International Lithium Files Lithium and Rubidium Mineral Resource Estimates for the Raleigh Lake Lithium Project, Ontario, Canada
International Lithium Files Lithium and
Rubidium Mineral Resource Estimates for the
Raleigh Lake Lithium Project, Ontario, Canada
Vancouver, British Columbia--(Newsfile Corp. - April 13, 2023) - International Lithium Corp. (TSXV: ILC)
(OTCQB: ILHMF) (FSE: IAH) (the "
Company
" or "
ILC
") is pleased to announce the filing of 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.
The Project includes MREs for both lithium and rubidium, both of which are on the U.S. critical minerals
list, and conceptualizes both open pit and underground mining scenarios for each metal. The two MREs
are closely related due to their spatial relationships, but their respective resource estimates are
considered separate and unique.
The Report, "NI 43-101 TECHNICAL REPORT AND MINERAL RESOURCE ESTIMATE FOR THE
RALEIGH LAKE LITHIUM PROJECT, IGNACE, ONTARIO" is available on SEDAR.
The results of the technical report indicate that the Project has technical merit based on results of the
MRE. The Company plans on progressing its drill programs to build off results from its recently
completed drill programs with goals to further delineate economic resources downdip and along strike of
the current MRE and upgrade inferred resources to indicated. In addition, the Company seeks to further
define the value that could be realized from the rubidium resource through market studies.
Executive Comment
John Wisbey, Chairman and CEO of ILC
commented: "We are pleased with this maiden resource
estimate, coming as it does after less than 14,000 metres of drilling and on only 600 hectares of our
48,500 hectares at Raleigh Lake. We are also very pleased that we have been able to declare a
separate resource estimate for rubidium as well as lithium. This is significant because rubidium is (like
lithium) on the U.S. critical minerals list, and moreover has a market price per kg as at today of around
50x that of lithium. The rubidium market, like that for caesium, is a relatively opaque one. We and our
consultants will be doing a study over the next few months of the real market potential of rubidium
products."
Anthony Kovacs, COO of ILC
commented: "With the maiden MRE in hand we can begin to investigate
the viability of an economic mining scenario at Raleigh Lake. The greatest value addition we have
before our eyes is the excellent infrastructure currently available, and servicing the project area. The cost
to replicate this infrastructure in more remote areas would be unfathomable considering that the Trans-
Canada Highway runs adjacent to the project as do the trans-continental CP Rail tracks, electrical power
lines and natural gas pipelines. The Township of Ignace currently serves as a base camp for our
operations and must also be included as a net benefit to the project's viability.
The current MRE was achieved with less than 14,000 metres drilling. There is potential to build the
resource down-dip and along strike. Future exploration programs will investigate the potential for
resource expansion in the immediate vicinity of the MRE and throughout the more than 48,000 hectares
of mineral claims making up the Raleigh Lake project. We will also begin the preliminary economic
assessments. If a small-scale mining operation can be justified, then expanding the resource once
production is underway would be less capital intensive and would also provide revenue for larger scale
developments within the Raleigh Lake claim group and other projects."
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.
The MRE is developed with data from diamond drill holes totaling 13,821 m.
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.
The lithium resource pit optimization parameters (Table 2) include: 5.5% Li2O spodumene concentrate;
US$1,800 Li2O 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.
Underground constrained mineral resources were defined within 5 x 5 x 5 m mineable shape
optimization wireframes. The mineable shape optimization constraining wireframes were created using
Deswik.SO software.
The lithium resource underground mineable shape optimization parameters (Table 3) include: 5.5%
Li2O spodumene concentrate; US$1,800 Li2O 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$50/t; and a process recovery of 75%.
A default density of 2.668 g/cm3 was used for the mineralized zones.
Table 1: Lithium Open Pit and Underground MRE
Area
Resource Category
Mass (kt)
Grade
Contained
Li (t)
Li (ppm)
Li
2
O (%)
Open Pit
650ppm
Li Cut-off
Measured
80
3,887
0.84%
313
Indicated
2,021
2,919
0.63%
5,897
Measured + Indicated
2,101
2,956
0.64%
6,210
Inferred
3,247
2,595
0.56%
8,427
Underground
2,000ppm
Li Cut-off
Measured
3
2,560
0.55%
8
Indicated
189
3,203
0.69%
606
Measured + Indicated
192
3,192
0.69%
614
Inferred
655
3,162
0.68%
2,073
Total
Measured + Indicated
2,293
2,976
0.64%
6,824
Inferred
3,902
2,691
0.58%
10,499
Refer to notes on Mineral Resources below.
Figure 1: Lithium MRE isometric section view looking southwest with lithium grades.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/162266_bdfb2a6794ee688e_003full.jpg
Table 2: Parameters used to generate the pit shell for the lithium open pit resource.
Parameter
Value
Currency Used for Evaluation
CAD$
Block Size
In-Situ model regularized to 5.0 m (x) by 5.0 m (y) by 5.0 m (z)
Overall Stope Angle
Rock: 45°
Overburden: 30°
Open Pit Mining Cost
$6.00/t
mined
Rock
0.8 MCAF for Overburden
+$0.01/t per 5 m for depths below pit rim
Process Cost
Includes assumptions for Milling,
G&A, sustaining infrastructure, closure
$41.00/t
processed
Concentrate Transportation / Insurance
$175.00/t
concentrate
Spodumene Concentrate Grade
5.5% Li
2
O
Spodumene Concentrate Price
$1,800 USD per tonne spodumene concentrate
Exchange Rate: 1 USD$=1.30 CAD$
$2,340 CAD per tonne spodumene concentrate
Process Recovery
75.0%
Pit Shell Selection
RF 1.00
Production Rate Assumption
2,000 t/d
Table 3: Underground limit analysis parameters (lithium resource)
Parameter
Value
Currency Used for Evaluation
CAD$
Block Size
In-Situ sub-blocked model 5.0 m (x) by 5.0 m (y) by 5.0 m (z)
Mining Method
Selective shallow dip mining (e.g., cut and fill)
MSO Geometry
5.0 m (x) by 5.0 m (y) by 5.0 m (z)
Manual deletion of isolated shapes
Underground Mining Cost
$80.00/t
processed
Process Cost
Includes assumptions for Milling,
G&A
$50.00/t
processed
Concentrate Transportation / Insurance
$175.00/t
concentrate
Spodumene Concentrate Grade
5.5% Li
2
O
Spodumene Concentrate Price
$1,800 USD per tonne spodumene concentrate
Exchange Rate: 1 USD$=1.30 CAD$
$2,340 CAD per tonne spodumene concentrate
Process Recovery
75%
Production Rate Assumption
1,200 t/d
Rubidium MRE Summary
The Rubidium MRE is presented in Table 4 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 rubidium open pit and underground resource estimate was constrained above market value due to
the current limited world market. This 4,000 ppm rubidium cut-off grade was selected for both open pit
and underground as shown in Table 4. The open pit rubidium resource was constrained using the lithium
value optimized open pit shell (RF 1.00). The rubidium resource was excluded from (neither taken into
account nor used as a credit for) the underground and open pit lithium resource.
For reference the market price of rubidium carbonate (Rb2CO3≥99%) in February 2023 is
approximately USD 1,160 per kg.
Table 4: 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/3232/162266_bdfb2a6794ee688e_004full.jpg
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/3232/162266_bdfb2a6794ee688e_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 is available on SEDAR. The effective date for the Report is April
13, 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 mineable shape
optimization wireframes. The mineable shape optimization constraining wireframes were created
using Deswik.SO software.
8
.
The lithium resource underground mineable 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/3232/162266_bdfb2a6794ee688e_006full.jpg
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
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 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