Phase 2 Drilling of Further 3,000 Metres Commences at International Lithium's Raleigh Lake Lithium and Rubidium Project in Ontario, Canada
Phase 2 Drilling of Further 3,000 Metres
Commences at International Lithium's Raleigh
Lake Lithium and Rubidium Project in Ontario,
Canada
Vancouver, British Columbia--(Newsfile Corp. - May 17, 2022) - International Lithium Corp.
(TSXV: ILC)
(the "
Company
" or "
ILC
") is pleased to announce the commencement of Phase 2 of the 5,000-metre
drilling program previously announced on February 9, 2022 at the Raleigh Lake lithium, rubidium and
caesium project near Ignace, Ontario.
ILC is conducting a minimum of 5,000 metres core drilling at the Raleigh Lake project in two phases.
Phase 1 ran during the winter months of March and April 2022 where ten (10) holes were drilled for a
total of 2,053 metres (Table 1 and Figure 1). Eight holes targeted Pegmatite 1 and 3 in Zone 1 and two
(2), the first holes ever drilled at Pegmatite 2, were targeting Zone 2. All drill holes encountered
spodumene bearing pegmatites.
Phase 1 Drilling
All eight holes in Zone 1 tested the up-dip and eastern extent of Pegmatites 1 and 3, a stacked set of
shallow dipping pegmatite dykes that make up the main target of the Raleigh Lake project. All eight
holes intersected spodumene bearing pegmatites (Figure 2) with holes DDH22-09 and DDH22-10
intersecting 8.5 metres and 13 metres true thicknesses of spodumene bearing pegmatite respectively;
at an approximated vertical depth of less than 100 metres (see Company news release dated March 21,
2022).
Zone 1 pegmatites have been defined by drilling and surface exposures in an area exceeding 600
metres x 400 metres. The Phase 1 drill holes were drilled interstitially to historic drill holes at step outs of
50 metres or more (if possible) to provide quantifiable data that can be used in a maiden resource
calculation.
The first holes to be drilled at Zone 2 were targeting the down dip extension of Pegmatite 2, a small
surface exposure of spodumene bearing pegmatite approximately 750 metres northwest of Pegmatite 1
with a similar structural orientation. Drilling locations were limited by topography resulting in a rather
large step-out relative to the Pegmatite 2 outcrop. Encouragingly both holes DDH 22-17 and DDH 22-
18, separated by a strike length of approximately 125 metres, intersected multiple metre and sub-metre
scale pegmatite veins including a one metre scale vein (interpreted to be Pegmatite 2) containing
moderate, patchy spodumene.
The core has been logged and cut with samples submitted for chemical analysis. Initial assay results are
expected later in May.
Phase 2 Drilling
The focus for Phase 2 will be to test numerous lithogeochemical anomalies and alteration corridors
identified in Zones 2, 3, 5 and 6. It will also continue to test the extents of Pegmatite 1 and 3 in Zone 1.
The targets recently identified in Zones 3, 5 and 6 (Company news release dated January 17, 2022) are
subject to the receipt of drilling permits.
Zone 2 Targets
The Zone 2 targets are located tens to hundreds of metres west of Pegmatite 2 that follow a structural
corridor trending at approximately 035 degrees (similar to the orientation of Pegmatite 2). The local
geology and lithogeochemical results demonstrate potential for the area to host multiple stacked
pegmatite dykes analogous to Zone 1. Another high-level target in Zone 2 is identified as a structural
corridor trending ~035 degrees terminating to the north in a large magnetic low domain coincident with a
low-lying marshy area and surrounded by anomalous lithium values in bedrock as identified in earlier
surveys. This speculative yet highly intriguing target will be tested early during the Phase 2 program if
weather and environmental conditions permit.
Zone 3 Targets
The Zone 3 targets include southern extensions of the Zone 1 targets and stem from the Tanco
exploration model developed for the emplacement of Pegmatites 1 and 3. Lithogeochemical work
conducted in 2021 provides support for the model that unexposed pegmatites may be emplaced within
certain structural domains to the southeast. Additional targets in Zone 3, based on lithogeochemical
sample results, are subject to the receipt of drilling permits applied for earlier this year.
Zone 5 and 6 Targets (see January 17, 2022 news release)
The targets within Zone 5 and 6 are developed from recent lithogeochemical surveys conducted in 2021,
following the expansion of the property. The lithium, caesium and rubidium results from the recent
bedrock sampling surveys are encouraging enough to advance them to a drilling stage. The Company is
awaiting the receipt of exploration permits applied for earlier in the year. Zone 5 is particularly
encouraging because the new bedrock anomalies are highly elevated above background levels and
align very well with the structural corridor that connects Zone 1 Pegmatites to the proposed source
material of the Two Mica Granite a few kilometres to the southwest.
Zone 6 is another target area with numerous promising lithogeochemical anomalies identified from the
bedrock surveys. One sample from this zone returned 339 parts per million ("ppm") caesium which is
strongly indicative of a sample that is in close proximity to an LCT pegmatite.
It is highly anticipated that
these targets have the potential to host zoned pegmatites rich in pollucite, a caesium bearing mineral
because the deposit model for the project suggests the evolving trend for pegmatites is to the east and
southeast.
Table 1: Summary of drill holes cored during Phase 1 of the 2022 drill program at Raleigh Lake.
To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/3232/124299_364463ac84428b60_003full.jpg
Figure 1: Location of the Phase 1 drill holes at Raleigh.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3232/124299_364463ac84428b60_004full.jpg
Figure 2: Location of all drill holes in the vicinity of Pegamtite 1 and 3 within Zone 1, highlighting the
pegmatite intersections. Note that RL21-04 was terminated prior to intersecting pegmatite. Pegmatite 1
and 3 remain open with depth and additional holes are proposed to test the depth extent during Phase 2
and future drill programs.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3232/124299_364463ac84428b60_005full.jpg
John Wisbey, Chairman and CEO of International Lithium Corp. commented:
"It is good to get drilling back underway for the further 3,000 metres being drilled in Phase 2 after the
successful drilling program in Phase 1. We had a slight delay in starting Phase 2 owing to a late winter
snow melt. We will make any material announcements as and when there is something significant to
announce. We are now eagerly awaiting the analysis results for our earlier drilling, and we hope to
receive the remaining drilling permits soon."
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/124299