Vancouver, B.C. July 28, 2016, International Lithium Corp. (the “Company” or “ILC”) (TSX Venture:ILC.V) is pleased to announce that strategic partner Pioneer Resources Limited (“Pioneer”) (ASX:PIO) is planning $1 million in exploration expenditures in 2016 on the Mavis and Raleigh lithium pegmatite projects east of Dryden, Ontario, Canada.
“This brings the total amount budgeted for exploration to CAD$17 million across the Company’s projects in Canada, Argentina and Ireland, making International Lithium Corp. one of the most active exploration companies in the lithium sector. This speaks volumes for the quality as well as the potential of the Company’s projects,” states Kirill Klip, President, International Lithium Corp.”
Mavis and Raleigh Exploration Programs
The $1 million budget will be allocated fairly evenly across the Mavis and Raleigh lithium pegmatite projects (“Projects”). The exploration programs will include litho-geochemical sampling, ground and airborne geophysics and 3,000m of diamond drilling with 1,500m planned at each of the Projects in autumn 2016.
To date a continuous-reading ground magnetic survey has been completed over much of the Mavis Lake Lithium Project and data processing is underway. In addition, mapping and litho-geochemical rock sampling (170 samples submitted for assay) have been completed to refine targets ahead of drilling.
Field crews will undertake similar exploration programs of geophysics, mapping and litho-geochemistry at Raleigh later this month. Magnetic survey options are being investigated to best suit the local terrain with consideration being given to the use of a low-altitude high-resolution aeromagnetic system.
About the Mavis and Raleigh Lithium Pegmatite Projects
The Mavis and Raleigh Lithium Projects are situated 19 and 80 kilometres east respectively from the town of Dryden, Ontario. Both Projects are 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.
When rare-metal pegmatites are emplaced, the host rocks adjacent to the pegmatite are enriched by the associated fluids forming a rare-metals’ dispersion halo around the pegmatite body. Normally the extent of the rare-metal alteration halo is within meters of the pegmatite, but the pegmatite belts at Mavis and Raleigh exhibit some of the broadest and strongest host-rock lithium anomalies observed around the world denoting an intense mineralizing system.
Previous exploration campaigns on the Projects successfully discovered spodumene bearing high-grade lithium pegmatites within these anomalous bands (see Company news releases March 14, March 23, July 13 and July 25, 2016 for further details).
The close proximity of the Projects presents clear strategic and operational advantages. ILC is pursuing lithium prospects with reported high grades in this region and seeking to consolidate them with the aim to identify sufficient resources in multiple prospects to potentially feed a common processing facility. The Upper Canada Lithium Pool is the anticipated geographical consolidation of projects and partnered companies hosting amenable grade, volume, access and infrastructure in order to mitigate the financial burden on any one company when advancing specific projects to reach this goal.
John Harrop, P.Geo, FGS, is a Qualified Person as defined under NI 43-101 who has supervised preparation of the technical information contained in this news 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, 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 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 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,
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.
International Lithium Corp. and Pioneer Resources Discover Lost Pegmatite, Increase Claim Area by 80% and Execute Option Agreement at the Raleigh Lithium Pegmatite Project, Ontario, Canada International Lithium Corp. and Ganfeng Lithium Announce Mobilization of Two Drills at Avalonia Lithium Project in Ireland