Imagine Lithium Intersects 35.10m of 0.92% Li2O at Jackpot West Extension
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Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
Imagine Lithium Intersects 35.10m of 0.92% Li2O
at Jackpot West Extension
Vancouver, BC, Canada, May 28, 2024 – IMAGINE LITHIUM INC. (the
“Company” or “Imagine”) (TSX-V: ILI) (OTCQB: ARXRF) is pleased to report
the largest lithium bearing drill intersection on the property to date at the Jackpot
Project. The Jackpot lithium project is located 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 dikes distributed over at least five zones on an 18,800 ha land package
(Figure 2).
Jackpot West Extension highlights include:
- 0.92% Li2O over 35.10m from 20.65m in hole JP-24-31
- Including 1.76% Li2O over 4.30m from 51.45m
- 1.03% Li2O over 5.30m from 15.20m in hole JP-24-32
- 1.18% Li2O over 4.65m from 34.70m in hole JP-24-32
The most recent drill results from the winter drill program continue to support our
exploration model and highlight the importance of drilling previously untested areas
of the property. The Company commenced a mapping and prospecting program in
early May and have discovered new spodumene bearing pegmatite dykes east of the
‘500 Pegmatite’ and southwest of hole JP-24-31.
J.C. St-Amour, President of Imagine, commented, “Today’s near surface
results come from the western extension of the Jackpot Main Zone and are the
upshot of step out and exploration drilling, demonstrating there is still ample room
for expansion even in zones thought to be well defined and understood. The
recently discovered Casino Royale Zone has been traced in drilling for 200 m and
will be the focus of a fall drill program. In addition, the discovery of new spodumene
bearing pegmatite southwest of hole JP-24-31 and east of the ‘500 Pegmatite’
support our exploration model and demonstrates the potential to add lithium
resources within our significant land package.”
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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.
www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
Figure 2: Jackpot project target zones and diamond drillhole collar locations.
Imagine Lithium has drilled a total of 44,520m in 298 diamond drillholes on the
Jackpot Project since 2018. The winter 2024 program completed a total of 6,170m
in 40 diamond drillholes. Results announced today continue to demonstrate the
importance of drilling to develop near-surface lithium resources at the Jackpot Main
Zone (Table 1). Our summer field program will focus on identifying new spodumene
bearing pegmatite targets outside of the Jackpot Main zone. (Figure 2).
Table 1. Significant Li2O (%) intervals from the 2024 drill program.
Hole From (m) To (m) Li2O (%) Length (m) ZONE
JP-24-31 20.65 55.75 0.92 35.10 Jackpot West
INCLUDING 35.65 55.75 1.05 20.10 Jackpot West
INCLUDING 51.45 55.75 1.76 4.30 Jackpot West
JP-24-32 15.20 20.50 1.03 5.30 Jackpot West
AND 34.70 39.35 1.18 4.65 Jackpot West
JP-24-33 60.00 64.00 0.44 4.00 Jackpot West
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Hole From (m) To (m) Li2O (%) Length (m) ZONE
JP-24-38 247.80 250.00 0.71 2.20 NW Zone
The 35.1m lithium intercept in JP-24-31 extends the Jackpot Main Zone
approximately 200m west of the westernmost 2018 drill intercept (Figure 3).
Geological mapping and sampling will focus on areas south of the main zone and
north of Carrot Lake to prioritize drill targets for the fall drill campaign. The fall drill
program will focus on resource definition drilling at the Casino Royale and NW
Zones, north of the Jackpot Main Zone. Exploration holes will also be completed as
part of this program to test newly discovered pegmatite dykes south of the Jackpot
Main and north of Casino Royale.
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Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
Figure 3: Angle overlap fence of holes testing western extension of Jackpot Main, NW Zone
and Casino Royale west of the Carrot Lake MDI occurrence (MDI42E05SW00023).
MDI42E05SW00023
JP-24-31
0.92% Li2O/35.10m
Carrot Lake
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Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
The Company expects to publish an NI 43-101 mineral resource estimate in 2024
which will include results from the proposed fall drill 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 which elevates it
from more remote lithium projects. This infrastructure would 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
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 one provided a historical, non-
43-101 compliant resource estimate 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
Scale (m)
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Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
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
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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 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).