Imagine Lithium Expands Lithium Zone at Jackpot Project By 400 m and Grants Stock Options
Phone: 604-683-3995 Email: [email protected] Website: www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
Imagine Lithium Expands Lithium Zone at Jackpot
Project By 400 m and Grants Stock Options
August 17, 202 2 Vancouver, BC, Canada – IMAGINE LITHIUM INC. (the
“Company” or “Imagine”) (ILI-TSX:V) (OTCQB:ARXRF) is pleased to announce assay
results from its ongoing drill program. The drill program is designed to test targets
along strike both to the east and west of the Jackpot lithium project located in the
Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario . This first phase of
the program expanded the mineralized lithium zone at least 400 metres to the east
of the previously drilled area (see Figure 1).
Highlights of the assay results reported today include:
Hole JP-2022-04: 10 m @ 0.90% Li2O, including 3 m @ 1.2% Li2O and 10 m @
0.89% Li2O, including 4 m @ 1.15 % Li2O;
Hole JP-2022-19: 2.9 m @ 1.31% Li2O and 3.1 m @ 1.23% Li2O;
Hole JP-2022-18B: 12.45 m @ 0.69% Li2O including 3.01 m @ 1.09% Li2O
Figure 1: Assay Results From 2022 Drill Program.
Phone: 604-683-3995 Email: [email protected] Website: www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
J.C. St-Amour, President of Imagine commented, “ We are encouraged to see the
Jackpot pegmatite dikes continuing to the east by at least 400 m . We are seeing
similar assay results in this area as in the main Jackpot project and are confident that
we will see further growth with more drilling. In addition, we are conducting a ground
prospecting program to identify other lithium targets 2 to 3 km along strike from the
main Jackpot area.”
Table 1: Assay Results From 2022 Drill Program.
DDH_no Li2O (wt. %) From (m) To (m)
Length
(m)
JP-2022-03 1.18 69.00 72.00 3.00
Phone: 604-683-3995 Email: [email protected] Website: www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
JP-2022-04 0.90 3.00 13.00 10.00
Incl. 1.20 3.00 6.00 3.00
0.89 102.00 112.00 10.00
Incl. 1.15 102.00 106.00 4.00
JP-2022-05 0.66 161.57 165.50 3.93
JP-2022-07 0.71 97.00 100.59 3.59
0.80 115.95 120.00 4.05
JP-2022-17 0.44 6.70 9.70 3.00
JP-2022-17C 1.28 3.74 7.74 4.00
JP-2022-18B 0.69 90.00 102.45 12.45
Incl. 1.09 94.50 97.51 3.01
JP-2022-19 1.31 18.55 21.45 2.90
1.23 42.54 45.62 3.08
JP-2022-20 0.72 86.00 90.00 4.00
JP-2022-21 1.05 111.00 116.80 5.80
J-18-M-04* 1.28 36.00 44.00 8.00
J-18-M-03* 1.02 66.20 75.00 8.80
J-18-M-02* 0.81 77.30 80.00 2.70
0.43 82.00 86.20 4.20
J-18-M-01* 0.69 80.00 84.00 4.00
* Previously reported in press release of May 11, 2022.
- Holes JP-2022-07, 08, 09, 14, 15, and 16 are awaiting assay results
- Holes JP 2022-10, 11, 12, and 13 will be drilled in the winter for better access
Phone: 604-683-3995 Email: [email protected] Website: www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
The drill program is ongoing and is designed to test possible extensions of the Jackpot
deposit along a known lithium baring tr end. The Company will release drilling and
sampling results as they become available.
Stock Option Distribution
Further, the Company announces that the board of directors has conducted its
annual compensation review and will grant 3,200,000 options to officers, directors,
and consultants to the company pursuant to its stock option plan. Given the
coincident timing of these drill results, the options will be granted effective August
19, 2022, will be exercisable for a period of 5 years at a price equivalent to the
closing price of the Company’s stock on the TSX-Venture Exchange on August 19,
2022, and vest immediately.
About Jackpot
The Jackpot Lithium property, located in the Georgia Lake Area about 140 km NNE of
Thunder Bay, Ontario, is approximately 12 km by air from the TransCanada Highway
(Hwy 11) and the main railroad which connects to the port town of Nipigon, on Lake
Superior. The property contains known lithium bearing granitic pegmatite dikes, of
which two provided estimated historical resources of 2 million tons at 1.09% Li2O and
750,000 tons at 1.38% Li2O*.
Qualified Person
The technical content of this news release was approved by Michel Boily, PhD, P.Geo,
an Independent Qualified Person as defined by the National Instrument 43-101.
* The estimates presented above are treated as historic 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.
About Imagine Lithium Inc.
Imagine Lithium is a junior mining exploration company focused on seeking and
acquiring world-class mineral projects. The company holds the Jackpot lithium
property located near Nipigon, Ont. , which contains known pegmatite showings
Phone: 604-683-3995 Email: [email protected] Website: www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
including two historical resources of 2 million tons grading 1.09% Li 2O and 750,000
tons at 1.38% Li2O.
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.
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
current 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.SEDAR.COM).