International Lithium Announces Completion of Successful Drill Program at Mavis Lake Lithium Project
NEWS RELEASE
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DISSEMINATION IN THE UNITED STATES
International Lithium Announces Completion of
Successful Drill Program at Mavis Lake Lithium Project
Vancouver, B.C. February 19 , 2018 : International Lithium Corp. (the “ Company” or “ ILC”)
(TSX VENTURE: ILC) , in conjunction with its joint venture partner Pioneer Resources Limited
(“Pioneer”), is pleased to announce the completion of the drilling program at the Mavis Lake
Lithium Project in the province of Ontario, Canada (Company news release January 23, 2018).
The program, targeting the Fairservice Pegmatite 6 Prospect, consisted of nine diamond core
holes for a total of 1,591 metres, and delivered multiple intersections of spodumene -bearing
pegmatite. Core has been cut and samples sent for laboratory analysis. Results are expected to
be available next month.
As reported in Pioneer’s news release of today , details of the current program’s drill hole
locations are provided in the following table.
Mavis Lake Lithium Project – Drill Results
Hole ID Easting Northing Elevation Azi: Dip Depth
MF18-51 524387 5518072 420 175.0 -75.0 179.0
MF18-52 524390 5518074 420 110.0 -61.0 177.0
MF18-53 524387 5518074 420 226.0 -72.0 185.0
MF18-54 524486 5518089 438 206.0 -53.0 161.0
MF18-55 524486 5518089 438 166.0 -65.0 170.0
MF18-56 524486 5518089 438 142.0 -67.0 170.0
MF18-57 524387 5518104 418 218.0 -54.0 188.0
MF18-58 524389 5518041 420 260.0 -72.0 179.0
MF18-59 524389 5518041 420 265.0 -52.0 182.0
Drilling at the Mavis Lake Lithium Project was designed to test for extensions to spodumene -
bearing pegmatites intersected at the Pegmatite 6 Prospect in the 2017 drilling season. The
2018 drilling program has been highly successful in its objective by confirming mineralization
1111 Melville Street, Suite 1100
Vancouver, British Columbia
V6E 3V6, Canada
T: 604-700-8912
www.internationallithium.com
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along strike of the mineralization previously encountered at the Pegmatite 6 area.
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.
“We have successfully activated all of our joint venture operations on the three continents in
Argentina, Ireland and Canada. Our partners include global industry leaders, Jiangxi Ganfeng
Lithium Co. Ltd. of China and Pioneer Resources Limited of Australia, ” commented Kirill Klip,
Executive Chairman of ILC . “Now our turn -around at ILC is completed and we are looking
forward to achieving our strategic goals and increasing value for all shareholders.”
Private Placement Update
The Company announces a closing extension of the previously announced non-brokered private
placement (see Company news release December 29, 2017) of up to 5,000,000 units (the
“Units”) at $0.20 per Unit to raise proceeds of up to $1,000,000. The first tranche of $450,000
was closed in January and the Company expects the close the remaining private placement on
or before March 6, 2018.
The proceeds of the private placement will be used for general working capital purposes. All
private placement securities will be restricted from trading for a period of four months plus one
day from the date of closing.
About the Mavis Lake Lithium Project
The Mavis Lake Project is situated 19 kilometres east of the town of Dryden, Ontario. The
Project is ideally situated 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.
The current drill program is wholly funded by Pioneer as part o f its earn -in on the Mavis Lake
Project (see Company news release dated March 14, 2016).
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.
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. Curren t 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
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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, Raleig h, 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 pr ospects 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 par amount 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.
About Pioneer Resources Limited
Pioneer is an active exploration company focused on key global demand -driven commodities.
This includes a portfolio of strategically located lithium, caesium, nickel, cobalt and gold projects
in mining regions in Western Australia, plus a portfolio of high quality lithium assets in Canada.
The Company is focused on delivering shareholder value through targeted exploration programs
to enable the discovery and commercialisation of high value mineral resources whilst actively
strengthening its project portfolio through acquiring, pegging and reviewing new opportunities.
On behalf of the Board of Directors,
Kirill Klip
Executive Chairman
www.internationallithium.com
For further information concerning this news release please contact +1 604-700-8912
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
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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 timi ng and anticipated results
of drilling on the Mavis Lake Project, 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 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 expec tations, 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. Thes e 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.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the
securities in the United States. The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended or any state securities
laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or an exempt ion
from such registration is available.