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International Lithium Corp. and Pioneer Resources Commence Drilling at the Mavis Lithium Pegmatite Project, Ontario, Canada

Donnerstag, 01.12.2016 16:05

DGAP-News: International Lithium Corp. / Key word(s): Miscellaneous
 International Lithium Corp. and Pioneer Resources Commence Drilling at the
 Mavis Lithium Pegmatite Project, Ontario, Canada
 
 01.12.2016 / 16:01
 The issuer is solely responsible for the content of this announcement.
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Vancouver, British Columbia--(Newsfile Corp. - December 1, 2016) - International Lithium Corp. (TSXV: ILC.V [url: https://ca.finance.yahoo.com/q?s=ilc.v]) (the 'Company' or 'ILC') in conjunction with strategic partner Pioneer Resources Limited ('Pioneer') have commenced a 1,500 metre drill program at the Mavis lithium pegmatite project east of Dryden, Ontario, Canada ('Project'). Key Highlights: - 1,500 meter drill program commences; - High grade spodumene Pegmatite 18 area exhibits favourable structural regime indicating potential for larger pegmatites; - Magnetometer survey and lithogeochemical sampling program reveal pegmatite setting and new target areas; and - Results produce highly anomalous lithium rock-sample area leading to the discovery of a new pegmatite to be drill tested during this program. Mavis Drill Program The majority of the exploration activities performed this year has been in preparation for this drill program. A continuous ground magnetometer walking survey ('Mag Survey') totalling 330 kms has been completed over the target areas of the Project. The Mag Survey successfully produced a very detailed magnetic anomaly map outlining geologic contacts, features and structures thereby providing a valuable tool to aid in the drill targeting process. In order to refine the targets further, two campaigns of ground lithogeochemical sampling totalling 372 rock samples were collected from select locations across the Mavis Project. The rock sample results returned areas exhibiting highly anomalous values of lithium and associated elements; key pathfinders employed as a vectoring tool for the discovery of hidden or buried pegmatites. The anomalous lithogeochemical results overlain on the Mag Survey have provided the Company with an improved understanding of the setting of the pegmatites at Mavis; specifically the preferential horizons and structures that host them. One of the main target areas that will be drilled during this program is host to the high-grade spodumene bearing Pegmatite 18, the most northeastern observed pegmatite and virtually untested by drilling to date. Previous field reconnaissance at Pegmatite 18 confirmed the observable strike length, in excess of 200m at surface, with grab samples grading up to 3.14% Li2O* and one composite channel sample grading 1.22% Li2O* over 5.3m (documented in the Company's 2009 Ontario Work Assessment Report and NI43-101 technical report dated February 5th, 2010). Pegmatite 18 is fairly unique relative to other pegmatites observed at Mavis. Pegmatite 18 is oriented perpendicular to the prevalent foliation, indicating a setting that may represent a favorable extensional stress regime with the ability to host a significantly larger pegmatite body. In addition there have been at least 4 closely stacked pegmatites mapped within the immediate vicinity and parallel to pegmatite 18, supporting the model for a preferential fluid pathway and nexus for emplacement. *Note: Grab samples are by definition selective, should not be relied on and are unlikely to represent average grades on the property. Reported channel sample widths may not represent true widths of the pegmatite. A second target area that will be drilled is in the vicinity of a 78m pegmatite intersection drilled in 2011 that reported 1.86% Li2O over 26.25m and 1.22% Li2O over 28.45m (hole MF11-12 reported in Company news release dated January 12, 2012). Subsequent drilling in 2012 confirmed the pegmatite intersection, but was insufficient to determine orientation and true thickness. The current drill program will employ oriented core to ascertain the attitude of this pegmatite as well as drill test the potential extension. A third target area to be drilled, east of pegmatite 6, was developed through this year's field program. Lithogeochemical samples returned an area of highly anomalous lithium pegmatite pathfinders and the Mag Survey revealed a coincident signature with the Fairservice pegmatites to the west. Follow-up ground reconnaissance in this target area discovered a pegmatite of indeterminate size bordered by a low swampy area. Additional target areas have been derived from the analysis of this year's field program that will be followed-up in subsequent phases of exploration. John Harrop, P.Geo, FGS, is a Qualified Person as defined under NI 43-101 who has supervised preparation of the technical information contained in this news release. Mavis Lithium Pegmatite Project The Mavis Lithium Project is situated 19 kilometres east from the town of Dryden, Ontario. The Project is ideally situated in close vicinity to the Trans-Canada highway and railway major transportation arteries linking larger cities such as Thunder Bay, Ontario, to the southeast and Winnipeg, Manitoba, to the west. The current drill program will be wholly funded by Pioneer as part of their earn-in on the Project (See details regarding the terms of the Mavis option agreements in Company news releases dated June 22, 2016). About International Lithium Corp. International Lithium Corp. is an exploration company with an outstanding portfolio of projects, strong management ownership, robust financial support and a strategic partner and keystone investor Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer. The Company's primary focus is the Mariana lithium-potash brine project, a joint venture with Ganfeng Lithium Co. Ltd. within the renowned South American 'Lithium Belt' that is the host to the vast majority of global lithium resources, reserves and production. The Mariana project strategically encompasses an entire mineral rich evaporate basin, totalling 160 square kilometres, that ranks as one of the more prospective salars or 'salt lakes' in the region. Complementing the Company's lithium brine project are three rare metals pegmatite properties in Canada known as the Mavis, Raleigh, and Forgan projects; and one project in Ireland (Avalonia project) that encompasses an extensive 50km long pegmatite belt. The Avalonia project is under option to strategic partner Ganfeng Lithium and the Mavis and Raleigh projects with strategic partner Pioneer Resources Limited. The Mavis, Raleigh and Forgan projects together form the basis of the Company's newly created Upper Canada Lithium Pool designated to focus on acquiring numerous prospects with previously reported high concentrations of lithium in close proximity to existing infrastructure. With the increasing demand for high tech rechargeable batteries used in vehicle propulsion technologies and portable electronics, lithium is paramount to tomorrow's 'green-tech', sustainable economy. By positioning itself with solid development partners and acquiring high quality grass roots projects at an early stage of exploration, ILC aims to be the resource explorer of choice for investors in green tech and build value for its shareholders. On behalf of the Board of Directors, Kirill Klip President, International Lithium Corp. For further information regarding this news release contact Caroline Klukowski (Corporate Communications) at 604.687.7551 or view the website at www.internationallithium.com. 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. Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating t o the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain 'Forward-Looking Statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements. Click on, or paste the following link into your web browser, to view the associated documents http://www.newsfilecorp.com/release/23854 News Source: Newsfile
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01.12.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: International Lithium Corp. Canada ISIN: CA4598201065 End of News DGAP News Service
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526041 01.12.2016