX Venture Exchange.
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as VP Exploration of the Company.
Ultra Lithium Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds other gold and base metals properties in Argentina.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information, please contact the Company at: Attention: Kiki Smith Telephone: 778 968-1176 Facsimile: 604 909-4682 Email: kiki@ultralithium.com Website: www.ultralithium.com or view the Company's filings at www.SEDAR.com .
Cautionary Statement Regarding "Forward-Looking" Information Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Ultra Lithium Inc. (TSX-V: ULT OTCQB: ULTXF) ("Ultra Lithium" or the "Company") is pleased to announce that it has closed its non-brokered private placement issuing 2,156,278 Units at a price of C$0.15 per Unit (at premium of 50% over current market) for gross proceeds of C$323,442.
Each Unit will be comprised of one common share of the Company (each, a "Unit Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a "Warrant Share") for a period of 24 months. Each Warrant will be exercisable for $0.25 for the first 12 months following the closing date of the Private Placement and at $0.35 thereafter. The net proceeds from the sale of Units will be used for general working capital purposes.
In connection with the Private Placement the Company will pay Finder's fees of C$8,849 cash and 58,995 finder's warrants comprised of C$3,424 cash and 22,828 finder's warrants to Red Cloud Securities Inc., C$2,625 cash and 17,500 finder's warrants to Cormel Capital Sarl and C$2,800 cash and 18,667 finder's warrants to Jemini1 Finance Inc. Each finder's warrant will be exercisable for a period of 24 months, at $0.25 for the first 12 months following the closing date of the private placement and at $0.35 thereafter. The closing of the Private Placement is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. The Unit Shares, Warrant Shares and any common shares of the Company that are issuable from any finder's warrants will be subject to a hold period of four months and one day in accordance with applicable securities laws.
About Ultra Lithium Inc. Ultra Lithium Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds other gold and base metals properties in Argentina.
For further information, please contact the Company at: Attention: Kiki Smith Telephone: 778 968-1176 Email: kiki@ultralithium.com Website: www.ultralithium.com or view the Company's filings at www.SEDAR.com .
Cautionary Statement Regarding "Forward-Looking" Information Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Ucore continues to advance its Bokan project as a long-range heavy rare earth source to eventually complement the planned Western feedstock sources for its near-term Strategic Metals Complexes.
A summary of the 2022 field sampling program:
Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to provide an update regarding the 2022 field sampling program (the "Field Program") at its Bokan-Dotson Ridge heavy rare earth element ("REE") mineral resource project ("Bokan").
Figure 1 - Typical Channel Sample of a Bokan-Dotson Ridge Zone Vein Outcrop
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1119/139746_1302f57d34d70938_001full.jpg
"Ucore continues to work to unlock the critical heavy rare earth elements at Bokan Mountain," stated Mike Schrider, P.E., Ucore's Vice-President and COO. "The execution of this summer's Field Program, coupled with previous years' successful drill programs, now positions the Bokan property closer to a feasibility study and will allow Ucore to upgrade approximately 20% of the currently 'Indicated' mineral resource to a 'Measured' resource classification.
"Ucore continues to advance its Bokan project as a long-range heavy rare earth source to eventually complement the planned Western feedstock sources for its near-term Strategic Metals Complexes. North America desperately needs independent mineral resources to transition to a green energy future centered on electric vehicles and renewable energy sources - both of which are more achievable with the heavy rare earth elements provided at Bokan Mountain."
Aurora Geosciences Ltd.'s ("Aurora") contractors, consisting of two geologists and three geotechnical laborers, were on site from May 13 to June 10, 2022. This work was followed by sample submissions to the Bureau Veritas preparation lab in Juneau, Alaska. Final analyses are still in process at the Bureau Veritas laboratory in Vancouver, BC, Canada, with current assay analyses times measured in months due to the extremely high levels of mineral exploration activity.
Additional details of the Field Program:
Aurora expects that the results of the channel sampling program will allow a significant portion of the modeled rare earth resource to be upgraded from 'Indicated' to now 'Measured.' It is also expected that the total tonnage of the current mineral resource will marginally increase due to the new exposures of mineralized vein materials discovered in the Field Program.
About Ucore Rare Metals Inc.
Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.
Through strategic partnerships, this includes disrupting the People's Republic of China's control of the US REE supply chain through the near-term development of heavy and light rare-earth processing facilities throughout North America - including the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.
Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."
For further information, please visit www.ucore.com.
Ronald James (Jim) Robinson, B.Sc., P.Geo., an independent geologist and General Manager of Aurora Geosciences (Alaska) Ltd. of Juneau, Alaska, has prepared, reviewed and approved the technical data regarding the Bokan-Dotson Ridge Mineral Resource provided in this news release and is the qualified person responsible for its accuracy.
This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.
In regard to the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the Alaska SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.
Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.
Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 1.902.482.5214 mark@ucore.com
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Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (" Spey " or the " Company ") announces that it has mobilised the drill rig and completed camp preparations for drilling its 400m exploration well in its 600has Pocitos 2 concession.
The camp, internet, diesel tanks and geological offices have been constructed in the town of Pocitos. The drilling work permit has been processed and we are waiting on official certification of the permit due next week.
Fig 1 Diesel tank storage in place Fig 2 accommodation, office quarters
Figure 1 The black horizontal line delineates the aquifer. The red areas have the lowest resistivity which indicate a presence of potassium and lithium. Drill Holes one and two on Pocitos 1 located 1km away produced significant amount of lithium bearing brines in 2018 .
Once or two exploration drill holes with approximately 400m of drilling are completed, the rig will move to Incahuasi salar approximately 120km away and drill three holes on the targeted aquifer locations. A double packer will sample the brines at depth and be reported on.
After the exploration hole is drilled and a pumping test completed a further hole or a production well will be drilled using the rotary drill machine.
Phil Thomas CEO commented " We are making great progress at Pocitos salar, with surface sampling, geophysics completed on Pocitos 2 and drilling to be completed shortly closeby on Pocitos 1. The project drill team have nearly completed all their preparations and the rig is stationed closeby. I'm delighted with the progress our team has made and look forward to the brine analysis and pump tests results from the drilling."
Spey Resources is a Canadian mineral exploration company which has acquired a 80% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina through its wholly owned subsidiary Tech One Lithium Resources Corp. Spey also holds an option to acquire a 100% undivided interest in Pocitos 2 and has optioned Pocitos 1 to Recharge Resources. Spey has a 100% interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.
For more information, please contact:
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release may constitute "forward-looking information" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements in this release , including without limitation, statements pertaining to the future exercise of the Agreement to acquire an interest in the Property, the Company's exploration programs and the Company's mineral property development plans, are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, without limitation , financing risks, delays in obtaining or inability to obtain required regulatory approvals , legislative, environmental and other judicial, regulatory, political or competitive developments, exploration and operational difficulties, the timing of future business expenditures, the potential of the Company's mineral properties and changes in economic conditions or financial markets. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
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Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF) ("Argentina Lithium" or the "Company") is pleased to announce two new option agreements at lithium salars in Argentina . The Company has entered into an option agreement with a local vendor to earn a 100% interest in four contiguous mine concessions totalling 791.3 hectares at the Salar de Rincon (the "Paso de Sico option"). The Company has also entered into a second option agreement with a second local vendor to earn a 100% interest in a single mine concession measuring 843.5 hectares at the Salar de Antofalla (the "Volcan option").
Nikolaos Cacos , President and CEO, stated "The Rincon and Antofalla salars have been our focus for property acquisitions, for their potential for high-grade lithium resources and their favorable locations. Each of these new properties border landmark projects operated by major producers, where large resources have already been defined. Our new properties represent significant increases to the resource potential for our Rincon West and Antofalla North projects. The exploration team will now incorporate the new areas into our ongoing and near-term exploration programs."
Argentina Lithium's Rincon West project, located in Salta province, includes both 100% held and optioned properties (see News Release dated July 21, 2022 ). The project now totals 3742.8 hectares with the Paso de Sico acquisition.
Argentina Lithium's Antofalla North project, located within Salta and Catamarca provinces, includes both 100% held and optioned properties (see News Release dated April 11, 2022 ). With the Volcan acquisition, the Company controls 15,830.5 hectares at Antofalla for exploration and development.
Map 1 shows the Paso de Sico option properties in relation to Argentina Lithium's Rincon West project, where exploration drilling is currently underway. International Highway 51 passes the northern edge of the Paso de Sico property.
Map 2 shows the Volcan option property in relation to Argentina Lithium's Antofalla North project. The northern tip of the Company's Incahuasi brine project is shown in the lower-right portion of the map.
Terms of the Paso de Sico option include cash payments totalling US$1,500,000 paid over two years, including obligatory payment commitments totalling US$300,000 in the first six months. The option grants a 3% NSR to the Vendor, which can be purchased by the Company for an additional US$1 .5MM. The Paso de Sico option agreement also includes a total of US$2 .3MM of exploration and development expenditures over a three-year period.
Terms of the Volcan option include cash payments totalling US$590,000 paid over three years, including the obligatory payment of US$40,000 at the time of signing. The option grants a 1% NSR to the Vendor, which can be purchased by the Company for an additional US$1 .3MM.
David Terry , Ph.D., P.Geo. is the Company's Qualified Person as defined in National Instrument 43-101. The contents of this news release have been reviewed and approved by Dr. Terry.
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina and advancing them towards production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina and has assembled a first-rate team of experts to acquire and advance the best lithium properties in the "Lithium Triangle". The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
Nikolaos Cacos , President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
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SOURCE Argentina Lithium & Energy Corp.
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Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) (" Spey " or the " Company ") is pleased to announce that it has settled outstanding indebtedness (the " Debt Settlement ") of the Company in the aggregate amount of $377,772.09 (the " Debt "), pursuant to the terms of debt settlement agreements with three arm's length creditors and Abbey Abdiye, the Company's Chief Financial Officer (collectively, the " Creditors ").
In settlement of the debt, the Company has issued an aggregate of 2,158,696 units (the " Units ") of the Company. Each Unit consists of one common share in the capital of the Company (each, a " Share ") and one-half of a common share purchase warrants (each whole warrant, a " Warrant "), with each Warrant entitling the holder thereof to acquire one additional Share (each, a " Warrant Share "), at an exercise price of $0.35 per Warrant Share, for a period of 24 months, provided that if the volume weighted average trading price of the Shares on the Canadian Securities Exchange (or such other securities exchange the Shares are then trading) is at a price greater than $0.70 per Share for 10 consecutive trading days, then the expiry date of the Warrants shall automatically accelerate and will expire on the date that is 30 days after the date that notice of such acceleration is provided to the Warrant holders by way of press release by the Company.
The Debt Settlement with Mr. Abbey Abdiye is a related party transaction pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (" MI 61-101 ") as Mr. Abdiye is the Chief Financial Officer of the Company.
With respect to the Debt Settlement with Mr. Abdiye, the Company has relied on the exemption from the valuation requirement pursuant to section 5.5(b) (Issuer Not Listed on Specified Markets) of MI 61-101 and from the minority shareholder approval requirement prescribed by section 5.7(1)(a) (Fair Market Value Not More Than 25 Per Cent of Market Capitalization) of MI 61-101.
All securities issued in connection with the Debt Settlement are subject to a statutory four month hold period in accordance with the policies of the CSE and applicable securities laws.
None of the securities to be issued in connection with the Debt Settlement have been or will be registered under the United States Securities Act of 1933, as amended (the " 1933 Act "), and none may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act.
The Company also announces that, subject to regulatory approval, it has granted (a) incentive stock options to certain directors, officers and consultants of the Company to acquire an aggregate of 1,400,000 common shares in the capital of the Company at an exercise price of $0.24 (the " Options "), such Options being fully vested as at the date of grant and exercisable for a five-year term expiring on October 4, 2027 and (b) an aggregate of 5,600,000 restricted share units (" RSUs ") to certain officers and consultants of the Company effective October 4, 2022, in accordance with the Company's amended and restated equity incentive plan.
Spey Resources is a Canadian mineral exploration company which holds two option agreements to acquire 100% interest in the Candela II and Pocitos II lithium brine projects, and a 20% interest in the Pocitos I lithium project, all of which are located in the Salta Province, Argentina. Spey also holds an option to acquire a 100% undivided interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.
For more information, please contact:
Nader Vatanchi VP of Corporate Finance and Director nader@speyresources.ca 778-881-4631
Cautionary Note Regarding Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties, including with respect to the settlement of the Debt owing by the Company to the Creditors through the issuance of securities and regulatory approval of the issuance of such securities . The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
The CSE has not reviewed, approved, or disapproved the contents of this press release.
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International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce the start of Phase 3 of the 2022 diamond drilling campaign at the Raleigh Lake Lithium project near Ignace, Ontario, Canada.
Further to Company's news release dated September 20, 2022; ILC has completed 6,251 metres core drilling at the Raleigh Lake project in the first two phases of drilling in 2022. Phase 3 began on September 28, 2022 with approximately 2,500 metres of proposed drilling.
The previous phase of drilling showed Lithium Oxide concentrations up to 3.62% over 6.46 metres and Rubidium Oxide up to a grade of 1.38% over 5.9 metres. Phase 3 will include continued exploration and infill drilling of Pegmatite 1 at Zone 1 (Figure 1) and testing new exploration targets at Zone 5, Zone 3 and Zone 6, defined by lithogeochemical surveys in 2021. The drilling objective at Zone 1 will be to trace the high-grade core of Pegmatite 1 up-dip, closer to surface, and investigate the possibility of additional pegmatites occurring below Pegmatite 1.
Two holes have already been completed at the Zone 1 pegmatite occurrences with drill hole RL22-45 intersecting 14 metres of pegmatite (Pegmatite 1) starting at 84 metres downhole*. The intersection includes 4 metres of monomineralic microcline from 85.5 - 89.5m. The microcline associated with Pegmatite 1 is known to contain highly anomalous rubidium concentrations and occurs in a distinct zone within Pegmatite 1 that could warrant declaring the rubidium in the upcoming resource estimate as a standalone commodity.
The second hole, RL22-46 was drilled approximately 75 metres west of RL22-45 and intersected Pegmatite 1 over 10 metres from 89 metres downhole. Here Pegmatite 1 was encountered roughly 15 metres deeper than modelling would suggest. A second spodumene bearing pegmatite was intersected from 108 - 110.5 metres downhole which aligns well with a deeper pegmatite vein encountered in drill hole RL22-27 (Figure 2). This new discovery will be followed up immediately in the next few drill holes.
The drilling at Zone 1 continues to confirm the continuity of Pegmatite 1 and the near surface prospectivity for additional lithium and rubidium bearing mineralization. The narrow pegmatites intersected below Pegmatite 1 present an opportunity for the discovery of one or more pegmatites at depth which could be open to expansion in all directions.
* All intervals reported here are downhole core lengths. Accurate true widths are unknown at this time but are estimated to be within 70-100% of the reported intervals based on the geometry of the bodies and structural measurements on oriented core.
Figure 1: Approximate surface trace outline of Pegmatite 1 showing pierce points from drilling, and planned exploration holes for Phase 3. Pegmatite 1 appears to have an enriched core trending up dip toward the northwest. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3232/139538_1b27258ea4331b7e_003full.jpg
Figure 2: Cartoon cross section B-B' (Figure 1) illustrating the orientation of Pegmatite 1 and the up-dip projection to its surface outcrop. Drill hole RL22-46 intersected Pegmatite 1 deeper than anticipated giving it an almost horizontal orientation in this section. A second spodumene bearing pegmatite, that appears to line up with a pegmatite vein intersected in RL22-27, was encountered at a deeper depth. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3232/139538_1b27258ea4331b7e_004full.jpg
John Wisbey, Chairman and CEO of International Lithium Corp., commented:
We have already found some excellent grades of Lithium Oxide as high as 3.62% at Raleigh Lake and in the first two phases of drilling this year we have done enough drilling to be on track for producing a maiden resource estimate in 2022. As well as further exploration of the Raleigh Lake claims area, this drilling is designed to give additional input into the size of such resource, and to give us and our geological partners further confidence in the data, for example the size of a separate rubidium resource in the microcline. Analysis of exact grades for this phase of drilling is expected to be finished after the maiden resource estimate. Once again, we would stress that only 8% of the area of our claims has been explored so far, and also stress again the excellent access to road and energy infrastructure in this project.
Quality assurance/quality control procedures
The drill program is under the control of a Professional Geoscientist, registered with Engineers & Geoscientists British Columbia.
Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has verified the disclosed technical information and has reviewed and approved the contents of this news release.
International Lithium Corp. believes that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada to safeguard their supplies of critical battery metals and to become more self-sufficient. Our Canadian projects are strategic in that respect.
Our key mission in the next decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits.
A key goal has been to become a well-funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, the Board of the Company considers that ILC is now well placed in that respect with a strong net cash position.
The Company's interests in various projects now consists of the following, and in addition the Company continues to seek other opportunities:
The Company's primary strategic focus at this point is on the Raleigh Lake lithium, rubidium and caesium project in Canada and on identifying additional properties.
The Raleigh Lake project consists of 48,500 hectares (485 square kilometres) of mineral claims in Ontario and is ILC's most significant project in Canada. The exploration results there so far, which are on only about 8% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil", and is a key part of a "green tech" sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
On behalf of the Company,
John Wisbey Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520
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.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Company's projects, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. 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 "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. 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 expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139538
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