International Lithium Corp. Receives First Advance of Loan From Strategic Partner, Ganfeng Lithium Co. Ltd. ILC.v
International Lithium Corp. Arranges Loan From Strategic Partner, Jiangxi Ganfeng Lithium Co. Ltd. ILC.v, TNR.v
International Lithium Corp. Reports Drilling Underway At Blackstairs Lithium Project, Ireland ILC.v, TNR.v
"Vancouver B.C. April 3, 2013: International Lithium Corp. ("ILC" or the "Company") (ILC: TSX-V) is pleased to announce lithium and associated rare metal assay results from the remaining eight drill holes of the recent 19 hole (2,075 metre) diamond drill program on the lithium and rare metals pegmatite field spanning the contiguous Fairservice and Mavis Lake claim blocks near Dryden, Ontario.
1.34% Li2O over 8.50m intersected in MF-12-33
1.05% Li2O over 10.85m intersected in MF-12-34
1.06% Li2O over 10.75m intersected in MF-12-36"
Jun 25, 2013
International Lithium Corp.'s Drilling Confirms Historical Results and Identifies Unexposed Mineralization at Blackstairs Lithium Project, Ireland.
Vancouver B.C. June 25, 2013: International Lithium Corp. ("ILC" or the "Company") (ILC: TSX-V) is pleased to announce results from the nine (9) hole diamond drilling program, totalling 594 metres, on two prospects at the Blackstairs Lithium Project, Ireland. The drill program confirmed historical drill results at the Aclare prospect 85 kilometres southwest of Dublin and successfully intersected lithium bearing spodumene pegmatites in a previously untested area, below a spodumene bearing boulder field at the Moylisha prospect. The Company has conducted preliminary testing on only two of the six main prospects located along the 35 kilometre lithium pegmatite belt. All of the 19 known spodumene occurrences that make up the belt are within the Company's prospecting licences.
- Pegmatite intersected at Aclare containing 2.23% Li2O over 23.3m including 3.43% Li2O over 6.0m (drill width)* confirms historical results.
- Multiple pegmatite dyke intersections and 1.50% Li2O over 5.60m at Moylisha are consistent with historical results and confirm the prospectivity of the area.
- Step out drilling, 500m south of historical work at Moylisha, intersected lithium and other rare element mineralization within multiple, closely spaced, parallel pegmatites.
Table of significant lithium values from the 2013 Blackstairs project drilling program
* All widths reported are drill core widths and have not been converted into true width.
At Aclare, drill hole ACL13-04 returned 23.3 metres grading 2.23% Li2O in an area where historical drilling in the 1970s and 1980s had previously identified high lithium grades (see "Blackstairs Project" below). Historically, the Aclare prospect has received the most exploration work and presents the best area to validate geochemical and geophysical exploration methods and is the principal target for resource delineation drilling. Historical deep overburden sampling shows a continuation of lithium in soils extending significantly to the south of the drill tested area. The confirmation of grades in the recent drilling has increased the priority to test Aclare for a southern extension to the known mineralization.
Analytical results from the three drill holes at Moylisha include 1.15% Li2O over 3.40m and 1.05% Li2O over 3.45m in MOY13-01. A total of six (6) pegmatite bodies with greater than 1.5m drill intersection width were encountered in MOY13-01. This hole was drilled beneath a pegmatite boulder field identified in 2011/12 reconnaissance work and is previously untested by drilling. The boulder field contains a significant number of spodumene pegmatite boulders approximately 400 metres south of historical drilling at Moylisha representing a significant step out from historical results. The pegmatites intersected in MOY13-01 are lower grade than samples from the boulders found at surface and consequently do not explain their source. The number of pegmatitic intersections and the frequency of their occurrence as intersected in the drill holes at Moylisha is particularly encouraging for further exploration. Drill results in MOY13-02 identified 1.50% Li2O over 5.6m, similar grades to those reported historically. The close proximity in MOY13-03 of zoned pegmatites enriched in lithium and other rare elements also demonstrates the prospective character of the Moylisha area. Historical deep overburden data, in conjunction with orientation survey lines from the 2013 program is being evaluated to identify additional drill targets at Moylisha.
Seven distinct styles of mineralogy and texture are recognized in drill core indicating that multiple pulses of increasingly evolved pegmatite intrusive are present at Moylisha and Aclare. This is a positive exploration indication since more evolved pegmatites are likely to contain greater concentrations of lithium and rare metals. The following table compares the number of discreet pegmatitic bodies, greater than 1.5 metres in drilling length, intersected at Aclare (ACL) and Moylisha (MOY).
* Locations in Irish Grid System.
** Drill width
Geochemical orientation surveys using several methods were conducted across the two prospects targeted for drilling. Lab results for this surface work have been received and are being reviewed by the Company to identify effective exploration methods for extending existing drill targets and identifying new targets along the 35 km long Leinster lithium pegmatite belt.
About the Exploration Program
The 2013 exploration program is the first phase of exploration planned and conducted by the Company since strategic partner, Ganfeng Lithium Co. Ltd. ("GFL") optioned the property in late 2012 (News Release 2 October, 2012). The information will provide GFL with support for future decisions regarding their increased participation in the project. The two primary goals of this phase were to confirm results of historical drilling and to test the effectiveness of surface exploration methods in areas where the location of subsurface pegmatites are better constrained. Drilling was successful in confirming historical results at Aclare and confirming previously undiscovered mineralization at Moylisha. Both the Aclare and Moylisha pegmatites remain open for extension in all directions. Initial reviews of the exploration methods used to help identify pegmatites below cover have been positive, with interpretation of the results ongoing.
"The confirmation of lithium mineralization at Aclare gives us confidence in our analysis that there may be an untested extension of the known occurrence trending away from the area of historical drilling. This interpretation is reinforced by the results witnessed at Moylisha where our drilling intersected numerous multi-phase pegmatites with highly anomalous lithium values almost 500 m away from the historical drilling. All the targets are under cover and it will take time and drilling to piece together the geologic picture surrounding the mineralized bodies. As such, at Moylisha the mineralization intersected in drill core does not match the grade witnessed in pegmatite boulders found at surface indicating that there may be another pegmatite body in close proximity. Our orientation surveys have shown some promise in targeting the unexposed pegmatites and given that we have an intense fertile system, there is significant discovery potential not just at Aclare and Moylisha, but along the entire, highly unexplored, Leinster Pegmatite Belt." stated Gary Schellenberg, CEO of the Company.
Fieldwork and sampling was conducted primarily by Aurum Exploration Services, an international geological consultancy headquartered in Kells, Ireland. Drilling was conducted by Priority Drilling Limited using HQ and NQ sized core.
Samples were analyzed at OMAC Laboratories Ltd., Loughrea, Galway County, Ireland. OMAC is part of the ALS Group, a recognized and certified international firm for geochemical analysis and assays and is independent of the Issuer. Samples were prepared by OMAC and analyzed using ICP-MS and ICP-AES following four-acid digestion Samples were submitted to OMAC by Aurum staff. OMAC is an accredited, internationally recognized laboratory with ISO 17025:2005 certification. The Company uses industry-recognized practices to ensure quality control.
The Blackstairs project, comprised of eight mineral exploration licenses totalling 292 square kilometres, is located 65 to 100 km south of Dublin straddling the Counties of Carlow and Wicklow in Leinster, southeast Ireland. The Property encompasses an extensive NE-SW oriented 30 to 50 kilometre long rare metals pegmatite belt situated within the East Carlow Deformation Zone along the eastern side of the Leinster Granite. Approximately 19 significant lithium pegmatite occurrences have been discovered within the Property to date, primarily through boulder mapping with five buried pegmatites known through past trenching and drilling.
Lithium bearing pegmatite occurrences were first reported in the area in 1970. In the period through to 1977, Irish Base Metals carried out a preliminary exploration program comprising prospecting, sampling, trenching and geophysical surveys culminating in 47 short boreholes totalling 2,300 metres at 4 of the 19 lithium pegmatite occurrences over a number of seasons.
Due to the prevalent overburden cover and scarcity of outcrop, prospecting for lithium pegmatite boulders was the most successful exploration method utilized to identify priority target areas. The relative location, size and quantity of pegmatite boulders within the dry stone field boundaries provided a reliable indication for the approximate position of buried pegmatites. The Aclare occurrence, situated in the center of the Property has witnessed the most exploration activity on the Property and was initially discovered through this exploration approach.
Thirty-three short drill holes totalling 1,703m were drilled at Aclare. A pegmatite body up to 20 metres width and traced for more than 400 metres along strike was delineated and an historical resource of 570,000 tonnes grading 1.5% Li2O was reported in 1976 by Irish Base Metals. (A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources and the Issuer is not treating the historical estimate as current mineral resources. The historical estimate is included here for illustrative purposes only and should not be relied upon. Mineral exploration is by nature a highly speculative endeavour and there is no guarantee that further exploration work will result in the discovery and/or definition of a mineral resource at Blackstairs.)
Five drill holes, for a total of 163 metres, were drilled at the Stranakelly occurrence situated proximal to the northeast Property boundary. Lithium-bearing pegmatite mineralization was intersected in four of the holes with hole STK3 grading 1.85% Li2O over 5.3 metres.
Five drill holes, for a total of 212 metres, were drilled at the Moylisha occurrence situated approximately 10 km northeast of Aclare. The width of the pegmatite body encountered varied between 5 and 10 metres with one hole grading 1.66% Li2O over 9.4 metres.
Four drill holes, for a total of 280 metres, were drilled at the Seskinnamadra occurrence situated approximately 8 km southwest of Aclare. The narrow pegmatite intersections reported from the drilling does not explain the significant frequency and size of the lithium pegmatite boulders mapped in the area that suggests a potentially large yet to be discovered buried pegmatite body.
The observed lithium bearing pegmatites and extensive boulder occurrences within the Property represent a highly prospective and underexplored region. In addition, the recent discovery of a high concentration of pegmatite boulders reporting grades exceeding 4% Li2O at Moylisha only serve to highlight the exploration potential of the Property.
Ganfeng Lithium based in Xinyu, Jiangxi Province, China, is a professional producer of lithium products which has developed a comprehensive product chain, including lithium metal and alloys, inorganic and organic lithium chemicals, supplies a wide range of lithium products for primary and secondary lithium battery market, pharmaceutical and new material industries. Ganfeng Lithium's principal market is in China with international exports to Europe, Japan, the USA and India. Ganfeng Lithium was founded in 2000 and listed on the Shenzhen Stock Exchange in August 2010, notably as the first publicly listed Lithium Company in China and has experienced rapid continuous growth over the last 12 years.
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 in Argentina within the renowned South American "Lithium Belt" that is the host to the vast majority of Global lithium resources, reserves and production. The 160 square kilometre Mariana project strategically encompasses an entire mineral rich evaporate basin that ranks as one of the more prospective salars or 'salt lakes" in the region.
Complementing the Company's lithium brine projects are rare metals pegmatite properties in Canada and Ireland that have recently reported positive geochemical results (latest news releases dated April 3,2013 and April 9, 2013). 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" 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 green tech resource explorer of choice for investors and build value for its shareholders.
John Harrop, PGeo, FGS, and Vice President, Exploration of the Company is a "Qualified Person" as defined under NI 43-101 has reviewed and approved the technical content of this news release.
On behalf of the Board of Directors,
President, International Lithium Corp.
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 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."
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