Vancouver, B.C. February 08, 2017, International Lithium Corp. (the “Company” or “ILC”) (TSX Venture:ILC.V) in conjunction with strategic partner Pioneer Resources Limited (“Pioneer”) (ASX:PIO) is pleased to announce that the first drill hole of the 2017 drill programme at the Mavis Lithium Pegmatite Project in the province of Ontario, Canada, has intersected a spodumene-bearing pegmatite.
The first drill hole, MF-17-39, has intersected 18m* of spodumene-bearing** pegmatite between 79.9m and 97.9m down-hole. The spodumene zone is described as exhibiting broken crystals with the largest observed spodumene crystal oriented parallel to the core axis and measuring approximately 45cm in length.
Table 1. Drill Hole Collar Details
The coordinates have been determined using a hand-held GPS and therefore typically have an accuracy of within 5m.
THE 2017 Mavis Lake Drilling Programme
MF-17-39 is the first hole of a programme of up to 1,500 metres of oriented diamond core drilling on the Mavis Lithium Pegmatite Project. Additional details regarding the drill programme can be referred to in the Company’s news release dated February 7.
Hole MF-17-39 was specifically designed to intersect the high-grade lithium pegmatite in the vicinity of the major intersections encountered in holes MF-11-12 and MF-12-24, down dip from Pegmatite 6 observed in outcrop. The objective was to drill at an oblique angle to historic drilling to assist in determining the attitude of Pegmatite 6 at depth.
The following are major drill intersections down dip from Pegmatite 6 in vicinity to the highlighted intersection in Hole MF-17-39:
- MF-11-12: 26.25m at 1.55% Li2O from 152.0m; and
- MF-12-24: 16.40m at 1.86% Li2O from 161.9m
The second drill hole, MF-17-40 has been collared and is currently drilling. The hole is located on the same setup as MF-17-39, but with an azimuth of 40o, is designed to test the down dip potential of this spodumene bearing pegmatite at a greater depth and to provide additional structural data to determine the spodumene bearing pegmatite geometry intersected in holes MF11-12, MF12-24 and MF17-39.
The Company will continue to update the market about the progress of drilling at the Mavis Lithium Pegmatite Project as the programme advances. Drilling is anticipated to take up to 30 days to complete and assay results are expected to be available by the end of March 2017.
Patrick McLaughlin, P.Geo, is a Qualified Person on the project as defined under NI 43-101 and has reviewed the technical information contained in this press release
Mavis Lithium Pegmatite Project
The Mavis Lithium Project is situated 19 kilometres east from the town of Dryden, Ontario. The Project is ideally situated 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.
The current drill program will be wholly funded by Pioneer as part of their earn-in on the Project (See details regarding the terms of the Mavis option agreements in Company news releases dated June 22, 2016).
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 Mariana project strategically encompasses an entire mineral rich evaporate basin, totalling 160 square kilometres, 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,
Chairman, President and CEO 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.