Rock Tech Lithium Secures $1.4 million in Federal Funding for Georgia Lake Infrastructure Development Pending final due diligence, Rock Tech Lithium Inc. has secured CAD 1.4 million in federal funding through the Government of
Rock Tech Lithium Secures $1.4 million in Federal Funding for Georgia
Lake Infrastructure Development
Pending final due diligence, Rock Tech Lithium Inc. has secured
CAD 1.4 million
in federal funding through the Government of
Canada's
Critical Minerals
Infrastructure Fund (CMIF). Rock Tech is one of four critical minerals projects in
Northern Ontario
selected for this funding.
The funding will be used to upgrade and extend a 10-kilometre access road north of
Nipigon, Ontario
. This road will facilitate the transportation of lithium
from the Georgia Lake Project mine site to the proposed downstream Lithium Converter facility in
Red Rock, Ontario
.
TORONTO
,
Oct. 9, 2024
/CNW/ - Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) ("Rock Tech", or the "Company") is
pleased to announce that it has been awarded up to
CAD 1.4 million
in funding from the Government of
Canada's
Critical Minerals Infrastructure Fund (CMIF), a
federal initiative to support the development of clean energy and transportation infrastructure projects in
Canada's
critical minerals sector. Pending final due
diligence, the funding will be used to upgrade and extend the Fairloch Lake Road to enable the transportation of Lithium-containing spodumene from its Georgia
Lake Project mine site. Lake Nipigon Forest Management (a forest management cooperative of Bingwi Neyaashi Anishinaabek, Biinjitiwaabik Zaaging
Anishinaabek, Red Rock Indian Band, and Animbiigoo Zaagi'igan Anishinaabek) has been engaged to complete the road construction.
Jennifer Main, Rock Tech's ESG Manager at the critical minerals news conference on Oct. 7 in Thunder Bay, ON. (CNW Group/Rock Tech Lithium Inc.)
Dirk Harbecke
, Rock Tech's CEO commented: "We are honoured to receive this funding to support the development of our
Georgia Lake
mining project. Unlike
many other projects in
Ontario
, our
Georgia Lake
project benefits from a highly strategic location with extensive infrastructure already in place. This results in
lower development costs compared to more remote projects."
ABOUT ROCK TECH
Rock Tech's vision is to supply the electric vehicle and battery industry with sustainable, locally produced Lithium, targeting a 100% recycling rate. To ensure
resilient supply chains, the company plans to build Lithium converters at the doorstep of its customers, beginning with the Company's proposed Lithium
Hydroxide Converter in Guben, Brandenburg,
Germany
. The second Converter is planned to be built in
Red Rock, Ontario, Canada
. Rock Tech Lithium plans to
source raw material from its own
Georgia Lake
spodumene project in the Thunder Bay Mining District of
Ontario, Canada
, and procure from other ESG-
compliant mines. Ultimately, Rock Tech's goal is to create a closed-loop Lithium production system. Rock Tech has gathered one of the strongest teams in the
industry to close the most pressing gap in the clean mobility story. The Company has adopted strict environmental, social and governance standards and is
developing a proprietary refining process to increase efficiency and sustainability further.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release constitute "forward-looking
information" under applicable securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact,
which address events, results, outcomes or developments that the Company expects to occur are forward-looking statements. When used in this news release,
words such as "expects", "anticipates", "plans", "predicts", "believes", "estimates", "intends", "targets", "projects", "forecasts", "may", "will", "should", "would",
"could" or negative versions thereof and other similar expressions are intended to identify forward-looking statements. In particular, this press release contains
forward-looking information pertaining to expectations concerning the Georgia Lake Project, including the design and features of the Georgia Lake Project;
statements regarding the Company's future plans, estimates, and schedules relating to the Georgia Lake Project, including the anticipated timing of future
activities taken in support of the development thereof; the expected economic performance of the Georgia Lake Project; Rock Tech's opinions, beliefs and
expectations regarding the Company's business strategy, development and exploration opportunities and projects; and plans and objectives of management for
the Company's operations and properties. Forward-looking statements by their nature are based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause the actual results to differ materially from the forward-looking statements, including the risks, uncertainties and
other factors discussed in the Company's most recent management's discussion and analysis and annual information form filed with the applicable securities
regulators. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and the Company cautions
the reader not to place undue reliance upon any such forward-looking statements. The Company does not intend, nor does it assume any obligation to update
or revise any of the forward-looking statements, whether as a result of new information, changes in assumptions, future events or otherwise, except to the
extent required by applicable law.
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For further information:
For further information: Rock Tech Lithium Inc, 2400-333 Bay Street, Toronto ON M5H 2T6, CAN. Konstantin Burger, VP Investor
Relations: [email protected] +49 89 244109149
CO: Rock Tech Lithium Inc.
CNW 06:15e 09-OCT-24