International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") is pleased to announce that drilling is underway at the 100% owned Raleigh Lake lithium, rubidium and caesium project near Ignace, Ontario. The Company also reports positive results from the biogeochemical orientation survey described in the December 16, 2021 news release.
DDH22-09 and 10 are the first holes of the 2022 season and drilled at Zone 1 in the vicinity of Pegmatite 1 and 3. DDH22-09 was drilled at an azimuth of 315 degrees and intersected 10 metres of pegmatite starting at a depth of 90 metres downhole. This intersection is interpreted as Pegmatite 1 and is very likely the richest intersection of spodumene mineralization on the project to date. It contains 40% to 50% spodumene mineralization over 6.5 metres and is associated with a 3.5 metre megacryst of microcline. Coarse spodumene blades oriented nearly parallel to the core axis and high angle contacts are indicative that the interval is close to true thickness (Figure 1).
The microcline megacryst suggests there is a large and evolved system feeding the pegmatites at Raleigh Lake and indicates this hole is in close proximity to an emplacement structure.
Figure 1: Pegmatite 1 intersected in DDH22-09.
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RL22-10 is the second hole to be drilled during this program. It is collared from the same location as RL22-09 but at an azimuth of 020 degrees. It intersected pegmatite over 21 metres from a depth of 127 metres down hole (Figure 2). True thickness, based on contact relationships and oriented core measurements, is estimated to be 13 metres. The orientation of the upper contact suggests that the pegmatite dyke geometry is very steep and trending at 315 degrees while the lower contact is more in line with what is expected for Pegmatite 1. This pegmatite intersection is well zoned with an outer intermediate section and a spodumene dense core zone and is thought to be at the merger of a sub vertical feeder pegmatite dyke and the near- horizontal Pegmatite 1.
Figure 2: Pegmatite intersection from DDH22-10.
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Previous drilling has shown that Pegmatite 1 mineralization extends over an area of approximately 600 x 400 metres and is open in several directions. The first holes of 2022 were designed to infill areas of known pegmatites within Zone 1 that have widely spaced or no previous drilling. The Company is also testing conceptual geological models that support a faulted feeder system within the Pegmatite 1 area that can be easily missed within the existing widely spaced historical drill set. Phase 1 drilling will also include long standing high-priority targets in Zone 2 and 3 that have no previous drilling.
The phase 2 work program will advance the exploration within the mineralized areas of Zone 1 and test a number of the newly discovered targets in Zones 5 and 6. Zone 5 is a structural corridor running from the LCT Pegmatites 1 and 3 toward the Two Mica granite. The recently completed lithogeochemical survey confirmed Zone 5 to be a high priority target area for drilling. Zone 6 is an entirely new target area that was identified from the lithogeochemical survey and contains the highest caesium assays reported from that program.
Following the successful and very encouraging lithogeochemical survey results announced on January 17, 2022, the Company has received analytical results from the biogeochemical orientation survey described in Company news release dated December 16, 2021. Initial examination of the analytical results confirms that biological samples (in this case spruce bark) show clear anomalous responses in both Caesium (Cs) and Rubidium (Rb) over outcropping pegmatites and pegmatites buried beneath shallow overburden. These results are highly encouraging and suggest the technique can be used to target blind pegmatites under cover. The Company is continuing with studies on optimizing the search radius to use the sampling methodology in a semi-regional manner to investigate the entire 48,500 property in areas with limited outcrop due to thick vegetation.
John Wisbey, Chairman and CEO of International Lithium Corp. commented:
"These new drilling results from the first two holes are highly encouraging and may get better if we are indeed close to discovering a feeder dyke system at Raleigh Lake. The 10+ metre section of pegmatite is a very good depth, and the estimated 40%-50% of spodumene content in 6.5 metres of that would typically equate to around 3% lithium oxide which is extremely good. This percentage needs to be confirmed by chemical analysis, but it is a great start to this drilling program and our pursuit of a commercially interesting resource.
The biogeochemical results, which measure the amount of mineral absorbed by tree bark or other vegetation, have pointed again to significant amounts of rubidium and caesium, and have given us valuable inputs into where to drill. These results would also imply that good quantities of the rubidium and caesium discovered are relatively near the surface, otherwise these minerals would not be absorbed into trees. Again, this is highly encouraging because in previous sampling the amount of rubidium oxide at Raleigh Lake has been around half the amount of lithium oxide. As well as the very sharp rise in the lithium price over the past year which is of course good for ILC, the market price of rubidium products remains about 15 times higher than that of the equivalent lithium products and would likely give considerable upside to the project economics.
So, all in all we are excited and highly encouraged by these initial results."
International Lithium Corp. believes that the '20s will be the decade of battery metals, at a time that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. Our key mission in this decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada to safeguard their supplies of critical battery metals, and our Canadian Raleigh Lake property is strategic in that respect.
A key goal has been to become a well funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, the Board of the Company considers that ILC is already well placed in that respect with a strong net cash position.
International Lithium Corp. has a significant portfolio of projects, strong management, and strong partners. Partners include Ganfeng Lithium Co. Ltd., ("Ganfeng Lithium") a leading China-based lithium product manufacturer quoted on the Shenzhen and Hong Kong stock exchanges.
The Company's primary strategic focus is now on the Raleigh Lake lithium and rubidium and caesium project in Canada and on identifying additional properties.
The Raleigh Lake project now consists of 48,500 hectares (485 square kilometres) of adjoining mineral claims in Ontario, and is ILC's most significant project in Canada. The exploration results there so far, which are on only about 8% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
Complementing the Company's rare metal pegmatite property at Raleigh Lake, are interests in two other rare metal pegmatite properties in Ontario, Canada known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which encompasses an extensive 50-km-long pegmatite belt.
Mavis Lake, sold to Critical Resources in January 2022, stands to earn ILC up to a further CAD$1.4m if certain resource targets are achieved by CRR. If CRR were to sell or joint venture the Mavis Lake claims in future, this further payment obligation would pass to any future owner of the claims. ILC and its former partner Essential Metals Ltd would have a right of first refusal to buy the claims back if CRR had not achieved and made additional payment for the first additional payment milestone.
The Forgan Lake project will, upon Ultra Lithium Inc. meeting its contractual requirements pursuant to its agreement with ILC, become 100% owned by Ultra Lithium, and ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng Lithium and 45% ILC. Ganfeng Lithium has an option to earn an additional 24% by either incurring CAD$ 10 million expenditures on exploration activities by September 2024 or delivering a positive feasibility study on the project, at which time the ownership will be 79% Ganfeng Lithium and 21% ILC. In the event that ILC does not contribute to the project after that, and its share consequently falls below 10% of the project, its share will be substituted by a 1% NSR.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil", and is a key part of a "green tech" sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has verified the disclosed technical information and has reviewed and approved the contents of this news release.
On behalf of the Company,
John Wisbey Chairman and CEO www.internationallithium.com
For further information concerning this news release please contact +1 604-449-6520
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.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Avalonia Joint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners where we have them. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") is pleased to announce plans for upcoming exploration work at the 100% owned Raleigh Lake lithium, rubidium and caesium project near Ignace, Ontario.
Following the successful and very encouraging lithogeochemical survey results announced on January 17, 2022, the Company will be starting its 2022 exploration program at the Raleigh Lake lithium, rubidium and caesium project in Ontario. The first work of the 2022 program calls for core drilling up to 5,000 metres beginning at the end of February, 2022. The program is designed to be carried out in two stages with the first stage focused on drill targets identified in Zones 1-3 for which drill permits already exist. The stage 1 work will also include some infill drilling at Pegmatites 1 and 3 to define the mineralized zones previously encountered there in more detail.
The stage 2 work will carry on after additional permitting is approved in and around the mineralized areas of Zone 1 and the newly discovered targets in the very promising Zones 5 and 6. As previously announced, Zone 5 is a structural corridor running from spodumene bearing Pegmatites 1 and 3 toward the Two Mica granite, which is believed to be the source rocks for the lithium, tantalum, caesium and rubidium mineralization on the property. The recently completed lithogeochemical survey confirmed Zone 5 to be a high priority target area for drilling. Zone 6 is an entirely new target area that was identified from the lithogeochemical survey and contains the highest caesium assays reported from that program.
The Company is also planning to conduct an airborne geophysical survey in the first half of 2022 over the entire 48,500 hectare Raleigh Lake project area.
John Wisbey, Chairman and CEO of International Lithium Corp. commented:
"International Lithium Corp. is now well funded with around CAD$ 13m of net cash and marketable securities. This means that we have the resources to conduct a significant exploration program at Raleigh Lake and adjoining claims in the next year and beyond, and in addition that we have sufficient cash to invest in other projects.
The Raleigh Lake lithogeochemical results announced on 17 January 2022 were highly encouraging, and of course the hope is that this drilling program will reinforce our confidence over the potential of these claims, especially once we also drill Zones 5 and 6."
Figure 1: Lithogeochemistry sampling coverage for the Raleigh Lake project.
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Figure 2: Lithium anomalies from the 2021 lithogeochemical survey and proposed drilling locations.
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International Lithium Corp. believes that the '20s will be the decade of battery metals, at a time that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. Our key mission in this decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits. In addition, we have seen the clear and growing wish by the USA and Canada to safeguard their supplies of critical battery metals, and our Canadian Raleigh Lake property is strategic in that respect.
A key goal has been to become a well funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, the Board of the Company considers that ILC is already well placed in that respect with a strong net cash position.
International Lithium Corp. has a significant portfolio of projects, strong management, and strong partners. Partners include Ganfeng Lithium Co. Ltd., ("Ganfeng Lithium") a leading China-based lithium product manufacturer quoted on the Shenzhen and Hong Kong stock exchanges (A share code: 002460, H share code: 1772).
The Company's primary strategic focus is now on the Raleigh Lake lithium and rubidium and caesium project in Canada and on identifying additional properties.
The Raleigh Lake project now consists of 48,500 hectares (485 square kilometres) of adjoining mineral claims in Ontario, and is ILC's most significant project in Canada. The exploration results there so far, which are on only about 8% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
Complementing the Company's rare metal pegmatite property at Raleigh Lake, are interests in two other rare metal pegmatite properties in Ontario, Canada known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which encompasses an extensive 50-km-long pegmatite belt.
Mavis Lake, sold to Critical Resources in January 2022, stands to earn ILC up to a further CAD$1.4m if certain resource targets are achieved by CRR. If CRR were to sell or joint venture the Mavis Lake claims in future, this further payment obligation would pass to any future owner of the claims. ILC and its former partner Essential Metals Ltd would have a right of first refusal to buy the claims back if CRR had not achieved and made additional payment for the first additional payment milestone.
The Forgan Lake project will, upon Ultra Lithium Inc. meeting its contractual requirements pursuant to its agreement with ILC, become 100% owned by Ultra Lithium, and ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng Lithium and 45% ILC. Ganfeng Lithium has an option to earn an additional 24% by either incurring CAD$ 10 million expenditures on exploration activities by September 2024 or delivering a positive feasibility study on the project, at which time the ownership will be 79% Ganfeng Lithium and 21% ILC. In the event that ILC does not contribute to the project after that, and its share consequently falls below 10% of the project, its share will be substituted by a 1% NSR.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil", and is a key part of a "green tech" sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has verified the disclosed technical information and has reviewed and approved the contents of this news release.
On behalf of the Company,
John Wisbey Chairman and CEO www.internationallithium.com
For further information concerning this news release please contact +1 604-449-6520
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.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Avalonia Joint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners where we have them. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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The board of International Lithium Corp. (TSXV: ILC) much regrets to announce the unexpected death of Nicholas Davies, Non-executive Director. Nick was only aged 51 and was a good and valued colleague as well as an energetic person with a high work ethic. He should have had so many more years of active life. Our condolences go to his family and to his close friends.
On behalf of the Company,
John Wisbey Chairman and CEO
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International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") is pleased to announce results from the lithogeochemistry program on the Company's 100% owned Raleigh Lake lithium, caesium and rubidium project in Ontario, Canada. Further to a news release dated December 16, 2021, early analysis of the results confirms there are over 15 new coincident lithium, caesium and rubidium anomalies in predominantly meta-volcanic host rocks. These targets within the newly surveyed portion of the Raleigh Lake Greenstone Belt are highly prospective for Tanco-style lithium bearing pegmatite mineralization.
John Wisbey, Chairman and CEO of International Lithium Corp. commented:
"These results are at the upper end of our expectations. The more data we get from the Raleigh Lake area, whether from chemical analysis or from geologists on the ground, the more we are optimistic that this is a highly prospective area and a valuable asset for us. This is much more than a lithium deposit, and we have appreciable amounts of rubidium in many parts of the claims as well as significant pockets of caesium. Both these metals have a market value much higher than that of lithium. This survey only covers 4,000 hectares (our original claims plus a further 1,000 of the additional 44,500 hectares of claims we acquired in 2021), but has given all the results we wanted to conduct an intelligently located drilling program in the first half of 2022."
The lithogeochemistry program was conducted in October 2021 over an area of approximately 4,000 hectares that includes previously unexplored Zone 5, a region extending from outcropping pegmatites 1 and 3 toward the Two Mica Granite (Figure 1). The Two Mica Granite is thought to be the source of the evolved pegmatites at Raleigh Lake that contain the highly anomalous lithium, caesium, rubidium and tantalum mineralization. The survey was also extended south of Raleigh Lake to cover a significant portion of metavolcanic rocks within the Raleigh Lake Greenstone Belt that are also considered to be prospective hosts of lithium bearing spodumene and associated mineralization.
The primary goal for this component of work was to indirectly test for the migration of lithium and other rare-metals into the volcanic, volcaniclastic and subvolcanic intrusions of the host Raleigh Lake Greenstone Belt. The bedrock sampling program also provided for a systematic examination of outcrops while sampling and conducting traverses across the claim group.
A total of 1089 lithogeochemistry samples were collected between September 29th and October 30th (Figure 1). The samples were collected at approximately 50 metre intervals along lines with a nominal 200 metre spacing in a grid like pattern. Sampling lines were designed to mesh seamlessly into the grids of historical work programs. The sampling procedure at each site mirrored historical procedures with the goal to minimize levelling of data between seasons.
Figure 1: Lithogeochemistry sampling coverage for the Raleigh Lake project.
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Bedrock anomalies appear in domains that align well with the existing exploration models and prospective corridors, particularly in between the Two Mica Granite and the Raleigh Lake Pegmatite field with respect to lithium, the most mobile and dispersive lithophile element (Figure 2).
Lithophile enrichment and dispersion profiles are generally restricted to distances of no more than tens of meters in greenstone belts. Syngenetic faults and joint sets around pegmatites during emplacement and fluid phases may push those distances a little further, however their dispersive effect would be fairly localized in this latter case than that of the pegmatite aureole. There should be little expectation to see multi-line and multi-station anomalies within the 2021 data set and isolated or single station anomalies are equally valid as broader multi-station results.
Figure 2: Early rendition of lithium anomalies from the 2021 lithogeochemical survey.
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All samples were hand delivered to Activation Labs, an ISO 9001:2015 and 17025:2017 accredited analytical lab, in Dryden, ON. Samples were processed by a standard prep for rocks (Code RX-1) followed by an aggressive digestion by Na-Peroxide fusion with an ICP-OES and ICP-MS finish with 55 elements (Code UT-1m).
Sampling procedures consisted of collecting up to 2kg's as a composite of bedrock samples within a 1-2m search radius of the predesigned sampling site. Lines were spaced approximately 200m apart and station density was every 50m along the line +/- 25 which was highly dependent on exposure.
Element and anomaly threshold determinations were defined by a statistical analysis of the resultant data and each rock type.
International Lithium Corp. believes that the '20s will be the decade of battery metals, at a time that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. Our key mission in this decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits. In addition, we have seen the clear and growing wish by the USA and Canada to safeguard their supplies of critical battery metals, and our Canadian Raleigh Lake property is strategic in that respect.
A key goal has been to become a well funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, the Board of the Company considers that ILC is already well placed in that respect with a strong net cash position.
International Lithium Corp. has a significant portfolio of projects, strong management, and strong partners. Partners include Ganfeng Lithium Co. Ltd., ("Ganfeng Lithium") a leading China-based lithium product manufacturer quoted on the Shenzhen and Hong Kong stock exchanges (A share code: 002460, H share code: 1772).
The Company's primary strategic focus is now on the Raleigh Lake lithium and rubidium and caesium project in Canada and on identifying additional properties.
The Raleigh Lake project now consists of 48,500 hectares (485 square kilometres) of adjoining mineral claims in Ontario, and is ILC's most significant project in Canada. The exploration results there so far, which are on only about 8% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
Complementing the Company's rare metal pegmatite property at Raleigh Lake, are interests in two other rare metal pegmatite properties in Ontario, Canada known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which encompasses an extensive 50-km-long pegmatite belt.
Mavis Lake, sold to Critical Resources in January 2022, stands to earn ILC up to a further CAD$1.4m if certain resource targets are achieved by CRR. If CRR were to sell or joint venture the Mavis Lake claims in future, this further payment obligation would pass to any future owner of the claims. ILC and its former partner Essential Metals Ltd would have a right of first refusal to buy the claims back if CRR had not achieved and made additional payment for the first additional payment milestone.
The Forgan Lake project will, upon Ultra Resources Inc. meeting its contractual requirements pursuant to its agreement with ILC, become 100% owned by Ultra Resources, and ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng Lithium and 45% ILC. Ganfeng Lithium has an option to earn an additional 24% by either incurring CAD$ 10 million expenditures on exploration activities by September 2024 or delivering a positive feasibility study on the project, at which time the ownership will be 79% Ganfeng Lithium and 21% ILC. In the event that ILC does not contribute to the project after that, and its share consequently falls below 10% of the project, its share will be substituted by a 1% NSR.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil", and is a key part of a "green tech" sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has verified the disclosed technical information and has reviewed and approved the contents of this news release.
On behalf of the Company,
John Wisbey Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520
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.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Avalonia Joint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners where we have them. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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The board of International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") is pleased to announce the completion of the sale of its 49% stake in the Mavis Lake lithium project in Ontario to Critical Resources Ltd. in line with the announcement made on October 25, 2021 whereby CRR buys 100% of the claims from the Company and its partner Essential Metals Ltd.
John Wisbey, Chairman and CEO of ILC, commented as follows :
"We are pleased to be able to kick off the New Year with the completion of the Mavis Lake sale, and we congratulate CRR on their good execution at Mavis Lake and their fund-raising. ILC remains deeply committed to Ontario with our claims at our 100% owned Raleigh Lake lithium and rubidium project near Ignace, Ontario now totalling over 47,700 hectares, and we are glad to be able to focus our Canadian efforts on that major project. We retain a further CAD$ 1.38m of upside in further payments at Mavis Lake if CRR achieves the hoped for results there. Our strong cash and marketable securities position of CAD$ 12.9 m equivalent equips us very well for the next phase of exploration at Raleigh Lake and for other projects under consideration."
International Lithium Corp. believes that the '20s will be the decade of battery metals, at a time that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. Our key mission in this decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits. In addition, we have seen the clear and growing wish by the USA and Canada to safeguard their supplies of critical battery metals, and our Canadian Raleigh Lake property is strategic in that respect.
A key goal has been to become a well funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, the Board of the Company considers that ILC is already well placed in that respect with a strong net cash position.
International Lithium Corp. has a significant portfolio of projects, strong management, and strong partners. Partners include Ganfeng Lithium Co. Ltd., ("Ganfeng Lithium") a leading China-based lithium product manufacturer quoted on the Shenzhen and Hong Kong stock exchanges (A share code: 002460, H share code: 1772).
The Company's primary strategic focus is now on the Raleigh Lake lithium and rubidium project in Canada and on identifying additional properties.
The Raleigh Lake project now consists of over 47,000 hectares (470 square kilometres) of adjoining mineral claims in Ontario, and is ILC's most significant project in Canada. The exploration results there so far, which are on only about 5% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
Complementing the Company's rare metal pegmatite property at Raleigh Lake, are interests in two other rare metal pegmatite properties in Ontario, Canada known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which encompasses an extensive 50-km-long pegmatite belt.
Mavis Lake, sold to Critical Resources in January 2022, stands to earn ILC up to a further CAD$1.4m if certain resource targets are achieved by CRR. If CRR were to sell or joint venture the Mavis Lake claims in future, this further payment obligation would pass to any future owner of the claims. ILC and its former partner Essential Metals Ltd would have a right of first refusal to buy the claims back if CRR had not achieved and made additional payment for the first additional payment milestone.
The Forgan Lake project will, upon Ultra Resources Inc. meeting its contractual requirements pursuant to its agreement with ILC, become 100% owned by Ultra Resources, and ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng Lithium and 45% ILC. Ganfeng Lithium has an option to earn an additional 24% by either incurring CAD$ 10 million expenditures on exploration activities by September 2024 or delivering a positive feasibility study on the project, at which time the ownership will be 79% Ganfeng Lithium and 21% ILC. In the event that ILC does not contribute to the project after that, and its share consequently falls below 10% of the project, its share will be substituted by a 1% NSR.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil", and is a key part of a "green tech" sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has verified the disclosed technical information and has reviewed and approved the contents of this news release.
On behalf of the Company,
John Wisbey Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520
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.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Avalonia Joint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners where we have them. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109101
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International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") is pleased to announce that all resolutions proposed at the Company's annual general and special meeting of shareholders held on December 29, 2021 were passed. All agenda items outlined in the information circular for the meeting were approved and all director nominees were elected, with over 99% of votes cast in favour of all the motions. The directors elected for the ensuing year were: John Wisbey, Maurice Brooks, Nicholas Davies, Anthony Kovacs and Ross Thompson.
International Lithium Corp. believes that the '20s will be the decade of battery metals, at a time that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. Our key mission in this decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits. In addition, we have seen the clear and growing wish by the USA and Canada to safeguard their supplies of critical battery metals, and our Canadian Raleigh Lake property is strategic in that respect.
A key goal has been to become a well funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021, the Board of the Company considers that ILC is already well placed in that respect with a strong net cash position. The disposal of Mavis Lake, assuming the option is exercised as planned, will add useful further liquidity.
International Lithium Corp. has a significant portfolio of projects, strong management, and strong partners. Partners include Ganfeng Lithium Co. Ltd., ("Ganfeng Lithium") a leading China-based lithium product manufacturer quoted on the Shenzhen and Hong Kong stock exchanges (A share code: 002460, H share code: 1772) and Essential Metals Limited, quoted on the Australian Stock Exchange (ASX:ESS).
The Company's primary strategic focus is now on the Raleigh Lake lithium and rubidium project in Canada and on identifying additional properties.
The Raleigh Lake project now consists of over 47,000 hectares (470 square kilometres) of adjoining mineral claims in Ontario, and is ILC's most significant project in Canada. The exploration results there so far, which are on only about 5% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
Complementing the Company's rare metal pegmatite property at Raleigh Lake, are interests in two other rare metal pegmatite properties in Ontario, Canada known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which encompasses an extensive 50-km-long pegmatite belt.
The ownership of the Mavis Lake project is currently 51% Essential Metals Limited (ASX: ESS, "ESS") and 49% ILC. In addition, ILC owns a 1.5% NSR on Mavis Lake. ESS has an option to earn an additional 29% by sole-funding a further CAD $8.5 million expenditures of exploration activities, at which time the ownership will be 80% ESS and 20% ILC. Mavis Lake is now under option until January 2022 to Critical Resources Ltd. (ASX:CRR) to buy 100% at which point ILC's NSR would also be surrendered. If exercised, that option will bring the Company approximately CAD$1.4m of cash and shares in CRR, with upto a further CAD$1.4m if certain resource targets are achieved by CRR. If CRR were to complete its purchase but then sell or joint venture the Mavis Lake claims in future, this further payment obligation would pass to any future owner of the claims. ILC and ESS would have a right of first refusal to buy the claims back if CRR had not achieved and made additional payment for the first additional payment milestone.
The Forgan Lake project will, upon Ultra Resources Inc. meeting its contractual requirements pursuant to its agreement with ILC, become 100% owned by Ultra Resources (TSXV: ULT), and ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng Lithium and 45% ILC. Ganfeng Lithium has an option to earn an additional 24% by either incurring CAD$ 10 million expenditures on exploration activities by September 2024 or delivering a positive feasibility study on the project, at which time the ownership will be 79% Ganfeng Lithium and 21% ILC. In the event that ILC does not contribute to the project after that, and its share consequently falls below 10% of the project, its share will be substituted by a 1% NSR.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil", and is a key part of a "green tech" sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
On behalf of the Company, John Wisbey Chairman and CEO www.internationallithium.com
For further information concerning this news release please contact +1 604-449-6520
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.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the Company's projects, budgeted expenditures and planned exploration work on the Avalonia Joint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners where we have them. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108665
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Latin Resources Limited (“Latin” or the“Company”)(ASX:LRS) is pleased to announce the commencement of a geotechnical diamond drilling (Figure 1) program at the 100% owned Cloud Nine Halloysite-Kaolin Deposit (“Cloud Nine”), where the Company released its maiden Mineral Resource Estimate (“MRE”) of 207Mt Inferred Resources at Cloud Nine in May 2021i .
The Company has also submitted permitting applicationsto allow the excavation of a test-pit to provide further bulk samples to several potential offtake partners.
Click here for the full ASX Release
This article includes content from Latin Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
The Power Play by The Market Herald has announced the release of new interviews with Argentina Lithium and Givex Information Technology Group on their latest news
The Power Play by The Market Herald provides investors with a quick snapshot of what they need to know about the company's latest press release through exclusive insights and interviews with company executives.
Argentina Lithium (TSXV:LIT) closes option agreement for Rincon West and Pocitos properties
Argentina Lithium & Energy (LIT) has closed the previously announced Exploration and Purchase Option Agreement to acquire the Rincon West and Pocitos properties. Terms of the option include the issuance of 750,000 shares on signing, $500,000 worth of shares over a 12-month period and cash payments totalling US$4,200,000 over 36 months. The company has issued 750,000 common shares and made a cash payment of US$150,000. Miles Rideout, VP of Exploration at Argentina Lithium, sat down with Shoran Devi to discuss the acquisition.
For the full interview with Miles Rideout and to learn more about Argentina Lithium's news, click here.
Givex Information Technology Group (TSX:GIVX) begins trading on the OTCQX Best Market (OTCQX: GIVXF)
Givex Information Technology Group Limited (GIVX) has begun trading on the OTCQX® Best Market under the symbol GIVXF. The uplisting provides Givex with greater visibility to U.S. institutional and retail investors. Don Gray, CEO of Givex sat down with Shoran Devi to discuss the news.
For the full interview with Don Gray and to learn more about Givex's news, click here.
Interviews for The Power Play by The Market Herald are released daily. To learn more about the companies featured in The Power Play or to explore our other interviews visit The Power Play by The Market Herald.
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TSX Venture Exchange (TSX-V): LIT Frankfurt Stock Exchange (FSE): OAY3 OTCQB Venture Market (OTC): PNXLF
Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF), (" Argentina Lithium " or the " Company ") announces the commencement of advanced geophysical imaging surveys at its Rincon West Lithium Project, located at the Salar de Rincon in Salta Province Argentina. The deep-seeing Transient Electromagnetic Sounding survey will image the sub-surface of the basin, and facilitate target definition for the follow-up drilling program planned for the second quarter of 2022.
Argentina Lithium's Rincon West Project covers 2470 hectares of the western flank of the Rincon Salar basin, adjacent to the Rincon Mining PTY Ltd. (" Rincon Mining ") project acquired by Rio Tinto in December of 2021; the Company has an agreement to acquire a 100% interest in Rincon West ( September 28 and October 14, 2021 and March 16, 2022 News Releases). Rincon West has not previously been drilled, but covers a continuation of the Rincon basin where Rincon Mining and Argosy Minerals Limited have identified significant lithium resources.
" Prior work at the Rincon Salar indicates the basin is very prospective for high-value lithium brines. Acquiring advanced sub-surface resistivity data at the Rincon West Project will provide vital information on the lithium potential and extent of brine within the property. With these data in hand, we expect to quickly move to drill testing the project to validate the targets, and to assess grade and estimates of brine content of the host formations ", stated Nikolaos Cacos , President and C.E.O.
Transient Electromagnetic (" TEM ") Sounding surveys will be executed by Toronto -based Quantec Geoscience Ltd., through their Argentinean subsidiary. Quantec is a leading provider of electromagnetic imaging techniques, as applied to mineral exploration. The survey plan for the Rincon West project is to comprehensively cover the project with continuous TEM transects, with sounding sites spaced at 200 metre intervals along 39 line-kilometres of survey lines. The depth of the TEM data will vary depending on ground conditions, but the Company expects that images can be obtained from shallow levels to in-excess of 500 m depth.
The contents of this news release have been reviewed and approved by David Terry , Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101.
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina , and advancing them towards production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina , and has assembled a first rate team of experts to acquire and advance the best lithium properties in the world renowned "Lithium Triangle". The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
Nikolaos Cacos , President, CEO and Director
Neither 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.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, the Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
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SOURCE Argentina Lithium & Energy Corp.
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Western Australian-based lithium exploration and development company Winsome Resources (ASX:WR1; “Winsome” or “the Company”) is pleased to advise drilling has commenced at its flagship Cancet property in the James Bay region of Quebec, Canada.
Click here for the full ASX release
This article includes content from Winsome Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Editor's note — This article was originally focused on the top Canadian lithium stocks, but has been expanded to cover the top lithium stocks globally. Click here to read about the top Canadian lithium stocks.
Lithium prices hit an all-time high in 2021, and have hit new heights only a couple months into 2022.
Analysts expect this positive trend to continue as the electric vehicle transition gains traction around the world, and some lithium companies' share prices are rising significantly in tandem.
Here the Investing News Network takes a look at the top lithium stocks with year-to-date gains. The list below was generated using TradingView’s stock screener on March 16, 2022, for Canadian and US companies, and on March 17, 2022, for Australian companies. It includes companies listed on the NYSE, NASDAQ, TSX, TSXV and ASX; all top lithium stocks had market caps above $10 million when data was gathered.
Year-to-date gain: 43.96 percent; current share price: US$73.03
SQM is one of the world’s largest lithium companies. It produces lithium out of Chile’s Salar de Atacama and brings it to the market in the form of lithium carbonate and lithium hydroxide.
SQM is developing the hard-rock Mount Holland lithium project in Australia through a joint venture with Wesfarmers (ASX:WES,OTC Pink:WFAFF). The company places a heavy emphasis on the sustainability of its operations, including a production process that involves 97.4 percent solar energy.
On March 2, the company released its 2021 earnings report, including net income of US$585.5 million compared to US$164.5 million for 2020.
Year-to-date gain: 33.82 percent; current share price: US$70.20
Based in the US state of North Carolina, Piedmont Lithium is focused on producing lithium hydroxide from spodumene ore. Its goal is to provide companies with a lithium hydroxide source outside of China, and it hopes to aid in the creation of an American battery supply chain. In addition to its fully integrated Carolina lithium project, the company also has properties in Quebec and Ghana.
In early February, Piedmont released its 2022 development plans, including the advancement of its Carolina project towards contemplated production of 30,000 tonnes per year of lithium hydroxide and 242,000 tonnes per year of spodumene concentrate. On March 9, the company announced the completion of a preliminary economic assessment for its second lithium hydroxide plant in the US; it will expand Piedmont's planned US lithium hydroxide manufacturing capacity to 60,000 tonnes on an annual basis.
Year-to-date gain: 32.51 percent; current share price: C$2.69
Frontier Lithium’s goal is to become a manufacturer of battery-quality lithium salts for the electric vehicle and lithium-ion battery markets. According to the company, its PAK lithium project “contains one of North America’s highest-grade, large-tonnage hard-rock lithium resources in the form of a rare low-iron spodumene.” The project, which is being actively developed by Frontier, is located in Ontario’s Electric Avenue.
Frontier’s news in 2022 has focused on exploration at PAK’s Spark deposit, where on March 1 it announced an updated indicated resource of 14 million tonnes averaging 1.4 percent lithium oxide and an inferred resource of 18 million tonnes averaging 1.37 percent lithium oxide.
Year-to-date gain: 19.05 percent; current share price: C$0.25
Ultra Lithium (formerly Ultra Resources) is a lithium and gold company with projects and properties in Argentina, Canada and the US. The company is currently primarily focused on its projects that are in Argentina and Ontario, Canada. Its two lithium properties in Argentina, Laguna Verde I and II, are lithium brines, while its Ontario lithium projects, Georgia Lake and Forgan Lake, are pegmatite deposits.
On February 9, the company announced the commencement of exploration drilling at its 100 percent owned Laguna Verde project — scheduled to be completed in Q2 — and the signing of an exclusive strategic cooperation agreement with Zangge Mining. The partner company will aid in the exploration and development of the property with the goal of bringing it to production rapidly.
Year-to-date gain: 18.18 percent; current share price: C$0.195
Lithium Energi Exploration is an acquisition, exploration and development company working in South America’s Lithium Triangle, with over 72,000 hectares of lithium brine concessions in Argentina’s section of the triangle.
In January, the company announced that exploration and development with its joint venture partner Global Oil Management Group is accelerating. The name of the new joint venture is Triangle Lithium Argentina.
Year-to-date gain: 90.53 percent; current share price: AU$1.81
Exploration company Global Lithium is focused on its 100 percent owned Marble Bar lithium project, which is located in Western Australia’s North Pilbara Craton. The project’s Archer deposit has been the primary exploration target; the company is planning a 60,000 meter reverse-circulation drilling program for Q1 of this year. Global Lithium acquired an 80 percent interest in the Manna lithium project from Breaker Resources (ASX:BRB) in December 2021. The two companies plan to work together on exploration at the project in 2022.
On March 3, Global Lithium announced the signing of a 10 year offtake agreement for spodumene concentrate with Suzhou TA&A Ultra Clean Technology (SZSE:300309), which is Global Lithium’s largest shareholder. Suzhou TA&A intends to help with construction funding as well.
Year-to-date gain: 85 percent; current share price: AU$0.074
Metals Australia operates out of Canada and Australia. The majority of its lithium projects — Lac la Motte, Lac la Corne and Lacourciere-Darveau — are in Quebec, as are the company’s graphite and gold projects. Its Manindi lithium project is located in Western Australia, along with the company’s base metals projects.
The company began a reverse-circulation drill program at Manindi in February that is testing pegmatites bearing lithium, cesium and tantalum. The program is expected to be completed within two to three weeks.
Year-to-date gain: 78.81 percent; current share price: AU$1.055
According to Core Lithium, its Finniss lithium project in the Northern Territory is “one of Australia’s most capital-efficient and lowest-cost spodumene lithium projects.” First production is expected in Q4 2022, and the company already has multiple four year offtake agreements in place with Ganfeng Lithium (SZSE:002460) and Yahua.
Core’s latest news came on March 1, when it announced a four year offtake agreement with Tesla (NASDAQ:TSLA) for up to 110,000 tonnes of lithium oxide spodumene concentrate from Finniss.
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Securities Disclosure: I, Lauren Kelly, currently hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Piedmont Lithium is a client of the Investing News Network. This article is not paid-for content.
Power Metals Corp. (" Power Metals " or the " Company ") (TSXV: PWM) (FRANKFURT: OAA1) (OTC: PWRMF) is pleased to announce that further to its news release dated January 21, 2022 it has entered into the formal off-take agreement with Sinomine Resource Group Co., Ltd., on all lithium, cesium and tantalum produced from the Company's Case Lake Property. Accordingly, the $1,500,000 held in escrow pending completion of the off-take agreement has been released to the Company and the 7,500,000 subscription receipts held by Sinomine have been converted into 7,500,000 units of the Company, on the terms as set out in the January 21, 2022 news release.
Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop and acquire high quality mining projects. We are committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. We see an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries. Learn more at www.powermetalscorp.com
ON BEHALF OF THE BOARD,
Johnathan More , Chairman & Director
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 the content of this news release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States , or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Power Metals assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com .
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.
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