Vancouver, B.C. January 14, 2015: International Lithium Corp. (the “Company” or “ILC”) (TSX VENTURE:ILC.V) is pleased to report that the Company is encouraged by preliminary results from regional exploration work conducted along their 30 kilometre long lithium pegmatite belt in southeastern Ireland. A much more complete geochemical picture of the Leinster Pegmatite Belt is emerging.
Preliminary results from soil geochemistry, boulder mapping and prospecting include:
- Soil geochemistry revealed anomalies adjacent to some of the historical prospects, which may reflect extensions to known mineralization;
- Soil geochemistry has identified highly prospective anomalous areas not previously identified that are in some cases proximal to newly mapped populations of pegmatite boulders;
- The prospective Belt may be significantly wider than previously realized, with pegmatite bodies now indicated to occur in parallel at the Leinster granite contact or on either side of the contact in the two host rock units; and
- Highly prospective results prompt the Company to remobilize crews to the Project later this month.
From September to December 2014, ILC conducted regional and prospect scale geochemical sampling along the length of the Leinster pegmatite belt and mapped the distribution of pegmatite boulders between historical prospects. The exploration goal was to extend known mineralized zones and identify new prospects in areas with less historical exploration. It is well established that mapping pegmatite boulder patterns has directly led to the discovery of the known prospects within the belt. Utilizing soil geochemistry in conjunction provides the additional ability to trace where known pegmatites extend under cover, and to discover new pegmatites beyond the areas of boulder coverage.
Soil sampling was conducted using a combination of power and hand augers to reach the C-horizon where a sample was collected and described. A total of 2403 subsoil samples were collected and submitted to ALS Limited (formerly OMAC Laboratories Ltd) in Loughrea, Ireland. ALS is an internationally recognized company with expertise in geochemical analysis. Subsequent to the crew standing down for the holiday season, the complete analytical results have been received and reviewed.
Based on the highly encouraging results, exploration at the Avalonia Project in Ireland is scheduled to restart later this month. Soil sampling will continue to:
- infill areas along the Belt,
- test extensions to newly identified anomalies and
- test for parallel pegmatites along the newly defined, wider belt.
Mariana Project moves forward with planning and setup
The Company currently has a crew in Argentina installing data collection equipment necessary for permitting and design of the program being planned for Mariana. Following a detailed preparation stage the Company, in conjunction with their strategic partner, Ganfeng Lithium, expect to announce exploration and development plans in the near future.
Mr. Kirill Klip, President, International Lithium Corp. comments, “We are very encouraged with the drill targeting potential revealed in the new results from our exploration program in Ireland. On the completion of the regional program we will be ready to drill test the new targets.
Europe is moving quickly into an electric vehicle early adoption stage with a record number of electric vehicle sales last year and a rapidly growing Tesla Supercharger network. With our important strategic partner Ganfeng Lithium, the Avalonia Lithium project aims to identify potential raw material supply for the rapidly growing Ganfeng Lithium business in Europe.
In Argentina, also with our key strategic partner Ganfeng Lithium, the Mariana Lithium Potash project is at the forefront of a developing mining alliance announced in Beijing last year between China and Argentina. I am particularly encouraged by the announcement by China in January of plans to invest $250 billion in Latin America this decade, which will spur further development of commodities in the region.
International Lithium continues to seek and develop security of supply opportunities using specialized experience developed by the Company and partners since its inception.”
About the Avalonia Lithium Project
The Avalonia Lithium project is comprised of eight mineral exploration licenses totalling 292 square kilometres. The project is located 65 to 100 km south of Dublin in Counties Carlow and Wicklow in Leinster Province, southeast Ireland. The Property encompasses an extensive NE-SW oriented 30 to 50 kilometre long rare metals pegmatite belt situated within the East Carlow Deformation Zone along the eastern side of the Leinster Granites. Numerous lithium pegmatite occurrences have been identified within the Property to date. The Company believes that the Leinster lithium pegmatite belt is geologically similarto, and the Irish analogue of the historically important lithium-tin belt in North Carolina, USA.
Lithium bearing pegmatite occurrences were first reported in the project area in 1970. Irish Base Metals carried out a preliminary exploration program comprising prospecting, sampling, trenching and geophysical surveys culminating in 47 short boreholes totalling 2,300 metres at 4 of the 19 lithium pegmatite occurrences over a number of seasons.
Due to the prevalent overburden cover and scarcity of outcrop, prospecting for lithium pegmatite boulders was the most successful exploration method utilized to identify priority target areas. The relative location, size and quantity of pegmatite boulders within the dry stone field boundaries provided a reliable indication for the approximate position of buried pegmatites. Deep overburden geochemical sampling has since been successfully used to follow buried pegmatites along strike.
An historical resource of 570,000 tonnes grading 1.5% Li2O at Aclare was reported in 1976 by Irish Base Metals. (A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources and the Issuer is not treating the historical estimate as current mineral resources. The historical estimate is included here for illustrative purposes only and should not be relied upon. Mineral exploration is by nature a highly speculative endeavour and there is no guarantee that further exploration work will result in the discovery and/or definition of a mineral resource at Avalonia.)
International Lithium conducted preliminary drill testing on two of the six main prospects at Avalonia (NR dated June 25, 2013). The drill program confirmed historical drill results at the Aclare prospect 85 kilometres southwest of Dublin and successfully intersected lithium bearing spodumene pegmatites in a previously untested area, below a spodumene bearing boulder field at the Moylisha prospect.
Pegmatite intersected at Aclare returned 2.23% Li2O over a drilling width of 23.3m including 3.43% Li2O over 6.0m drill width.
At Moylisha drilling intersected 1.50% Li2O over 5.60m drill width, which is consistent with historical results and confirms the prospectivity of the area.
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 and Ireland. 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,
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.