International Lithium Reports Drilling Commences at the Avalonia Lithium JV, Ireland
NEWS RELEASE
International Lithium Reports Drilling Commences at the
Avalonia Lithium JV, Ireland
Vancouver, B.C., May 14, 2018: International Lithium Corp. (the “ Company” or “ ILC”)
(TSX VENTURE: ILC) is pleased to announce , together with joint venture partner GFL
International Co. Ltd ., a subsidiary of Jiangxi Ganfeng Lithium Co. Ltd. (“Ganfeng
Lithium” or “GFL” ) the commencement of drilling at the Avalonia lithium pegmatite
project (“Avalonia JV”) in Ireland, a joint venture between the two companies.
As announced on January 11, 2018, ILC and Ganfeng Lithium approved a Euro
705,000 (approximately CAD $1 million) budget for the 2018 calendar year for the
Avalonia JV.
The 2018 d rilling will take place in two phases with a total of approximately 2,000
metres drilling at the Moylisha target area. The first phase which has already started ,
will focus on drilling in proximity to the previ ous drilling from 1976 and 2013 to aid in the
interpretation of geophysical work conducted in 2017. The second phase of drilling will
target previously undrilled areas at Moylisha and any new targets identified during the
first phase. A total of 25 sites have been permitte d for drilling although not all will be
drilled.
Each phase of drilling is expected to take about six weeks (totalling twelve weeks for the
entire programme).
Moylisha is believed to be a highly prospective target area. It has extensive boulder
trains of spodumene -bearing pegmatite assaying up to 4.59% Li2O* on grab samples
which have yet to be traced back to source.
* Previously reported grab sample in a Company news release dated January 31, 2012.
Grab samples are by definit ion selective and are unlikely to represent average grades
on the property.
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 CAD$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.
1111 Melville Street, Suite 1100
Vancouver, British Columbia
V6E 3V6, Canada
T: 604-700-8912
www.internationallithium.com
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Afzaal Pirzada, P.Geo., a consultant to the Company and 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.
About International Lithium Corp.
International Lithium Corp. has a significant portfolio of projects, strong management,
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.
Current ownership of the project is through a joint venture company, Litio Minera
Argentina S. A., a private company registered in Argentina, o wnership of which will be
revised shortly to 82.754% by Ganfeng Lithium and 17.246% by ILC 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 th e Company’s lithium brine project are three rare metals pegmatite
properties in Canada known as the Mavis, Raleigh, 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 CAD$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 prospects with
previously reported high concentrations of lithium in close proximity to existing
infrastructure.
With the increasing demand for hi gh tech rechargeable batteries used in vehicle
propulsion technologies and portable electronics, lithium is paramount 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
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shareholders.
On behalf of the Company,
Anthony Kovacs
Chief Operating Officer
www.internationallithium.com
For further information concerning this news release please contact +1 604-700-8912.
Neither the 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 contains cert ain “forward -
looking information” within the meaning of applicable securities law. Forward -looking
information or forward -looking statements in this news release may include: the timing
and anticipated results of environmental impact studies and pump tests , timing of
preliminary economic studies on the Mariana project, the expectation of feasibility
studies, lithium recoveries, modeling of capital and operating costs, results of studies
utilizing membrane technology, 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 availabl e 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 sho uld 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 expectation s, 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. These esti mates 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.