International Lithium Reports on 2018 Avalonia Drill Results
Vancouver, British Columbia--(Newsfile Corp. - April 11, 2019) - International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") reports analytical results for the 2018 drill program at the Avalonia lithium pegmatite project in Ireland. The results were received from the Company's joint venture partner, GFL International Co. Ltd., a subsidiary of Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium" or "GFL"). GFL is the Operator of the project (see the Company's news release dated May 14, 2018 for further details).
A total of 1947.6 metres of NQ diameter core drilling was completed in fifteen drill holes spanning a strike length of approximately 400 metres at the Moylisha prospect of the Avalonia Project. The drilling to date suggests that the pegmatites, including spodumene pegmatites, are open to the northeast and southwest along strike and at depth.
Current ownership of the Avalonia Project is through a joint venture company, Blackstairs Lithium Limited, a private company registered in Ireland, owned 55% by Ganfeng Lithium and 45% by ILC. In addition, Ganfeng Lithium has an option to acquire another 24% by either incurring CAD $10 million expenditures on exploration activities or delivering a positive feasibility study on the project, at which time the ownership will be 79% Ganfeng Lithum and 21% ILC.
2018 Drilling Highlights
Several of the drill holes have successfully intercepted multiple occurrences of spodumene bearing pegmatites. Table 1 summarizes intervals with the most significant lithium results. Note that the reported widths are drill intercept widths and do not represent true thickness. See Table 2 for coordinate locations and orientation of the drill holes.
Sample intervals with ≥ 1.00% Li2O are reported (with the addition of one at 0.99%). All drill hole widths are drill intercepts and do not represent true thickness of the mineralization. True thickness of the mineralization is not known at this time.
Adjacent samples were composited and shoulders or contained samples were included. Isolated samples with ≥ 0.50% Li2O were noted as geologically significant anomalies that may aide in interpretation but are not included here as part of the summary results.
A review of the QA/QC data was conducted. No issues were noted in the results returned by blanks inserted for validation. None of the eight CRM results fell outside the ±3 SD range, but two (adjacent) samples fell outside the ±2 SD range, although one was only slightly outside. Four of the results were within ±1 SD range and the batch average falls within ±1 SD. All but one of the CRMs were below the CRM value suggesting a slightly low bias in the lithium results.
Table 1: Significant lithium results from the 2018 Avalonia Project Drill Program
|Hole ID||Grade (%Li2O)||Width* (m)||From (m)||To (m)|
*Reported widths are drill intercept widths and do not represent true thickness. True thickness is not known at this time.
Core processing procedure:
- Reconstruction of block interval and check block numbering
Blocks were placed by the driller on the drill site to mark the end of each run. These and the box numbering were checked at the start of the geotechnical logging.
The core was reassembled with the bottom marks facing up. The box intervals, RQD, and recovery were recorded in the geotechnical log.
- Trace core orientation if possible.
Bottom marks, which had been made by the drillers, were extended along the rest of the run. Marks between runs were compared and the degree of offset was noted to determine the quality of the bottom mark. Oriented core measurements such as foliation and contacts were taken off these bottom marks.
- Lithology log and markup
The drill core was described in a lithological log, which noted major and minor lithological variations, their intervals, and assigned a lithological classification.
- Sampling markup
Sections of drill core of interest such as spodumene mineralization were marked for sampling and given a sample number. A blank or CRM was inserted every tenth sample for QAQC. Sample widths were typically between 30-200cm.
- Photograph dry and wet
The core boxes were photographed three at a time on an inclined stand with a Pentax K3 DSLR camera and controlled light. They were photographed both wet and dry with consistent camera settings. Box numbering, interval blocks, and sampling markings were all made visible in these photos.
- Cut samples
Sections of drill core marked for sampling were cut in half using an electric core saw. The core was cut at an orientation so as to preserve as much of the geological and marking information as possible. Half the core was taken for sampling and prepared for shipping, while the remaining half was re-photographed along newly exposed cut surface.
Laboratory Methods and QA/QC
Core samples submitted to SGS Canada Inc. and were prepared by preparation code PRP90. This method includes crushing to 90% passing through 2 millimetres and split with 250 grams being pulverized to 85% passing through 75 micrometres.
Sodium peroxide fusion was used on 1 gram of material to obtain a complete digestion of the sample in molten flux and the analysis was finished by GE-ICM90A, a combined ICP-AES and ICP-MS (56 elements). Package GE-ICM90A (GE-IC90A + GE-IC90M).
Table 2: Drill hole collar location and orientation for the 2018 drill holes**
|Hole ID||Easting||Northing||Elevation (m)||Azimuth (degrees)||Dip (degrees)||Length (m)|
|**Numbers have been rounded.|
Afzaal Pirzada, P. Geo., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a consultant to the Company, has reviewed and approved the technical content in this news release.
About International Lithium Corp.
International Lithium Corp. has a significant portfolio of projects, strong management, and a strategic partner and key investor, Jiangxi Ganfeng Lithium Co. Ltd., ("Ganfeng Lithium") a leading China-based lithium product manufacturer.
The Company's primary strategic focus is now on the Mariana project in Argentina and on the Raleigh Lake project in Canada.
The Company has a strategic stake in the Mariana lithium-potash brine project located 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 evaporite basin, totalling 160 square kilometres that ranks as one of the more prospective salars or 'salt lakes' in the region. Current ownership of the project is through a joint venture company, Litio Minera Argentina S. A., a private company registered in Argentina, owned 82.754% by Ganfeng Lithium and 17.246% by ILC. In addition, ILC has an option to acquire 10% in the Mariana project through a back-in right.
The Raleigh Lake project, now consisting of 3,027 hectares of adjoining mineral claims in Ontario, is now regarded by ILC management as ILC's most significant project in Canada. It is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
Complementing the Company's lithium brine project at Mariana and rare metal pegmatite property at Raleigh Lake, are interests in two other rare metal pegmatite properties in Ontario, Canada known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which encompasses an extensive 50-km-long pegmatite belt.
The ownership of the Mavis Lake project is now 51% Pioneer Resources Limited (ASX:PIO, "Pioneer") and 49% ILC. In addition, ILC owns a 1.5% NSR on Mavis Lake. Pioneer has an option to earn an additional 29% by sole-funding a further CAD $8.5 million expenditures of exploration activities, at which time the ownership will be 80% Pioneer and 20% ILC.
The Forgan Lake project will, upon Ultra Lithium meeting its contractual requirements pursuant to its agreement with ILC, become 100% owned by Ultra Lithium, and ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng Lithum and 45% ILC. Ganfeng Lithium has an option to earn an additional 24% by either incurring CAD $10 million expenditures on exploration activities or delivering a positive feasibility study on the project, at which time the ownership will be 79% Ganfeng Lithum and 21% ILC.
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 solid strategic partners and projects with significant resource potential, ILC aims to be one of the lithium and battery metals resource developers of choice for investors and to continue to build value for its shareholders.
International Lithium Corp.'s mission is to find, explore and develop projects that have the potential to become world class lithium, potash and rare metal deposits. A key goal is to become a well funded company to turn that aspiration into reality.
On behalf of the Company,
Director and COO
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 contains 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 the preliminary economic assessment of the Mariana Joint Venture Project, timing of publication of the PEA technical report, anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Mavis Lake projects, the expectation of feasibility studies, lithium recoveries, modeling of capital and operating costs, results of studies utilizing membrane technology at the Mariana Project, budgeted expenditures and planned exploration work on the Avalonia Joint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake, satisfactory completion of the purchase of additional mineral rights at Raleigh Lake, increased value of shareholder investments, and continued agreement between the Company and Jiangxi Ganfeng Lithium Co. Ltd. regarding the Company's percentage interest in the Mariana project. 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 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/44035