International Lithium Reports Drilling Underway at Mavis Lithium Project, Ontario, Canada
NEWS RELEASE
International Lithium Reports Drilling Underway at Mavis
Lithium Project, Ontario, Canada
Vancouver, B.C., January 23, 2018 : International Lithium Corp. (the “ Company” or
“ILC”) (TSX VENTURE: ILC) , in conjunction with its strategic partner , Pioneer
Resources Limited ( “Pioneer”) (ASX: PIO), is pleased to announce that drilling is
underway at the Mavis Lake Lithium Project in the province of Ontario, Canada.
Pioneer advises that drilling at Mavis Lake commenced late last week.
The 2018 winter program will comprise up to 1,200 metres of oriented NQ diamond core
drilling and will test for extensions to spodumene -bearing pegmatites intersected by the
joint venture (the “JV”) in the 2017 drilling program targeting the Fairservice (PEG006 or
Pegmatite 6) prospect (see ILC news release dated October 17, 2017).
Drill core logging and cutting for the first hole, MF18 -51 has been completed and all
samples have been submitted to the lab for analysis.
Pioneer, as operator of the project, will update ILC on the progress of drilling at Mavis
Lake as the program advances. Drilling is expected to take up to 30 days to complete.
As reported in the October 17, 2017 news release, each of the four 2017 holes drilled at
the Fairservice Prospect by the JV in 2017 intersected multiple spodumene -bearing
pegmatites of significant thickness*.
Key Intersections from the Pegmatite 6 Target Area*:
MF17-39: 17.90 metres* at 1.47% lithium oxide (“Li2O”) from 80.00 metres;
MF17-40: 12.85 metres at 1.16% Li2O from 80.05 metres;
MF17-49: 26.30 metres at 1.70% Li2O from 111.9 metres
including 7.70 metres at 2.97% Li2O from 130.5 metres; and
MF17-50: 16.55 metres at 1.45% Li2O from 74.55 metres
and 23.10 metres at 1.40% Li2O from 122.00 metres.
* All widths reported are drill core widths and have not been converted into true width.
True width is currently unknown. Appropriate rounding of Li2O values applied.
1111 Melville Street, Suite 1100
Vancouver, British Columbia
V6E 3V6, Canada
T: 604-700-8912
www.internationallithium.com
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“We are very pleased to activate our further exploration program at Mavis Lake with
Pioneer Resources, in Ontario, Canada, ” commented Kirill Klip, Executive Chairman of
ILC. “The previous drill program has demonstrated our ability to successfully target
lithium pegmatites, especially at the newly expanded Fairservice target area.”
Afzaal Pirzada, P.Geo., a “Qualified Person” for the purposes of National Instrument 43 -
101 - Standards of Disclosure for Mineral Projects , ha s reviewed and approved the
scientific and technical information contained in this news release.
Figure 1: Location of the Pegmatite 6 target within the Mavis Lake project area.
About the Mavis Lake Lithium Project
The Mavis Lake Project is situated 19 kilometres east of the town of Dryden, Ontario.
The Project is ideally situated in close vicinity to the Trans -Canada highway and railway
major transportation arteries linking larger cities such as Thunder Bay, Ontario, to the
southeast and Winnipeg, Manitoba, to the west.
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The current drill program is wholly funded by Pioneer as part of its earn -in on the Mavis
Lake Project (see Company news release dated March 14, 2016).
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.
About International Lithium Corp.
International Lithium Corp. has a significant portfolio of projects, strong management,
robust financial support, 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 ventur e company, Litio Minera
Argentina S. A., a private company registered in Argentina, ownership of which will be
revised to 82.754% by Ganfeng Lithium and 17.246% by ILC in early 2018 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 the 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 CDN$10 million expenditures on
exploration activitie s 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 a cquire 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 lith ium in close proximity to existing
infrastructure.
With the increasing demand for high tech rechargeable batteries used in vehicle
propulsion technologies and portable electronics, lithium is paramount to tomorrow’s
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“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
shareholders.
About Pioneer Resources Limited
Pioneer is an active exploration company focused on key global demand -driven
commodities. This includes a portfolio of strategically located lithium, caesium, nickel,
cobalt and gold projects in mini ng regions in Western Australia, plus a portfolio of high
quality lithium assets in Canada.
The Company is focused on delivering shareholder value through targeted exploration
programs to enable the discovery and commercialisation of high value mineral
resources whilst actively strengthening its project portfolio through acquiring, pegging
and reviewing new opportunities.
On behalf of the Board of Directors,
Kirill Klip
Executive Chairman
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 drilling on the Mavis Lake Project, the expectation of feasibility
studies, lithium recoveries, modeling of capital and operating costs, results of studies
utilizing membrane technology at the Mariana Project, budgeted expenditures and
planned exploration work on the Avalonia JV, and continued agre ement 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, inc luding 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
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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 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.