International Lithium Corp. Options Wolf Ridge Lithium Prospect in Ontario, Canada
International Lithium Corp. Options Wolf Ridge
Lithium Prospect in Ontario, Canada
Vancouver, British Columbia--(Newsfile Corp. - April 25, 2022) - International Lithium Corp. (TSXV: ILC)
(the "
Company
" or "
ILC
") is pleased to announce the signing of an option agreement to acquire a
100% interest in 275 claim units (approximately 5,700 hectares) located 20 kilometres southwest of the
town of Upsala, and 125 kilometres northwest of Thunder Bay, Ontario.
The property, now known as the Wolf Ridge property, is a grass roots lithium prospect recently
highlighted in the "Ontario Geological Survey Resident Geologist Program Recommendations for
Exploration 2021-2022." The report highlights lithium potential in the Bedivere-Lac des Mille Lacs Lakes
Area based on results from a lake sediment geochemical survey. An excerpt from page 54 of the report
states:
"The Ontario Geological Survey (OGS) completed a lake sediment geochemical survey covering
the Atikokan area (Dyer 1999a). A cluster of lake sediment lithium anomalies located on the north
arm of Bedivere Lake returned the 6 highest lithium values, and the 9th highest value in the survey.
These high lithium values range from 20.806 to 27.728 ppm Li," (see Figure 1).
S. Hamilton, OGS Senior Science Leader Geochemistry, provides a commentary on page 57 that
suggests the lithium responses are underrepresented, and from local bedrock sources:
"The response observed in the Bedivere Lake area would if anything, be an under-representation
of the actual lithium content in the sediments. Sometimes limnological or lake morphology-related
overprints can cause sediment response in some elements (arsenic, for example) but I am not
aware of any that affect lithium. Therefore, the response is very likely to originate from local
bedrock sources."
The conclusions on page 57 provide justification for further lithium exploration:
"There is very little to no known exploration for LCT pegmatites in the Bedivere-Lac des Mille Lacs
lakes area. Exploration for LCT pegmatites in the Bedivere Lake area is recommended based on
the cluster of lake sediment lithium anomalies located along a regional fault system and the
occurrences of biotite granitic pegmatites mapped nearby. On a regional scale, the lake sediment
lithium anomalies at Bedivere Lake are located approximately 10 km from a biotite granite
intrusion and are situated near the Wabigoon-Quetico subprovince boundary."
The project is located only a few kilometres from the Trans-Canada Highway (Highway 17) and is easily
accessible through a network of forest service roads. Like the Raleigh Lake project approximately 125
kilometres to the northwest, the Wolf Ridge project is host to excellent infrastructure with electrical power,
road and rail networks and mining friendly communities all nearby.
The Company intends to conduct prospecting, mapping and geochemical surveys during the summer of
2022 as a first stage of exploration on the prospect.
Figure 1: Regional geological map (modified from Ontario Geological Survey 2011) showing the
location of the OGS lake sediment lithium anomalies (black dots with lithium values in ppm) (from Dyer
1999a). Granitoid rocks shown in various shades of pink, metavolcanic rocks in shades of green,
metasedimentary rocks in grey, and gabbroic intrusive rocks in blue.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3232/121601_dd8ca29ae4595993_003full.jpg
Other News
At the same time the Company announces that it has completed the sale of the 256 hectare Forgan
Lake project in Ontario to Ultra Lithium Inc. announced on September 10, 2018. The only remaining
completion condition was a work commitment expenditure of CAD $400,000 prior to October 2022. The
Company waived this completion condition in consideration of a one-time cash payment by Ultra Lithium
of CAD $150,000. Upon this completion the Company receives a 1.5% Net Smelter Royalty from Ultra
Lithium Inc. or its successor company on the Forgan Lake property and the neighbouring Lucky Lake
property.
John Wisbey, Chairman and CEO of International Lithium Corp. commented:
"The 5,700 hectares of claims at Wolf Ridge in Ontario add well to our Canadian portfolio. Although the
area is relatively unexplored the lithium anomalies found historically are interesting. The property is about
half way between our Raleigh Lake property and Thunder Bay on Lake Superior and, like Raleigh Lake,
has good access to nearby infrastructure. We have set a provisional budget of around CAD$ 300,000
for this year for work on Wolf Ridge, which will meet most of the four years' work commitment."
Terms of the Option Agreement
ILC will enter into a 4-year option to acquire 100% of the Wolf Ridge property (the "Property") subject to
certain NSR interests and ILC committing to annual work expenditures and making the following
payments of cash and issuing common shares (subject to TSX approval).
Due Date
Payments (CAN)
Work Commitment
On signing
$10,000 cash + 100,000 shares
First Anniversary
$20,000 cash + 125,000 shares
$50,000
Second Anniversary
$40,000 cash + 150,000 shares
$100,000
Third Anniversary
$60,000 cash + 150,000 shares
$100,000
Fourth Anniversary
$80,000 cash + 250,000 shares
$100,000
Royalties
The Optionor will retain a 1.0% net smelter royalty for all minerals that are not Nickel, Copper, Lead, Zinc,
Molybdenum, Cobalt, Platinum, Palladium, Gold and Silver (the "Original Royalty") applicable to only the
Original Claims, but not any area of interest claims. At any time, the Optionee may purchase the entirety
of the 1.0% of the Original Royalty by payment to the Holder of $1,000,000 and the issuance of 225,000
Shares (measured as of the Option Agreement date), which issuance will be subject to TSX Venture
Exchange approval. Further, the Shares will bear a statutory restricted period of four months and one day
from the date of issuance.
The Optionor will retain a 2.0% net smelter royalty for all minerals that are Nickel, Copper, Lead, Zinc,
Molybdenum, Cobalt, Platinum, Palladium, Gold and Silver (the "Nickel Royalty) applicable to only the
Original Claims but not any area of interest claims. At any time, the Optionee may purchase 1.0% of the
Net Smelter Returns royalty applicable to all minerals that are Nickel, Copper, Lead, Zinc, Molybdenum,
Cobalt, Platinum, Palladium, Gold and Silver from the Holder to reduce the rate of the Nickel Royalty
from 2.0% to 1.0%, by payment to the Holder of $1,000,000 and the issuance of 225,000 Shares
(measured as of the Option Agreement date), which issuance will be subject to TSX Venture Exchange
approval. Further, the Shares will bear a statutory restricted period of four months and one day from the
date of issuance.
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. 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.
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 lithium, rubidium and
caesium project in Canada and on identifying additional properties.
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. 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 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
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 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/121601