Imagine Lithium Discovers New Casino Royale Lithium Zone, Intersects 1.04% Li2O over 12.80m North of Jackpot Main Zone
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Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
Imagine Lithium Discovers New Casino Royale
Lithium Zone, Intersects 1.04% Li2O over 12.80m
North of Jackpot Main Zone
Vancouver, BC, Canada, April 2, 2024 – IMAGINE LITHIUM INC. (the
“Company” or “Imagine”) (TSX-V: ILI) (OTCQB: ARXRF) is pleased to report
that it has intersected a new near surface spodumene-bearing pegmatite with
diamond drilling at the Casino Royale zone, located approximately 500m north of
the Jackpot Main zone. The Jackpot lithium project is in the Georgia Lake Pegmatite
Field, approximately 140km northeast of Thunder Bay, Ontario (Figure 1). The
Jackpot property is characterized by swarms of mineralized lithium-bearing granitic
pegmatite dykes distributed across five zones on an 18,800ha land package (Figure
2).
Highlights of the 2024 drill program include:
Casino Royale zone:
- 1.09% Li2O over 7.70m from 84.85m in hole JP-24-23
- 1.04% Li2O over 12.80m from 90.50m in hole JP-24-24
- Including 1.35% Li2O over 6.80m from 96.50m
Jackpot Main zone:
- 1.34% Li2O over 6.30m from 50.50m in hole JP-23-18
- 1.02% Li2O over 10.10m from 31.10m in hole JP-23-24
J.C. St-Amour, President of Imagine, commented, “This is an untested area of
the property and we are pleased to have discovered a new mineralized pegmatite in
this area of the vastly underexplored Jackpot property. The newly discovered, near-
surface mineralization confirms our exploration model and continues to demonstrate
that our significant land package can contain multiple lithium deposits. The Casino
Royale zone has been traced over 750m of strike length at surface, making it a
potentially substantial new zone. Going forward, we will continue to focus our
exploration efforts on new discoveries and resource expansion.”
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Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
Figure 1: Jackpot property located next to Trans-Canada Highway, power, port, railroad,
and workforce.
NAMA CREEK
DEPOSIT
JACKPOT
PROJECT
NAMA CREEK
DEPOSIT
JACKPOT
PROJECT
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Figure 2: Jackpot project target zones and diamond drillhole collar locations.
Results announced today demonstrate near-surface growth potential surrounding
the Jackpot Main zone (Table 1). The 2024 drill program was designed to test
regional targets outside of the Jackpot Main zone that were identified during the
2023 prospecting and soil sampling programs (Figure 2). Drilling also tested
boulders and outcrop located near the historical Point Lithium prospect
(MDI42E05SW00021) and Carrot Lake occurrence (MDI42E05SW00023). A total of
2,691m of drill core from 24 diamond drillholes have been completed in 2024.
Drilling by the Company on the Jackpot property since 2018 totals 38,041m. The
table below includes results from the Jackpot Main zone that were completed in
2023 and significant intervals from the ongoing 2024 drill program that focused on
targets to the north of the Jackpot Main zone.
Table 1. Significant Li2O (%) intervals from the 2024 drill program.
Hole From (m) To (m) Li2O (%) Length (m) ZONE
JP-23-06 48.75 53.75 0.74 5.00 Jackpot East
JP-23-06 57.48 61.48 0.61 4.00 Jackpot East
MDI42E05SW00023
MDI42E05SW00021
MDI42E05SW00023
MDI42E05SW00021
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Hole From (m) To (m) Li2O (%) Length (m) ZONE
JP-23-07 2.50 11.45 0.78 8.95 Jackpot East
JP-23-07 18.65 31.65 0.73 13.00 Jackpot East
JP-23-08 138.62 150.30 0.75 11.68 Jackpot East
JP-23-17 118.85 123.00 0.75 4.15 Jackpot Main
JP-23-18 50.50 63.75 0.75 13.25 Jackpot East
INCLUDING 50.50 56.80 1.34 6.30 Jackpot East
JP-23-18 83.70 86.50 1.16 2.80 Jackpot East
JP-23-24 31.10 41.20 1.02 10.10 Jackpot Main
INCLUDING 36.20 39.20 1.24 3.00 Jackpot Main
JP-23-25 41.20 44.00 1.14 2.80 Jackpot Main
JP-24-05 19.00 24.00 0.74 5.00 Point Lithium
JP-24-23 84.85 92.55 1.09 7.70 Casino Royale
INCLUDING 88.55 92.55 1.78 4.00 Casino Royale
JP-24-24 90.50 103.30 1.04 12.80 Casino Royale
INCLUDING 96.50 103.30 1.35 6.80 Casino Royale
The Casino Royale zone currently exceeds 750m in strike length, delineated by
surface grab samples and diamond drill intercepts (Figure 3). Holes JP-24-23 & JP-
24-24 were drilled from the same setup, at -50o and -75o dip, intersecting 1.09%
Li2O/7.70m and 1.04% Li2O/12.80m, respectively (Figure 3). The Casino Royale
zone includes the historical Carrot Lake occurrence (MDI42E05SW00023) and
diamond drilling is continuing to test the surface trend of mineralization (Figure 3).
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Figure 3: Casino Royale zone over 750 m from sample 781982, northeast through Carrot
Lake occurrence (MDI42E05SW00023) to discovery holes JP-24-23 & JP-24-24.
The Company expects to publish an NI 43-101 mineral resource estimate by the end
of 2024 which will include drill results from the current program. The distinguishing
feature of the Jackpot Lithium project is the existing infrastructure in the area
(roads, power, labour force) and the proximity to a major port and elevates it from
more remote lithium projects. This infrastructure is expected to positively impact
the overall economics of the project.
QA/QC Protocol
Imagine Lithium implemented a strict QA/QC protocol in processing all rock samples
collected from the core material obtained from the Jackpot property. The protocol
included the insertion and monitoring of appropriate reference materials. High and
low concentration certified lithium standards, blanks and duplicates are used to
validate the accuracy and precision of the assay results.
All collected core rock samples were put in sturdy plastic bags, tagged, and sealed
in the core shack under the supervision of a professional geologist. The sample
number, depth and brief description of each sample is logged and entered to a
Scale (m)
MDI42E05SW00023
Carrot Lake
2022 Prospecting
781982 - 2.9% Li2O
JP-24-23
1.09% Li2O /7.7m
JP-24-24
1.04% Li2O /12.8m
MDI42E05SW00023
Carrot Lake
2022 Prospecting
781982 - 2.9% Li2O
JP-24-23
1.09% Li2O /7.7m
JP-24-24
1.04% Li2O /12.8m
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digital database. Samples were split using a diamond saw with half of the sample
remaining in the core box and the other being placed in a labelled sample bag.
Duplicate samples were quarter split and placed into individual sample bags.
All sample bags were put into rice bags and stored securely before being delivered
to AGAT Laboratories in Thunder Bay, Ontario. Samples are processed and crushed
at the AGAT facility in Thunder Bay. Lithium was analyzed by Sodium Peroxide
Fusion with ICP-OES and ICP-MS Finish.
Qualified Person
The technical content of this news release w as reviewed and approved by Jason
Arnold, P.Geo., an Independent Qualified Person as defined by the National
Instrument 43-101.
About Imagine Lithium Inc.
Imagine is a junior mining exploration company focused on seeking and acquiring
world-class mineral projects. The company holds the Jackpot lithium property
located in the Georgia Lake area about 140 km NNE of Thunder Bay, Ontario, is
approximately 12 km by road from the Trans-Canada Highway (Hwy 11), and is in
proximity to sources of power, railroads, and ports. The property contains known
lithium-bearing granitic pegmatite dykes, of which the Jackpot Main zone provided
an estimated historical resource of 2 million tons at 1.09% Li2O *.
* The estimates presented above are treated as historical information and have not
been verified or relied upon for economic evaluation by the Company. These
historical mineral resources do not refer to any category of sections 1.2 and 1.3 of NI-
43-101 such as mineral resources or mineral reserves as stated in the 2010 CIM
Definition Standards on Mineral Resources and Mineral Reserves. The explanation
lies in the inability by the Company to verify the data acquired by the various
historical drilling campaigns. The Company has not done sufficient work yet to
classify the historical estimates as current mineral resources or mineral reserves.
ON BEHALF OF THE BOARD
“J.C. St-Amour”
J.C. St-Amour, President
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: +1-604-683-3995
Toll Free: 1-888-945-4770
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.
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FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate
to future events or future performance and reflect management’s current expectations and assumptions.
Such forward-looking statements reflect management’s curre nt beliefs and are based on assumptions
made by and information currently available to the Company. Investors are cautioned that these
forward-looking statements are neither promises nor guarantees and are subject to risks and
uncertainties that may cause future results to differ materially from those expected. These forward -
looking statements are made as of the date hereof and, except as required under applicable securities
legislation, the Company does not assume any obligation to update or revise them to reflect new events
or circumstances. All the forward-looking statements made in this press release are qualified by these
cautionary statements and by those made in our filings with SEDAR in Canada (available at
www.sedarplus.ca).