Imagine Lithium Provides Exploration Update Intercepts 14.35m of 1.22% Li2O
www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
Imagine Lithium Provides Exploration Update
Intercepts 14.35m of 1.22% Li2O
Vancouver, BC, Canada, October 24, 2023 – IMAGINE LITHIUM INC. (the
“Company” or “Imagine”) (TSX-V: ILI) (OTCQB: ARXRF) is pleased to provide
an update on its ongoing exploration activities at the Jackpot lithium project,
located within the rapidly emerging lithium camp in the Georgia Lake area,
approximately 140 km north-east of Thunder Bay, Ontario (Figure 1). The Jackpot
property is characterized by swarms of mineralized lithium-bearing pegmatite dikes
distributed across the 18,800 ha land package.
Highlight holes from the ongoing drill program at the Jackpot Main Zone include:
- 14.35 m grading 1.22% Li2O in hole JPMET-2023-03;
- 12.05m grading 1.06% Li2O in hole JPMET-2023-02;
- 9.98m grading 1.14% Li2O in hole JPMET-2023-01B; and
- 9.0m grading 1.00% Li2O in hole JP-2023-P1.
Drilling is currently ongoing at the Jackpot Main Zone with the goal of expanding the
lithium resources. Areas being tested included the northern area of the Jackpot Main
Zone where the Company is seeing another stacked dike and intercepting
pegmatites up to 20m in thickness, as well as the eastern extension of the Jackpot
Main Zone which can expand the mineralization along strike (see Figure 2). The
terrane north of the Jackpot Main Zone, also includes the Point Lithium area which
will be drilled this winter.
J.C. St-Amour, President of Imagine, commented, “We are expecting our
exploration drilling program to continue into the fall and winter months as we
evaluate areas to the north and east of the Jackpot Main Zone to continue building
on historical resources and add to the success of the 2022 drill program, which
nearly doubled the length of the mineralized lithium zone to 900 m. Drilling will also
continue to investigate targets outside the Jackpot Main Zone, including the Point
Lithium area, which appears to parallel the Jackpot pegmatite dikes.”
www.imaginelithium.com
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. New lithium intercepts from the recent DDHs collared on the Jackpot Main
Zone.
Table 1. Significant Li2O (%) intervals obtained from the 2023 drilling program in the
Jackpot Main Zone and the 500m pegmatite and SW areas of the Jackpot property.
Hole no. From (m) To (m) Interval (m) Li2O (Wt.%)
JPMET 2023-03 82.40 97.25 14.35 1.22
JPMET 2023-04 31.90 42.96 11.06 0.83
JP-2023-P1 69.50 73.50 4.00 0.72
- and - 89.00 91.00 2.00 0.97
JP-2023-P2 76.80 82.14 5.34 0.96
- and - 89.50 98.50 9.00 0.91
www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
- and - 123.75 126.60 2.85 1.10
JP-2023-P3 8.00 12.70 4.70 1.34
JPMET-2023-02 80.00 92.05 12.05 1.06
JP-MET-23-01B 35.92 45.90 9.98 1.14
45.90 51.90 6.00 0.62
SW-2023-03 4.98 8.00 3.02 1.02
SW-2023-03B 3.67 6.68 3.01 2.02
2023-PG-500-06 27.62 31.77 4.15 0.58
*Apparent thickness
The 2023 summer drill program also investigated the 500-m long spodumene-
bearing pegmatite located 1.8 km NW of the Jackpot Main Zone (Figure 3). Eleven
holes totalling 1,689 m were completed and traced a continuous pegmatite that
appears open to the east and west. The best intercept yielded 1.31 % Li2O over
4.15 m. This EW-trending dike may be associated with the Point Lithium granitic
pegmatite and merits further investigation.
In addition, a drilling program tested the ‘SW pegmatites’, located 1.4 km SW of
Jackpot (Figure 3), where channel samples in 2022 returned 10.3 m grading 1.23%
Li2O and 10.0 m grading 1.02% Li2O. Twenty-two diamond drill holes were
completed totaling 3,093 m. Lithium concentrations appear to decrease west of the
main showing. The area to the east of main spodumene-bearing dikes remains to be
drilled.
The best intersections from three holes in these areas are presented in Table 1 and
Figure 3.
www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
Figure 3. Localization of the 2023 drillholes NE (500 m pegmatite) and SW of the Main
Jackpot Zone, with the preliminary Li results of till samples collected in the area.
Till Sampling
A large campaign of till sampling was carried out this season, targeting the less
explored areas of the property. These areas have a significant potential for
discovery of new spodumene-bearing pegmatites. Grids of 200 m x 100 m were
implemented to collect C-Horizon material (basal till). Preliminary results from the
high-potential areas lying to the north and southeast of the Main Jackpot Zone and
covering the 500 m and Point Lithium pegmatites indicate a significant number of till
samples having lithium concentrations > 40 ppm (40-163 ppm). These lithium
values extend over an area of 4.2 km2 located between the two pegmatite sites
(Figure 3). The Company believes this represents significant exploration potential
and plans to systematically drill the area over the winter months.
Prospecting and Sampling
www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
A prospecting and sampling program covering potentially fertile zones for
discovering Li-rich pegmatite dikes was recently completed. Systematic rock
sampling of granitic pegmatite dikes and granitic plutons was carried out in the
southeastern and southwestern areas of the property around Cosgrave Lake and in
the northeastern sections on the shore and islands of Barbara Lake (Figure 4). The
selection of exploration targets was largely based on the proximity of granitic rocks
having chemical signatures and mineralogy (ex: muscovite, biotite, tourmaline,
garnet) that could indicate the occurrence of spodumene-bearing pegmatite dikes at
their periphery. The Company intentionally chose areas with limited historical
exploration and will develop further exploration programs based on the coming
results from these sampling programs. The Company is awaiting final assay results
which will help to conduct follow-up exploration.
Figure 4. 2023 exploration target areas for rock and till sampling, Jackpot property.
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
www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
included the insertion and monitoring of appropriate reference materials, in this
case high concentration and low concentration certified OREAS lithium standards,
blanks and duplicates, 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 professional geologists. From 1 to 2 kg of
till material was collected, cleaned of coarse pebbles (> 16 mm), put in Kraft paper
sample envelopes, and stowed in plastic bags for transport to the core shack in
Nipigon. For each sample collected; the sample number, UTM coordinates, and a
brief material description were systematically noted. The samples were dried for at
least 48h at the core shack. All sample bags containing rock or soil material were
put in rice pouches and kept securely before being sent by road transport to the
AGAT Laboratories in Thunder Bay, Ontario. Lithium was analyzed by Sodium
Peroxide Fusion with ICP-OES and ICP-MS Finish
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.
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 TransCanada Highway (Hwy 11), and is in
proximity to sources of power, railroads, and ports. 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*.
* 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:
www.imaginelithium.com
Suite 1240 – 789 W. Pender Street, Vancouver, BC V6C 1H2
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 b y 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).