"With the IPO completed and a recent flow-through financing of $1 million, ILC will have 3 exploration programs upcoming. 1) Mariana Lithium brine in Argentina 2) Moose lithium/rare metals in NWT, Canada 3) Mavis Lake lithium/rare metals in Ontario"
VANCOUVER, BRITISH COLUMBIA--(Marketwire - August 18, 2011) -International Lithium Corp. (TSX VENTURE:ILC)(TSX VENTURE:ILC.WT) ("ILC" or the "Company") is pleased to announce the commencement of a 1,200 metre drill program on the Rare Metals pegmatite field spanning the Company's contiguous Mavis Lake and Fairservice claim blocks near Dryden Ontario.
1,200 metre minimum drill program commences on the Rare Metals pegmatite field spanning the Company's contiguous Mavis Lake and Fairservice properties;
Mavis Lake pegmatites exhibit high-grade well-evolved lithium and tantalum zonation in conjunction with significant levels of cesium and rubidium at surface;
A historical (non NI 43-101 compliant*) resource of 500,000 tons at 1.0% Li2O was delineated on 1 out of 10 known pegmatite bodies at Fairservice;
Primary objectives are to confirm the historic lithium grades on the Fairservice property and test the rare metal potential of the Mavis Lake pegmatites; and
International Lithium Corp. launches new website.
"The Mavis Lake - Fairservice project is clearly emerging as a premier multi-element rare metals project," states International Lithium Corp. President, Mike Sieb. "This represents the first drill program the Company has embarked on subsequent to its' recent public listing and with two additional drill programs in preparation we anticipate a fairly active season ahead of us."
The Company's contiguous Mavis Lake and Fairservice properties straddle one continuous pegmatite field exhibiting high-grade well-evolved lithium and tantalum zonation as well as significant levels of cesium and rubidium. The primary objectives of the drill program are to confirm the historic lithium grades on the Fairservice property and test the rare metal potential of the Mavis Lake property highlighted in the recent surface exploration programs.
Mavis Lake Claim Block
Two field programs were undertaken in 2009 consisting of detailed mapping and sampling of the known pegmatite occurrences to assess the lithium (Li), tantalum (Ta) and other rare metals potential of the Company's 100% owned Mavis Lake property. Composite channel samples returned 1.24 Wt% Li2O over 5.3 metres and 1.4 Wt% Li2O over 4.7 metres from Pegmatite #18.
In addition, a lithogeochemical survey over a 1200m by 900m grid extended the lithium dispersion anomaly (>50 ppm Li) by 1.1kms to 4.5kms in total length. Of special note, 38% (78 of 204 grab samples) graded better than 150 ppm Ta2O5** (tantalum oxide) demonstrating widespread highly anomalous Tantalum mineralization (TNR Gold Corp., precursor reporting issuer to ILC spin-out, news release dated December 9, 2009).
The highest tantalum values came from Pegmatites 13, 14 and 16 which occur within an area of 500 by 800 metres that represents the known southeastern exploration limit for rare metal mineralization on the property. This prospective area of elevated tantalum values is underexplored and open to the east and southeast. Grab samples from this area returned peak Ta2O5 values of 1349 ppm (0.135%) and 1246 ppm (0.125%) from the No.16 and No.14 pegmatites, respectively**.
**Note: grab samples are by definition selective and are unlikely to represent average grades on the property.
Fairservice Mining Leases
The Fairservice property consists of 6 Mining Leases totaling 88.4 hectares and is dominated by east trending spodumene-beryl-tantalite-type pegmatites considered to be part of the same dyke swarm as on the Company's adjacent Mavis Lake claim block. Past exploration identified 10 pegmatites (Pegmatite #1-10) and delineated an historical (non NI 43-101 compliant) resource of 500,000 tons at 1.0% Li2O at Pegmatite #1*.
To earn a 100% interest, ILC has agreed to make payments totaling $120,000 and issuing an aggregate of 500,000 common shares of ILC over a three-year period and incurring exploration expenditures totaling $500,000 over a four-year period. The vendor will retain a 5% Net Profits Interest royalty of which the Company has the right to purchase in entirety by paying the Vendor the sum of $1 million.
* Note: a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
Mavis Lake - Fairservice Property Area - General
The contiguous Mavis Lake and Fairservice properties are located 15 km Northeast of Dryden, Ontario. The properties are easily accessed via the Trans-Canada Highway and a series of logging roads. The claim blocks comprise a total of 2,624 hectares and cover several known rare metal pegmatites.
Regional pegmatite mineralization is directly associated with the strongly peraluminous Ghost Lake pluton and related pegmatitic granite dykes. Rare metal mineralization in the Mavis Lake area occurs in zoned pegmatites hosted by mafic metavolcanic rocks. Rare metal mineralization has been noted to occur in four zones: internal beryl zone within the parent of the Ghost Lake pluton that evolves to the east within the Fairservice and Mavis Lake claim blocks into external zones of beryl-columbite, spodumene-beryl-tantalite and albite-type pegmatites. The Mavis Lake property has reported high-grade well-evolved lithium and tantalum zonation as well as significant levels of cesium and rubidium across multiple pegmatite bodies.
John Harrop, P.Geo, is the company's qualified person on the project as required under NI 43-101 and has reviewed the technical information contained in this press release.
For more information on the Mavis Lake - Fairservice Project, the Company's other projects or to help understand the technical aspects of Lithium and other Rare Metals please visit International Lithium Corp.'s newly revamped website at www.internationallithium.com.
ABOUT INTERNATIONAL LITHIUM CORP.
International Lithium Corp. is an international rare element metals ("REM") mineral exploration company with an outstanding portfolio of projects, strong management ownership, robust financial support and a prominent lithium product manufacturer as a keystone investor.
ILC currently has 9 active REM projects, well balanced between lithium brines in Argentina and Nevada and hard-rock pegmatites in Canada and Ireland. The Company's primary focus is the Mariana lithium brine project, a salar or 'salt lake', covering an expansive 160 square kilometres and strategically encompassing the entire basin. Mariana is located in the renowned South American 'Lithium Belt' centred on the junction of Argentina, Bolivia and Chile that is host to the vast majority of global lithium resources, reserves and production. The Mariana lithium brine project ranks as one of the more prospective salars in the region.
Complementing the Company's lithium brine projects are the REM pegmatite properties. The key characteristics shared by the hard-rock REM projects are their limited past exploration, excellent accessibility, limited assaying for rare metals, clear potential for additional exploration to add project value and development potential to meet the global technological growth in demand for the REM suite of elements.
International Lithium Corp.'s mandate is to increase shareholder value through aggressive advancement of its core projects and to source joint venture partners to expand the scope and diversify risk of its exploration effort.
On behalf of the Board,
Mike Sieb, President – International Lithium Corp.
Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to 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.
Shares CUSIP: #459820 10 6
Warrant CUSIP: #459820 11 4
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."
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