Imagine Lithium Releases Initial Mineral Resource at Jackpot Property – Announces 3.1 Mt at 0.85% Li2O Indicated and 5.3 Mt at 0.91% Li2O Inferred Mineral Resources
Imagine Lithium Releases Initial Mineral Resource at Jackpot Property – Announces 3.1 Mt at 0.85%
Li2O Indicated and 5.3 Mt at 0.91% Li2O Inferred Mineral Resources
Vancouver, BC, September 3, 2024 – Imagine Lithium Inc. (TSX-V:ILI)(OTCQB: ARXRF) (the “Company”
or “Imagine”), is pleased to announce an initial NI 43-101 compliant lithium Mineral Resource Estimate
(“MRE”) on its Jackpot Property, located near the Town of Nipigon, Ontario.
Imagine will be hosting a webinar today at 11am EDT to discuss the resource estimate in more detail.
Please register here: https://us02web.zoom.us/webinar/register/WN_dtW8UznRTv-MiX8Jsrt_5g
The webinar will be recorded for post viewing.
Jackpot Property Highlights:
• Indicated MRE of 3.1 Mt at 0.85% Li2O contains 26.2 kt of Li2O
• Inferred MRE of 5.3 Mt at 0.91% Li2O contains 49.5 kt of Li2O
• The MRE exhibits excellent mineralized continuity through a range of Li2O cut-off grades up to
0.5% Li2O
• Casino Royale is defined by eight diamond drill holes and remains open in all directions
• Additional n earby targets from previous exploration work provides excellent future Mineral
Resource expansion potential
• Metallurgical test work by SGS Canada achieved an overall Li2O recovery up to 81.5%
The Project is well serviced by existing infrastructure with access to nearby power sources and is
approximately 40 km from the Town of Nipigon and 150 km from the port of Thunder Bay and 60 km
from a potential port at Red Rock (Figure 1). Jackpot is proximal to the Great Lakes and St -Lawrence
Seaway giving shipping access to processing plants globally , as well as Giga factories planned for
southern Ontario and a possible lithium hydroxide plant contemplated for Thunder Bay or Red Rock.
J.C. St-Amour, Imagine President commented: “The initial MRE gives Imagine an excellent starting point
on which to build Mineral Resources in the near future . There are several areas of the Deposit which
remain open as well as new pegmatite targets which are untested. I cannot stress enough the
importance and value of the Project’s location. The nearby infrastructure is a major advantage for future
development of the Project as its proximity to a workforce, power, highway and ports, distinguishes
Jackpot from other lithium projects which are much more remote and therefore expensive to develop.
In addition, our MRE compares favourably to other deposits in th e area, including Rock Tech’s Georgia
Lake Project, located 15 km to the north of Jackpot. The unexplored potential on the Property gives us
momentum to find and build additional lithium Mineral Resources.”
Table 1: Pit-Constrained Mineral Resource Estimate at 0.30% Li2O Cut-off(1-9)
Classification
Tonnes
M
Li2O
%
Li2O
k tonnes
Indicated 3.1 0.85 26.2
Inferred 5.3 0.91 49.5
1. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. The estimate of Mineral
Resources may be materially affected by environmental, permitting, legal, title, taxation, socio political, marketing, or
other relevant issues.
2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred
Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration, however there is no
certainty an upgrade to the Inferred Mineral Resource would occur or what proportion would be upgraded to an
Indicated Mineral Resource.
3. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Standards on Mineral Resources and Reserves, Definitions and Guidelines (2014) prepared by the CIM Standing
Committee on Reserve Definitions and adopted by CIM Council and CIM Best Pra ctices Guidelines (2019).
4. The following parameters were used to derive the Li 2O cut-off value used to define the Mineral Resource:
5. August 2024 Consensus Economics long term forecast Li 2O price US$1,100/t.
6. Exchange rate of US$0.73 = C$1.00.
7. Process recovery of 81.5%.
8. The 0.30% Li 2O cut-off was derived from C$2.75/t mineralized mining, C$2.25/t waste mining, C$40/t processing and
C$20/t G&A.
9. Pit slopes were 50 degrees.
Figure 1: Jackpot Property located next to Trans-Canada Highway, power, port, railroad, and
workforce.
Table 2: Pit-Constrained Mineral Resource Estimate Sensitivity*
Indicated Inferred
Cut-Off
Li2O %
Tonnes
M
Li2O
%
Li2O
k tonnes
Tonnes
M
Li2O
%
Li2O
k tonnes
0.50 2.6 0.93 24.3 4.8 0.96 47.3
0.45 2.8 0.90 24.9 5.0 0.95 48.3
0.40 2.9 0.88 25.4 5.2 0.93 48.9
0.35 3.0 0.87 25.8 5.3 0.92 49.3
0.30 3.1 0.85 26.2 5.3 0.91 49.5
*See notes under Table 1.
The pit -constrained Mineral Resources are contained in two optimized conceptual open pits, the
Jackpot Pit and the Casino Royale Pit (Figure 2). The Jackpot Pit contains a 3.1 Mt grading 0.85% Li2O of
Indicated Mineral Resources and 2.2 Mt grading 0.82% Li2O of Inferred Mineral Resources, whereas the
Casino Royale Pit contains Inferred Mineral Resources of 3.1 Mt at 1.00% Li2O. The Casino Royale Zone
remains open in all directions and exploration efforts are continuing to focus on expanding this new
discovery (Figure 3).
Figure 2: Jackpot Project area showing the optimized conceptual Jackpot Pit and Casino Royale
Pit boundaries.
Figure 3: Casino Royale Pit boundary containing 3.1 Mt Inferred MRE @ 1.00% Li2O in eight
diamond drill holes.
The mineralized wireframes were developed in GEMSTM with a 2.0 m minimum down hole width and a
maximum 75 m projection distance from the nearest drill hole intercept. Wireframe constrained assays
were composited to 1.0 m lengths and capped at 2.5% Li2O. A LeapfrogTM block model with 2.0 m x 2.0
m x 2.0 m b locks was established and subsequent inverse distance squared grade estimation
undertaken. Bulk density averaging 2.69 t/m3 was determined from 18 site visit samples. A cut-off value
of 0.30% Li2O within an optimized conceptual pit shell using NPV SchedulerTM was used to quantify the
Mineral Resource Estimate, which has a reasonable prospect of eventual economic extraction (Figure
4). Exploration efforts will focus on infill drilling between the Jackpot Pit shell and Casino Royale Pit,
and step out drilling north and east of the Casino Royale Pit (Figure 5).
Figure 4: Isometric view of the optimized conceptual Jackpot Pit and Casino Royale Pit with
mineralized wireframes.
Figure 5: Idealized cross-section looking west of Jackpot Pit and Casino Royale Pit.
An NI 43-101 Technical Report will be filed on SEDAR+ within 45 days of this news release
Qualified Persons
The technical content of this news release was reviewed and approved by Eugene Puritch,
P.Eng., FEC, CET, President of P&E Mining Consultants Inc 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 Jackpot Property consists of 297
mineral claims covering 18,800 hectares.
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 Statement: 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 f uture 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).