Rock Tech Lithium: Positive Assay Results of Summer Exploration Program and Three New Prospects at Georgia Lake
VANCOUVER, BC, Jan. 31, 2023 /CNW/ - Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the "Company" or "Rock Tech") is pleased to announce positive assay results of a summer exploration program that identified three new spodumene-pegmatite prospects. The program was completed in the summer of 2022 at its 100%-owned Georgia Lake Lithium project in the Thunder Bay Mining District of Ontario (the "Georgia Lake Project").
Rock Tech is pleased to announce positive assay results of outcrop samples collected at its 100%-owned Georgia Lake project. The Georgia Lake Project, located between Nipigon and Beardmore, Ontario is comprised of 1,042 hectares of mineral leases and 5,686 hectares of mineral claims. The samples were collected during an extensive field exploration program that was completed between July and September of 2022. Work included prospecting and mapping of spodumene-bearing pegmatites in areas both proximal to known deposits and in under-explored areas at the Georgia Lake property.
Three new prospects, hereinafter referred as Line 20, Camp 38, and Conway East were identified based on assay results of samples collected from several areas (Refer to Figure 1 and Table 1 below for location and assay results of individual samples). Further trenching and drilling will be used to more precisely determine the dimensions of the spodumene-pegmatites, however the current minimum interpreted strike-extent ranges from 100 metres for Line 20 and Camp 38 to 500 meters for Conway East. Rock Tech plans to conduct a trenching program in the summer of 2023 to follow-up on the positive assay results.
Commenting on the results of the 2022 summer exploration program, Robert MacDonald, General Manager of the Georgia Lake Project, said, "Rock Tech is pleased with the results of the summer exploration program and we are encouraged with the ongoing potential of the Georgia Lake Project. Rock Tech is currently planning our 2023 exploration program to follow up on these encouraging results."
FIGURE 1 | Map showing location and results of summer 2022 field exploration samples at Rock Tech's Georgia Lake project. Dark grey contour-like lines represent pit designs that were completed by AMC Consulting (Canada) Ltd. as part of prefeasibility study that was completed in the fourth quarter of 2022.
TABLE 1 | Summary of Significant Assay Results for Samples Collected during the 2022 Summer Exploration Program. GPS Locations are in UTM NAD83 Zone 16N.
Representative samples were taken for every pegmatite station during prospecting. Each sample was put into its own plastic sample bag with a sample tag and closed with zip ties. About 13% of the samples submitted to Activation Laboratories Ltd. ("Actlabs") for analysis were QAQC samples that were inserted into the sample stream and consist of a high- and low-grade lithium standards, blank material, and duplicates. Samples were sent to Actlabs' preparation laboratories in Thunder Bay, Ontario for crushing and pulverizing, and were subsequently sent to Actlabs' geochemistry laboratory in Ancaster, Ontario for analysis. Analysis for lithium was completed using a sodium peroxide fusion plus ICP-OES. Actlabs is independent of the Company.
The scientific and technical disclosure included in this news release has been reviewed and approved by Amanuel Bein, P.Geo., Chief Exploration Geologist of the Georgia Lake Project, a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects. Exploration data was collected and verified following the guidelines outlined in CIM Mineral Exploration Best Practice Guidelines.
Rock Tech is a cleantech company on a mission to produce lithium hydroxide for EV batteries. The Company plans to build lithium converters at the door-step of its customers, to guarantee supply-chain transparency and just-in-time delivery. To close the most pressing gap in the clean mobility story, Rock Tech has gathered one of the strongest teams in the industry. The Company has adopted strict ESG standards and is developing a proprietary refining process aimed at further increasing efficiency and sustainability. Rock Tech plans to source raw material from its own mineral project in Canada as well as procuring it from other responsibly producing mines. In the years to come, the Company expects to also source raw material from discarded batteries. Rock Tech's goal: to create a closed-loop lithium production system.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The following cautionary statements are in addition to all other cautionary statements and disclaimers contained elsewhere in, or referenced by, this press release.
Certain information set forth in this press release constitutes "forward-looking information" ("forward-looking information") within the meaning of applicable Canadian securities laws, which are based on Rock Tech's current expectations, estimates, and assumptions in light of its experience and is perception of historical trends. All statements other than statements of historical facts may constitute forward-looking information. Often, forward-looking information can be identified by the use of words or phrases such as "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and all other indications of future tense. All forward-looking information set forth in this press release is expressly qualified in its entirety by the cautionary statements referred to in this section.
In particular, forward-looking information contained in this press release includes: statements regarding the summer 2023 trenching program and the objectives, results and the benefits thereof; the Company's expectations regarding its three new prospects entitled Line 20, Camp 38, and Conway East, the summer 2023 exploration program to be undertaken on the Georgia Lake Project , the Company's intentions with respect to the development and timing thereof and statements regarding future plans, activities, and schedules relating to such projects and related development; Rock Tech's opinions, beliefs and expectations regarding the Company's business strategy, development and exploration opportunities and projects; and plans and objectives of management for the Company's operations and properties.
Forward-looking information is based on certain assumptions, estimates, expectations and opinions of the Company and, in certain cases, third party experts, that are believed by management of Rock Tech to be reasonable at the time they were made. This forward-looking information was derived utilizing numerous assumptions regarding, among other things, that the results of the exploration program will be indicative of future results; that the way towards a feasibility study (DFS) will continue as currently planned; the supply and demand for, deliveries of, and the level and volatility of prices of, feedstock and intermediate and final lithium products; that all required regulatory approvals and permits can be obtained on the necessary terms in a timely manner; expected growth, performance and business operations; future commodity prices and exchange rates; prospects, growth opportunities and financing available to the Company; general business and economic conditions; the costs and results of exploration, development and operating activities; Rock Tech's ability to procure supplies and other equipment necessary for its business; and the accuracy and reliability of technical data, forecasts, estimates and studies. The foregoing list is not exhaustive of all assumptions which may have been used in developing the forward-looking information. While Rock Tech considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking information should not be read as a guarantee of future performance or results.
In addition, forward-looking information involves known and unknown risks and uncertainties and other factors, many of which are beyond Rock Tech's control, that may cause Rock Tech's actual events, results, performance and/or achievements to be materially different from that which is expressed or implied by such forward-looking information. Risks and uncertainties that may cause actual events, results, performance and/or achievements to vary materially include the risk that Rock Tech will not be able to meet its financial obligations as they fall due, delays in government approval for the construction and commissioning of the Georgia Lake Project, changes in commodity prices, Rock Tech's ability to retain and attract skilled staff and to secure feedstock from third party suppliers, unanticipated events and other difficulties related to construction, development and operation of converters and mines, the cost of compliance with current and future environmental and other laws and regulations, title defects, competition from existing and new competitors, changes in currency exchange rates and market prices of Rock Tech's securities, Rock Tech's history of losses, impacts of climate change and other risks and uncertainties discussed under the heading "Financial Instruments and Other Risks" in Rock Tech's most recently filed Management Discussion and Analysis, a copy of which is filed electronically through SEDAR and is available online at www.sedar.com. Such risks and uncertainties do not represent an exhaustive list of all risk factors that could cause actual events, results, performance and/or achievements to vary materially from the forward-looking information.
It can not be guaranteed that actual events, results, performance and/or achievements will be consistent with the forward-looking information and management's assumptions may prove to be incorrect. This forward-looking information reflects Rock Tech management's current views as at the date of this press release. Except as may be required by law, Rock Tech undertakes no obligation and expressly disclaims any responsibility, obligation or undertaking to update or to revise any forward-looking information, whether as a result of new information, future events or otherwise, to reflect any change in Rock Tech's expectations or any change in events, conditions or circumstances on which any such information is based.
The forward-looking information contained herein is presented for the purposes of assisting readers in understanding Rock Tech's plans, objectives and goals and is not appropriate for any other purposes.
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