Rock Tech's Channel Assays Extend Length and Width of Lithium Pegmatite
Rock Tech's Channel Assays Extend Length
and Width of Lithium Pegmatite
VANCOUVER
,
Feb. 7, 2019
/CNW/ -
Rock Tech Lithium Inc.
(the "Company" or "Rock Tech")
(TSX-V: RCK; Frankfurt: RJIB) is pleased to announce assay results from a trenching and channel
sampling program completed on the McVittie area of its 100%-owned Georgia Lake lithium property
in the Thunder Bay Mining District of
Northwest Ontario
, Canada.
The trenching program, following up on the positive results from the Company's Preliminary
Economic Assessment announced
October 2, 2018
, suggests the main McVittie lithium-bearing
pegmatite extends further to the north than previously understood. Furthermore, the northern
extension exhibits greater width than sections of the pegmatite previously sampled in the south.
During the program, a separate lithium-bearing pegmatite to the east was also traced along strike
further to the north than previously thought.
"These results bode well for future resource definition drilling as they increase the number of
potential drill targets," said
Martin Stephan
, Rock Tech's CEO. "Increasing the dimensions of the
main McVittie lithium-bearing pegmatite, in addition to a separate lithium-bearing pegmatite to the
east, supports our hypothesis that the McVittie area could host an additional main resource zone at
our Georgia Lake property."
Figure 1 - channel sample which returned 1.56% Li2O over 1.20 metres (CNW Group/Rock Tech
Lithium Inc.)
"Late last year we completed two channels in the McVittie area that demonstrate the continuation of
lithium mineralization to the north and east of the inferred resource defined in the region," said
Dirk
Harbecke
, Rock Tech Lithium's Chairman. "The results will be added to our extensive exploration
database and used to formulate near-term drill plans as we begin preparations for a feasibility
study."
Two channels were completed during the program with channel #1 completed to the east of the
2016 channels and channel #2 completed to the north, in an area previously prospected by the
Company. Results are included in the table below:
Channel
Grade (% Li
2
O)
Length (m)
From (m)
To (m)
MV-CH-18-01
0.88
1.39
0.55
1.94
MV-CH-18-02
1.19
7.51
1.00
8.51
The McVittie pegmatite, located south of the Nama Creek pegmatite which hosts the majority of the
Company's NI 43-101 resource estimate, was the focus of a drill program conducted in 1955 and
1956. In total, twelve (12) holes were drilled over 544 metres. During 2016, ten (10) channels were
cut and forty-seven (47) samples taken during a trenching program. The purpose of the channels
was to gain information on additional pegmatites observed on surface and to better calibrate future
exploration programs. The McVittie pegmatite hosts an inferred resource estimate, prepared in
accordance with NI 43-101, of 670,000 tonnes (the Technical Report with resource estimate is
available on the Company's website and on SEDAR).
The samples were analyzed by Actlabs, an ISO 9001:2008 certified analytical laboratory located in
Geraldton, Ontario
.
All scientific and technical information in this news release concerning the Georgia Lake lithium
property was reviewed and approved by
Karl Stephan Peters
, EurGeol 787, a qualified person (QP)
as defined under National Instrument 43-101.
Furthermore, the Company announces that it intends to extend 1,395,000 stock options, due to
expire on
July 18, 2019
(45,000) and
December 20, 2019
(1,350,000), to
December 31, 2021
. The
stock options expiring on
July 18, 2019
and
December 20, 2019
have an exercise price of
$0.93
and
$1.50
per share, respectively. The proposed amendment to the stock options does not include any
amendment to the exercise price and is subject to the approval of the TSX Venture Exchange.
Additionally, the Company will be holding its Annual General Meeting on
Friday, March 8
. Requisite
materials for the meeting will be posted to SEDAR.
About Rock Tech Lithium:
Rock Tech Lithium is focused on bringing its flagship Georgia Lake lithium project into production.
The Georgia Lake project is a lithium-rich pegmatite vein deposit with measured and indicated
resources of 6.57 million tonnes grading 1.01% Li2O in addition to inferred resources of 6.72 million
tonnes grading 1.16% Li2O. The first PEA for the project, focused exclusively on the main resource
area hosting less than 80% of total defined resources, was published in
October 2018
. Highlights
from the PEA included an NPV of
$312 million
and an IRR of 62.2%.
The deposit was discovered in the Thunder Bay Mining district in northwestern
Ontario/Canada
,
close to the
Lake Superior
, as early as 1955. Rock Tech Lithium has been working increasingly on
the property since 2016 – in a market environment, where the trend for electric cars on the
international market has been rising steeply for years. Analysts expect that more than 25% of newly
sold cars in 2025 will be electrified, with the demand for batteries and therefore battery metals such
as lithium expanding rapidly.
On behalf of the Board of Directors of the Company,
"Martin Stephan"
Martin Stephan
Director, Chief Executive Officer
Neither 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.
Statements included in this announcement, including statements concerning our plans, intentions and
expectations, which are not historical in nature are intended to be, and are hereby identified as,
"forward
looking statements". Forward
looking statements may be identified by words including
"anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company
cautions readers that forward
looking statements, including without limitation those relating to the
Company's future operations and business prospects, are subject to certain risks and uncertainties
that could cause actual results to differ materially from those indicated in the forward
looking
statements.
SOURCE
Rock Tech Lithium Inc.
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For further information:
Brad Barnett, [email protected], Chief Financial Officer,
Telephone: (778) 358-5200
CO: Rock Tech Lithium Inc.
CNW 03:00e 07-FEB-19