International Lithium Announces Maiden Mineral Resource Estimate at The Raleigh Lake Lithium Project, Ontario, Canada
International Lithium Announces Maiden
Mineral Resource Estimate at The Raleigh
Lake Lithium Project, Ontario, Canada
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2023) - International Lithium Corp. (TSXV: ILC)
(OTCQB: ILHMF) (FSE: IAH) (the "
Company
" or "
ILC
") is pleased to announce a maiden Mineral
Resource Estimate ("MRE") for the Raleigh Lake Lithium Project ("Raleigh Lake", "The Property", the
"Project"), located approximately 25 km west of Ignace, Ontario, Canada. This MRE will be published in
a related NI 43-101 Technical Report (the "Report") within 45 days of the release of this press release.
The Project includes MREs for both lithium and rubidium. The two MREs are closely related due to their
spatial relationships, but their respective resource estimates are considered separate and unique.
The following highlights taken from the Report, and set out below, should be considered in the context of
the detailed information given there.
Lithium MRE Summary
The lithium MRE for Lithium-Caesium-Tantalum ("LCT") pegmatites of the Raleigh Lake pegmatite field
is presented in Table 1 below. Lithium within the Raleigh Lake deposit is hosted within spodumene laths
that are generally green in colour and range in size from less than 1 cm to greater than 8 cm. Pegmatites
within the Deposit are weakly zoned and spodumene mineralization is relatively homogenous throughout.
The open pit and underground MREs are constrained via optimized pit shell and minable shape
wireframes, respectively.
Table 1: Lithium Open Pit and Underground MRE
Area
Resource Category
Mass (kt)
Grade
Contained
Li (t)
Li (ppm)
Li
2
O (%)
Open Pit
650ppm
Li Cut-off
Measured
80
3,887
0.84%
313
Indicated
2,021
2,919
0.63%
5,897
Measured + Indicated
2,101
2,956
0.64%
6,210
Inferred
3,247
2,595
0.56%
8,427
Underground
2,000ppm
Li Cut-off
Measured
3
2,560
0.55%
8
Indicated
189
3,203
0.69%
606
Measured + Indicated
192
3,192
0.69%
614
Inferred
655
3,162
0.68%
2,073
Total
Measured + Indicated
2,293
2,976
0.64%
6,824
Inferred
3,902
2,691
0.58%
10,499
Refer to notes on Mineral Resources below.
Figure 1: Lithium MRE isometric section view looking southwest with lithium grades.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/156717_a7ed59124466baa3_003full.jpg
.
Rubidium MRE Summary
The rubidium MRE is presented in Table 2 below. An independent MRE has been calculated for the
rubidium contained within microcline zones of the LCT pegmatites. Rubidium also occurs throughout the
LCT pegmatites within the lithium-bearing spodumene at a lower cutoff but is not included in this
rubidium MRE. Rubidium reaches grades greater than 4,000 ppm are attributed to pockets of high
modal abundance of microcline (potassic feldspar). Rubidium has thus been constrained to a higher
cutoff to separate it from the lithium resource, allowing rubidium and lithium to be mined and presented
separately. The open pit and underground MREs are constrained via optimized pit shell and minable
shape wireframes, respectively.
Table 2: Rubidium Open Pit and Underground MRE
Area
Resource Category
Mass (kt)
Grade
Contained
Rb (t)
Rb (ppm)
Rb
2
O (%)
Open Pit
4,000ppm
Rb Cut-off
Measured
5
5,412
0.59%
29
Indicated
90
6,073
0.66%
547
Measured + Indicated
95
6,036
0.66%
576
Inferred
18
3,005
0.33%
53
Underground
4,000ppm
Rb Cut-off
Measured
5
6,547
0.72%
35
Indicated
33
6,474
0.71%
211
Measured + Indicated
38
6,484
0.71%
246
Inferred
106
4,427
0.48%
468
Total
Measured + Indicated
133
6,163
0.67%
822
Inferred
123
4,224
0.46%
521
Refer to notes on Mineral Resources below.
Figure 2: Rubidium MRE isometric section view looking southwest with rubidium grades.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/156717_a7ed59124466baa3_004full.jpg
.
Geology & Mineralization
The Project is located within the Wabigoon Subprovince of the Canadian Shield's Archean Superior
Province. The LCT pegmatites within the Property occur in a zone striking south-southeast and are
approximately 1.5 km wide and at least 4 km in length. Pegmatites within the Deposit are members of
the albite-spodumene sub-type of rare metal pegmatites. Underlying host rock of the Deposit are
Archean supracrustal rocks of mafic metavolcanics and their metasedimentary equivalents, and
bordering the pegmatites is the Revell Lake Batholith. Micaceous phases of the intrusives are
interpreted to be the parent of the rare element bearing pegmatites of the Raleigh Lake pegmatite field.
The two dominant pegmatites within the Project are referred to as pegmatite #1 and #3, both of which
outcrop on surface and are exposed at 200 m and 50 m in strike length, respectively. Diamond drilling
has proven lateral continuity of approximately 800 m and ranging in width from 3.9 m to 8.0 m for
Pegmatite #1 and approximately 700 m with an average thickness of 1.2 m for Pegmatite #3. Figure 3
below shows the modelling of the pegmatites within the Raleigh Lake pegmatite field based on a grade
cutoff of 500 ppm lithium in drillhole assays.
Pegmatites form shallowly to moderately dipping, north-northeasterly trending, undeformed sheets with
significant potential for additional lateral continuity. The pegmatites are strongly fractionated and display
overall weak zonation, suggesting that strongly enriched rare-metal zonation may exist within extensions
and untested areas of the main pegmatites. Crude zonation is evident in wider pegmatites with albite-
rich bounding zones and 'core' zones of albite-quartz-muscovite or spodumene-potassium feldspar-
albite. "Pockets" of a high modal abundance of microcline exist within Pegmatite #1 and which
correspond to high grade rubidium concentration. Occurrences of holmquistite (lithium-bearing mica)
have also been noted within Pegmatite #2.
Figure 3: LCT pegmatites within the Raleigh Lake pegmatite field looking west-northwest.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/156717_a7ed59124466baa3_005full.jpg
.
ILC has retained Nordmin Engineering Ltd. ("Nordmin"), based in Thunder Bay, Ontario, to prepare an
independent lithium (spodumene-hosted) and rubidium (microcline-hosted) MRE for the Project and to
prepare a Technical Report (the "Report") consistent with the standards and guidelines set out by the
Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") and in accordance with National
Instrument 43-101 -
Standards of Disclosure for Mineral Projects
.
In preparation of the MRE and Report, Nordmin applied processes that were appropriate for lithium
pegmatite-style deposits.
The Report will be available on SEDAR within 45 days. The effective date for
the resource estimation is February 16, 2023.
Notes on Mineral Resources
1
.
The MRE was prepared by Christian Ballard, P.Geo., of Nordmin, who is the Qualified Person ("QP") as defined by NI 43-101 and is
independent of ILC.
2
.
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The above Inferred Mineral Resources
are subject to potential upgrade to Indicated and Measured Mineral Resources with continued drilling. There is no guarantee that any part of
the Mineral Resources discussed herein will be converted to another category or to a Mineral Reserve in the future. The estimate of Mineral
Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
3
.
The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum standards on Mineral
Resources and reserves, definitions, and guidelines prepared by the CIM standing committee on reserve definitions and adopted by the CIM
council (CIM 2014 and 2019).
4
.
The MRE is developed with data from diamond drill holes totaling 13,821 m.
5
.
The pit constrained mineral resources were defined using a parented block model, within an optimized pit shell with average pit slope angles
of 45° in rock and 30° in overburden, a 9.8 strip ratio (waste material: mineralized material) and a revenue factor of 1.0. The pit optimization
shells were created using Deswik.AdvOPM software.
6
.
The lithium resource pit optimization parameters include: 5.5% Li
2
O spodumene concentrate; US$1,800 Li
2
O spodumene concentrate price;
exchange rate of C$1.3/US$1; concentrate transportation and offsite charges of C$175/t, mining cost of C$6/t, processing plus general and
administration cost of C$41/t; and a process recovery of 75%. Only lithium value was used to generate the resource optimized pit shell.
7
.
Underground constrained mineral resources were defined within 5 x 5 x 5 m minable shape optimization wireframes. The mineable shape
optimization constraining wireframes were created using Deswik.SO software.
8
.
The lithium resource underground minable shape optimization parameters include: 5.5% Li
2
O spodumene concentrate; US$1,800 Li
2
O
spodumene concentrate price; exchange rate of C$1.3/US$1; concentrate transportation and offsite charges of C$175/t, mining cost of
C$80/t, processing plus general and administration cost of C$50/t; and a process recovery of 75%.
9
.
The rubidium resource was constrained above market value due to the current limited world market. A 4,000 ppm rubidium cut-off grade
was selected. The rubidium resource was excluded from (i.e. neither taken into account nor used as a credit for) the underground and open
pit lithium resource.
10
.
A default density of 2.668 g/cm3 was used for the mineralized zones.
11
.
All figures are rounded to reflect the relative accuracy of the estimates; totals may not add correctly.
12
.
The effective date of the MRE is February 16, 2023 and a technical report on the Project will be filed by the Company on SEDAR within 45
days of the date of this News Release.
Infrastructure and Ownership Advantages of the Raleigh Lake Project (Figure 4)
The Project:
Is 100% owned by ILC and is not subject to any off-take agreements, partnerships, or royalties.
Consists of 48,500 hectares (485 square kilometres) of adjoining mineral claims.
Is located approximately 25 kilometers west of the Township of Ignace, Ontario.
Distinguishes itself from other lithium projects in Canada by being very well situated near to major
public infrastructure, including:
The Trans-Canada Highway, with direct access to Thunder Bay on Lake Superior, is less
than six kilometers north of the Project;
The Canadian Pacific Railway, natural gas pipelines, and Hydro One power transmission
lines (115 and 230 kV) are just a few kilometres from the Project.
Figure 4: Major public infrastructure relative to the Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/156717_a7ed59124466baa3_006full.jpg
.
Executive Comment
John Wisbey, Chairman and CEO of ILC
commented :
We are very pleased to announce our maiden Mineral Resource Estimate for the Raleigh Lake
lithium deposit containing both open-pit and underground resources. It is a great credit to our project
and drilling teams that we have developed this estimate within eighteen months from the start of 2021-
22 drilling to a level that includes 37% mineralized material contained within the Measured and
Indicated resource categories.
As well as our primary focus on lithium, we are also highly encouraged by the amount of rubidium at
the Raleigh Lake deposit and it is pleasing to note that separate high-grade rubidium pods have been
discovered within the open-pit lithium resource, locally hosted within microcline-rich areas which are
distinct from the lithium-rich areas of the pegmatites. This rubidium has therefore been reported as a
separate resource. This presents an exciting opportunity.
The world market for rubidium is much smaller than that for lithium and trading volume is somewhat
opaque. The current market price of rubidium carbonate (as for example reported on
www.metal.com
)
is USD 1,160 (RMB 8,000) per kg, which is over 21 times the current lithium carbonate price of USD
53,400 per metric tonne (RMB 368 per kg). ILC's rubidium at Raleigh Lake is therefore significant and
not a minor add-on - provided always as for any commodity that world demand for rubidium is there
and that the price is available at projected production levels. These prices should not be taken as the
prices that ILC will be able to achieve for selling its lithium and rubidium, but to give information about
current relative prices.
We look forward to a busy year as we advance to the next stage of study and anticipate releasing a
Preliminary Economic Assessment ("PEA") around the middle of this year, based on this maiden
Mineral Resource Estimate.
Qualified Person
Mr. Christian Ballard, P.Geo., of Nordmin, is the QP for this release and for the MRE it discloses, as
defined by NI 43-101, and has reviewed and approved the technical information in this release.
About International Lithium Corp.
International Lithium Corp. believes that the world faces a significant turning point in the energy market's
dependence on oil and gas and in the governmental and public view of climate change. In addition, we
have seen the clear and increasingly urgent wish by the USA and Canada to safeguard their supplies of
critical battery metals and to become more self-sufficient. Our Canadian projects are strategic in that
respect.
Our key mission in the next decade is to make money for our shareholders from lithium and rare metals
while at the same time helping to create a greener, cleaner planet and less polluted cities. This includes
optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and
developing projects that have the potential to become world class lithium and rare metal deposits. We
have announced separately that we regard Zimbabwe as an important strategic target market for ILC,
and we hope to be able to make announcements over the next few weeks and months.
A key goal has been to become a well-funded company to turn our aspirations into reality, and following
the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in
January 2022, the Board of the Company considers that ILC is now well placed in that respect with a
strong net cash position.
The Company's interests in various projects now consists of the following, and in addition the Company
continues to seek other opportunities:
Name
Location
Area
(Hectares)
Current
Ownership Percentage
Future Ownership
percentage if options
exercised or work
carried out
Operator or JV Partner
Raleigh Lake
Ontario
48,500
100%
100%
ILC
Wolf Ridge
Ontario
5,700
0%
100%
ILC
Avalonia
Ireland
29,200
45%
21%
Ganfeng Lithium
Mavis Lake
Ontario
2,600
0%
0%
(carries an extra earn-in
payment of CAD $1.4M if
resource targets met)
Critical Resources Ltd
Forgan Lake & Lucky
Lake
Ontario
< 500
0%
1.5% Net Smelter
Royalty
Ultra Lithium Inc.
The Company's primary strategic focus at this point is on the Raleigh Lake Project's lithium and rubidium
project in Canada and on identifying additional properties in Canada and Zimbabwe.
The Raleigh Lake Project consists of 48,500 hectares (485 square kilometres) of mineral claims in
Ontario and is ILC's most significant project in Canada. Drilling has so far been on less than 1,000
hectares of our claims. The exploration results there so far, which are on only about 8% of ILC's current
claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium.
Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
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 energy sustainable economy. By positioning itself with projects with significant resource potential
and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers
of choice for investors and to continue to build value for its shareholders in the '20s, the decade of
battery metals.
On behalf of the Company,
John Wisbey
Chairman and CEO
www.internationallithium.ca
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 or other releases contain 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
anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or
Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic
assessments, feasibility studies, lithium or rubidium or caesium recoveries, modeling of capital and
operating costs, results of studies utilizing various technologies at the company's projects, budgeted
expenditures and planned exploration work on the Company's projects, increased value of
shareholder investments, and assumptions about ethical behaviour by our joint venture partners or
third party operators of projects. Such forward-looking information is based on 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, legislative, 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.
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