International Lithium Corp. Intersects 10 metres of Zoned Pegmatite With Up To 40% Spodumene In First Two Holes at Raleigh Lake Lithium and Rubidium Project in Ontario, Canada
NEWS RELEASE
International Lithium Corp. Intersects 10 metres of Zoned
Pegmatite With Up To 40% Spodumene In First Two Holes at
Raleigh Lake Lithium and Rubidium Project in Ontario, Canada
Vancouver, March 21, 2022. International Lithium Corp. (the “Company” or “ILC”, TSX
Venture: ILC) is pleased to announce that drilling is underway at the 100% owned Raleigh Lake
lithium, rubidium and caesium project near Ignace, Ontario. The Company also reports positive
results from the biogeochemical orientation survey described in the December 16, 2021 news
release.
Drilling Highlights
Up to 5,000 metres of drilling planned in two stages is underway
The first drill hole, DDH22-09, intersected 10 metres of pegmatite containing over
40% spodumene (estimated true thickness of 8.5m) at 90 metres downhole (see
Figure 1)
The second hole, DDH22-10, intersected a 21-metre interval (13 metres estimated
true thickness) of zoned spodumene bearing pegmatite (Figure 2)
DDH22-10 was drilled from the same pad as DDH22-09 and angled to intersect the
pegmatite approximately 50 metres from DDH22-09
The pegmatite intersections from these first two holes are the thickest observed to
date and coupled with structural inferences made from oriented core, suggest that a
feeder dyke system may have been discovered at Raleigh Lake
Biogeochemical Survey Highlights
Results demonstrate strong Caesium (Cs) and Rubidium (Rb) anomalies
Cs and Rb anomalies correlate well with known buried pegmatite occurrences
The orientation survey results and analysis confirm that biogeochemical sampling
will be an effective exploration tool for targeting blind LCT pegmatites (lithium-
caesium-tantalum) at Raleigh Lake
2022 Phase 1 Drilling
DDH22-09 and 10 are the first holes of the 2022 season and drilled at Zone 1 in the vicinity of
Pegmatite 1 and 3. DDH22-09 was drilled at an azimuth of 315 degrees and intersected 10
metres of pegmatite starting at a depth of 90 metres downhole. This intersection is interpreted
as Pegmatite 1 and is very likely the richest intersection of spodumene mineralization on the
project to date. It contains 40% to 50% spodumene mineralization over 6.5 metres and is
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associated with a 3.5 metre megacryst of microcline. Coarse spodumene blades oriented
nearly parallel to the core axis and high angle contacts are indicative that the interval is close to
true thickness (Figure 1).
The microcline megacryst suggests there is a large and evolved system feeding the pegmatites
at Raleigh Lake and indicates this hole is in close proximity to an emplacement structure.
Figure 1: Pegmatite 1 intersected in DDH22-09.
RL22-10 is the second hole to be drilled during this program. It is collared from the same
location as RL22-09 but at an azimuth of 020 degrees. It intersected pegmatite over 21 metres
from a depth of 127 metres down hole (Figure 2). True thickness, based on contact
relationships and oriented core measurements, is estimated to be 13 metres. The orientation of
the upper contact suggests that the pegmatite dyke geometry is very steep and trending at 315
degrees while the lower contact is more in line with what is expected for Pegmatite 1. This
pegmatite intersection is well zoned with an outer intermediate section and a spodumene
dense core zone and is thought to be at the merger of a sub vertical feeder pegmatite dyke and
the near- horizontal Pegmatite 1.
Figure 2: Pegmatite intersection from DDH22-10.
Previous drilling has shown that Pegmatite 1 mineralization extends over an area of
approximately 600 x 400 metres and is open in several directions. The first holes of 2022 were
designed to infill areas of known pegmatites within Zone 1 that have widely spaced or no
previous drilling. The Company is also testing conceptual geological models that support a
faulted feeder system within the Pegmatite 1 area that can be easily missed within the existing
widely spaced historical drill set. Phase 1 drilling will also include long standing high-priority
targets in Zone 2 and 3 that have no previous drilling.
The phase 2 work program will advance the exploration within the mineralized areas of Zone 1
and test a number of the newly discovered targets in Zones 5 and 6. Zone 5 is a structural
corridor running from the LCT Pegmatites 1 and 3 toward the Two Mica granite. The recently
completed lithogeochemical survey confirmed Zone 5 to be a high priority target area for
drilling. Zone 6 is an entirely new target area that was identified from the lithogeochemical
survey and contains the highest caesium assays reported from that program.
Biogeochemical Survey Results
Following the successful and very encouraging lithogeochemical survey results announced on
January 17, 2022, the Company has received analytical results from the biogeochemical
orientation survey described in Company news release dated December 16, 2021. Initial
examination of the analytical results confirms that biological samples (in this case spruce bark)
show clear anomalous responses in both Caesium (Cs) and Rubidium (Rb) over outcropping
pegmatites and pegmatites buried beneath shallow overburden. These results are highly
encouraging and suggest the technique can be used to target blind pegmatites under cover.
The Company is continuing with studies on optimizing the search radius to use the sampling
methodology in a semi-regional manner to investigate the entire 48,500 property in areas with
limited outcrop due to thick vegetation.
John Wisbey, Chairman and CEO of International Lithium Corp. commented:
“These new drilling results from the first two holes are highly encouraging and may get better if
we are indeed close to discovering a feeder dyke system at Raleigh Lake. The 10+ metre
section of pegmatite is a very good depth, and the estimated 40%-50% of spodumene content
in 6.5 metres of that would typically equate to around 3% lithium oxide which is extremely good.
This percentage needs to be confirmed by chemical analysis, but it is a great start to this drilling
program and our pursuit of a commercially interesting resource.
The biogeochemical results, which measure the amount of mineral absorbed by tree bark or
other vegetation, have pointed again to significant amounts of rubidium and caesium, and have
given us valuable inputs into where to drill. These results would also imply that good quantities
of the rubidium and caesium discovered are relatively near the surface, otherwise these
minerals would not be absorbed into trees. Again, this is highly encouraging because in
previous sampling the amount of rubidium oxide at Raleigh Lake has been around half the
amount of lithium oxide. As well as the very sharp rise in the lithium price over the past year
which is of course good for ILC, the market price of rubidium products remains about 15 times
higher than that of the equivalent lithium products and would likely give considerable upside to
the project economics.
So, all in all we are excited and highly encouraged by these initial results.”
About International Lithium Corp.
International Lithium Corp. believes that the ‘20s will be the decade of battery metals, at a time
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. Our key mission in this 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. 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. 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 our Canadian Raleigh Lake property is strategic in that respect.
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 already well placed
in that respect with a strong net cash position.
International Lithium Corp. has a significant portfolio of projects, strong management, and
strong partners. Partners include Ganfeng Lithium Co. Ltd., (“Ganfeng Lithium”) a leading
China-based lithium product manufacturer quoted on the Shenzhen and Hong Kong stock
exchanges (A share code: 002460, H share code: 1772).
The Company’s primary strategic focus is now on the Raleigh Lake lithium and rubidium and
caesium project in Canada and on identifying additional properties.
The Raleigh Lake project now consists of 48,500 hectares (485 square kilometres) of adjoining
mineral claims in Ontario, and is ILC’s most significant project in Canada. 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.
Complementing the Company’s 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.
Mavis Lake, sold to Critical Resources (ASX:CRR) in January 2022, stands to earn ILC up to a
further CAD$1.4m if certain resource targets are achieved by CRR. If CRR were to sell or joint
venture the Mavis Lake claims in future, this further payment obligation would pass to any
future owner of the claims. ILC and its former partner Essential Metals Ltd (ASX:ESS) would
have a right of first refusal to buy the claims back if CRR had not achieved and made additional
payment for the first additional payment milestone.
The Forgan Lake project will, upon Ultra Lithium Inc. meeting its contractual requirements
pursuant to its agreement with ILC, become 100% owned by Ultra Lithium (TSXV: ULT), and
ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng Lithium and 45% ILC. Ganfeng
Lithium has an option to earn an additional 24% by either incurring CAD$ 10 million
expenditures on exploration activities by September 2024 or delivering a positive feasibility
study on the project, at which time the ownership will be 79% Ganfeng Lithium and 21% ILC. In
the event that ILC does not contribute to the project after that, and its share consequently falls
below 10% of the project, its share will be substituted by a 1% NSR.
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 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.
Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has verified the
disclosed technical information and has reviewed and approved the contents of this news
release.
On behalf of the Company,
John Wisbey
Chairman and CEO
www.internationallithium.com
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 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 Avalonia Joint Venture,
satisfactory completion of the sale of mineral rights at Forgan Lake, increased value of
shareholder investments, and assumptions about ethical behaviour by our joint venture
partners where we have them. 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, 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.