International Lithium Reports $1 million Budget for the Avalonia Lithium JV, Ireland
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2018) - International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") is pleased to announce, together with joint venture partner GFL International Co. Ltd., a subsidiary of Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium" or "GFL"), the adoption of a 2018 budget for continued work at the Avalonia lithium pegmatite project ("Avalonia JV") in Ireland, a joint venture between the two companies
The ownership of the Avalonia project is currently 55% GFL and 45% ILC. GFL have an option to earn an additional 24% by either incurring CDN$10 million expenditures on exploration activities or delivering a positive feasibility study on the project, at which time the ownership will be 79% GFL and 21% ILC.
On December 27, 2017, ILC and Ganfeng Lithium approved a budget for the 2018 calendar year for the Avalonia JV. The budget calls for Euro 705,000 (approximately CDN $1 million) to be invested in the Avalonia project. The budget covers ongoing exploration and evaluation work, administration fees and continigencies.
Work currently planned for 2018 is to follow up on the 2016 exploration results, in particular at the Moylisha target area, where extensive boulder trains of spodumene-bearing pegmatite assaying up to 4.59% Li2O* have yet to be traced back to source.
The high grade lithium and extensive boulder occurrences within such a small area represents a highly prospective zone along strike from a previously identified pegmatite indicating a potentially sizable, yet-to-be-discovered buried pegmatite at the Moylisha prospect.
Highlights from previous drilling in 2016 reported a pegmatite intersection grading 2.33% Li2O over 4.62 metres at the southern extent of the Aclare pegmatite (ILC July 21, 2016 news release). In 2016, a twenty-three (23) hole diamond drilling program totalling 1,756 metres on several targets at the Aclare prospect was completed by the Avalonia JV.
The Avalonia project has 23 major target areas identified. The underexplored 50-km pegmatite belt contains 19 significant lithium pegmatite occurrences discovered in the 1970s.
* Previously reported grab sample in a Company news release dated January 31, 2012. Grab samples are by definition selective and are unlikely to represent average grades on the property.
"We are very pleased to activate our further exploration program in Europe at the Avalonia JV in Ireland, with Ganfeng Lithium," commented Kirill Klip, Executive Chairman of ILC. "The previous drill program has demonstrated our ability to successfully target lithium pegmatites. In addition, our enhanced understanding of the mineral zonation will assist us in targeting not only the Aclare and Moylisha prospects, but the entire belt."
Afzaal Pirzada, P.Geo., a "Qualified Person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
About International Lithium Corp.
International Lithium Corp. has a significant portfolio of projects, strong management, robust financial support, and a strategic partner and keystone investor, Jiangxi Ganfeng Lithium Co. Ltd., ("Ganfeng Lithium") a leading China-based lithium product manufacturer.
The Company's primary focus is the 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, totaling 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, ownership of which will be revised to 82.754% by Ganfeng Lithium and 17.246% by ILC in early 2018 in order to reflect each party's current JV interest. In addition, ILC has an option to acquire 10% in the Mariana project through a back-in right.
Complementing the Company's lithium brine project are three rare metals pegmatite properties in Canada known as the Mavis, Raleigh, and Forgan projects, and the Avalonia project in Ireland, which encompasses an extensive 50km-long pegmatite belt.
The ownership of the Avalonia project is currently 55% GFL and 45% ILC. GFL have an option to earn an additional 24% by either incurring CDN$10 million expenditures on exploration activities or delivering a positive feasibility study on the project, at which time the ownership will be 79% GFL and 21% ILC.
The Mavis and Raleigh projects are under option to strategic partner Pioneer Resources Limited (ASX: PIO) pursuant to which Pioneer can acquire up to a 51% interest in the projects.
The Mavis, Raleigh and Forgan projects together form the basis of the Company's 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 strategic partners and acquiring high quality assets for the Energy rEVolution supply chain, ILC aims to be the partner of choice for investors in green-tech and to continue to build value for its shareholders.
On behalf of the Board of Directors,
Kirill Klip
Executive Chairman
For further information concerning this news release please contact +1 604-700-8912.
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.
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 news release may include: the timing and anticipated results of environmental impact studies and pump tests, timing of preliminary economic studies on the Mariana project, the expectation of feasibility studies, lithium recoveries, modeling of capital and operating costs, results of studies utilizing membrane technology, budgeted expenditures and planned exploration work on the Avalonia JV, 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.