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Avalon and LG Energy Solution Sign Memorandum of Understanding to Accelerate Ontario’s Lithium Battery Materials Supply Chain

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Drilling Highlights

  • All but two holes testing Pegmatite 1 in Zone 1 intersected spodumene-bearing pegmatite demonstrating tremendous continuity of the mineralized body (see Figure 1).
  • Pegmatite 1 shows a distinct mineral zonation with intervals of rubidium-enriched monocrystalline megacrystic microcline that occurs in the roof portion and occasionally in the spodumene-rich core of the pegmatite.
  • Potential exists for the thicker higher-grade mineralization to exist closer to surface as the enriched zone appears to be trending up-dip, closer to surface, to the northwest where very little drilling exists.
  • Recent structural interpretations (including results from Zone 2) predict additional parallel pegmatite at depth as the drilling moves further to the north.
  • Phase 1 and 2 pierce points intersected Pegmatite 1 along a strike length of 300 metres and along its dip for over 175 metres.
  • Phase 3 drilling will test the near-surface potential of the spodumene-rich core over an up-dip extent of over 250 metres.

Pegmatite 1 Spodumene Zone Intersection Highlights*

  • RL22-27: 13.74 metres grading 1.90% Li2O (from 115.23 metres)

including 7.89 metres averaging 2.91% Li2O in the spodumene core zone (from 120.51m);

  • RL22-29: 11.01 metres grading 1.32% Li2O (from 105.39 metres)

including 5.35 metres averaging 2.62% Li2O in the spodumene core zone (from 107.15m);

  • RL22-30: 6.44 metres grading 1.64% Li2O (from 117.82 metres);
  • RL22-34: 10.74 metres grading 1.18% Li2O (from 99.76 metres);
  • RL22-35: 9.9 metres grading 2.45% Li2O (from 97.2 metres);
  • RL22-36: 6.46 metres grading 3.62% Li2O (from 96.24 metres);
  • RL22-37: 8.39 metres grading 2.73% Li2O (from 99.36 metres);
  • RL22-39: 6.91 metres grading 1.8% Li2O (from 117.16 metres);

Pegmatite 1 Rubidium Bearing Microcline Intersection Highlights*

  • RL22-33: 1.75 metres grading 1.43% Rb2O from 111.4 metres;
  • RL22-35: 2.44 metres grading 0.95% Rb2O from 97.2 metres;
  • RL22-41: 2.8 metres grading 0.84% Rb2O from 106.7 metres.

* All intervals reported are downhole core lengths. Accurate true widths are unknown at this time but are estimated to be within 70-100% of the reported intervals based on the geometry of the bodies and structural measurements on oriented core.

Phase 2 Drilling
Twenty of the twenty-six holes drilled during Phase 2 of the 2022 drilling campaign were cored in Zone 1 and tested the up-dip and eastern extent of Pegmatites 1 and 3. Zone 1 is a stacked set of shallow dipping pegmatite dykes that make up the main target of the first stages of exploration of the Raleigh Lake project.

Zone 1 pegmatites have been defined by drilling and surface exposures in an area exceeding 600 metres x 400 metres for Pegmatite 1. The Phase 2 drill holes were drilled interstitially to historic drill holes and the Company’s previous drilling (Figure 1). Pierce points were planned to be at approximately 50 metre step outs from one another in preparation for a maiden resource calculation and to better define the core zone of Pegmatite 1 and its associated rubidium rich component.

The high-grade core of Pegmatite 1 is trending up-dip towards the surface exposure (Figure 1 and 2). This trend provides an additional 250 metres of up-dip extension for the high-grade core from the current drilling, bringing a good portion of the target closer to surface. Additionally, there are several smaller spodumene bearing pegmatites intersected at deeper depths below Pegmatite 1 which the Company interprets as providing significant discovery potential below and to the north of the current target area.

Six holes from Phase 2 were cored into Zone 2 targeting structures interpreted from airborne magnetic data and supported by lithogeochemical surveys showing elevated lithium concentrations. The down dip projection of Pegmatite 2, a small surface exposure of spodumene-bearing pegmatite approximately 750 metres northwest of Pegmatite 1 with a similar structural orientation, was also tested during this program but access to suitable drill sites was restricted due to topographical and terrain constraints. Results were encouraging with some spodumene bearing pegmatitic veins being intersected but more importantly the continuity of the Zone 2 pegmatites, which dip consistently to the southeast, project below Pegmatites 1 and 3 at Zone 1. The down dip potential of these spodumene-bearing dykes will be further investigated in future drill programs.

A summary of the analytical results for Phase 2 is given in Table 2.

Phase 3 Drilling
The Company is now preparing for the third phase of drilling in 2022 where an additional 1,500 metres of drilling will test portions of the up-dip component to Pegmatite 1 and approximately 1,000 metres testing a number of shallow targets identified in Zones 5 and 6 that are road accessible.

Table 1: Summary of drill holes cored during Phase 2 of the 2022 drill program at Raleigh Lake.

Hole ID Easting Northing Azimuth Dip Depth (m) Elevation (m) Prospect
RL22-19 575392 5474665 315 -50 101 461 ZONE 2
RL22-20 575577 5474468 290 -50 149 460 ZONE 2
RL22-21 575529 5474531 315 -50 110 458 ZONE 2
RL22-22 575481 5474545 315 -50 221 461 ZONE 2
RL22-23 575293 5473901 280 -50 176 469 ZONE 2
RL22-24 575318 5473994 285 -50 152 468 ZONE 2
RL22-25 576827 5473597 315 -75 170 480 ZONE 1
RL22-26 576792 5473573 315 -75 170 477 ZONE 1
RL22-27 576754 5473674 310 -50 170 482 ZONE 1
RL22-28 576757 5473674 35 -60 182 482 ZONE 1
RL22-29 576755 5473672 305 -70 149 482 ZONE 1
RL22-30 576719 5473585 310 -70 137 477 ZONE 1
RL22-31 576743 5473504 315 -70 194 480 ZONE 1
RL22-32 576673 5473551 315 -70 170 478 ZONE 1
RL22-33 576793 5473641 315 -80 149 481 ZONE 1
RL22-34 576746 5473651 315 -70 140 478 ZONE 1
RL22-35 576770 5473633 315 -70 150 478 ZONE 1
RL22-36 576710 5473618 315 -70 161 475 ZONE 1
RL22-37 576690 5473637 310 -70 151 474 ZONE 1
RL22-38 576693 5473567 315 -70 173 479 ZONE 1
RL22-39 576659 5473601 315 -70 152 474 ZONE 1
RL22-40 576724 5473671 305 -60 152 480 ZONE 1
RL22-41 576725 5473671 355 -58 137 480 ZONE 1
RL22-42 576621 5473543 315 -70 167 474 ZONE 1
RL22-43 576653 5473512 315 -70 185 478 ZONE 1
RL22-44 576616 5473478 315 -70 230 479 ZONE 1

 

Table 2: Summary of significant mineralized intersections from Phase 2 Drilling at Raleigh Lake.

2022 Raleigh Lake Drilling Program: PHASE II Results
Pegmatite Intersections**
Hole_ID From (m) To (m) Width
(m)
Cs2O
(%)
Li2O Rb2O Comments
RL22-27 115.23 128.97 13.74 0.011 1.90 0.14 Pegmatite #1 top to bottom
incl. 120.51 128.4 7.89 0.010 2.91 0.09 Higher grade core of Pegmatite 1
RL22-29 105.39 116.4 11.01 0.013 1.32 0.14 Pegmatite #1 top to bottom
incl. 107.15 112.5 5.35 0.020 2.62 0.19 Higher grade core of Pegmatite 1
RL22-30 117.82 124.26 6.44 0.010 1.64 0.27 Peg #1
RL22-31 155.6 156.8 1.2 0.010 1.88 0.24 Peg #1
and 165.79 170 4.21 0.010 1.04 0.30 Peg #1
RL22-32 52.36 55.54 3.18 0.020 1.07 0.22 Peg #3
and 142.73 150.46 7.73 0.010 0.63 0.13 Peg #1
RL22-33 108.93 115.82 6.89 0.030 0.36 0.39 Peg #1
incl. 111.4 113.15 1.75 1.43 Rb-rich core
RL22-34 99.76 110.5 10.74 0.020 1.18 0.41 Pegmatite #1 top to bottom
RL22-35 97.2 107.1 9.9 0.020 2.45 0.44 Pegmatite #1 top to bottom
Incl. 97.2 99.64 2.44 0.95 Rb-rich cap
RL22-36 36.08 38.19 2.11 0.020 1.31 0.35 Peg #3
and 96.24 102.7 6.46 0.010 3.62 0.11 Pegmatite #1 top to bottom
RL22-37 99.36 107.75 8.39 0.010 2.73 0.17 Pegmatite #1 top to bottom
RL22-38 51.95 55.28 3.33 0.020 0.22 0.15 Peg #3
and 122.73 128.64 5.91 0.010 1.43 0.23 Pegmatite #1 top to bottom
RL22-39 23.85 27.15 3.3 0.010 1.33 0.25 Peg #3
and 117.16 124.07 6.91 0.010 1.80 0.26 Pegmatite #1 top to bottom
RL22-40 96.2 106.3 10.1 0.020 0.40 0.30 Pegmatite #1 top to bottom
RL22-41 104.15 117.5 13.35 0.020 0.71 0.27 Pegmatite #1 top to bottom
Incl. 106.7 109.5 2.8 0.84 Rb-rich core
RL22-42 140 146 6 0.010 1.12 0.21 Outer margins of Peg #1
RL22-43 57.25 61.4 4.15 0.020 1.15 0.37 Peg #3
and 153.55 160.45 6.9 0.010 1.10 0.24 Outer margins of Peg #1
RL22-44 50.5 54.1 3.6 0.040 1.48 0.20 Peg #3
and 164.5 168.9 4.4 0.010 0.39 0.30 Outer margins of Peg #1

 

** All intervals reported in this table are downhole core lengths. Accurate true widths are unknown at this time but are estimated to be within 70-100% of the reported intervals based on the geometry of the bodies and structural measurements on oriented core.

Figure 1: Approximate surface trace outline of Pegmatite 1 showing pierce points from drilling. Pegmatite 1 appears to have an enriched core trending up dip toward the northwest. The Company will investigate this enrichment trend in upcoming drill programs.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/3232/137801_dc95b566e437bb6d_003full.jpg.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3232/137801_dc95b566e437bb6d_004.jpg

Figure 2: Cartoon cross section A-A’ (Figure 1) illustrating the orientation of Pegmatite 1 and the up-dip projection to its surface outcrop. Pegmatite 1 appears to have an enriched core, a rubidium rich zone in the form of a monomineralic microcline and is thicker than previously interpreted based on the exposed outcrop, which occurs in a heavily vegetated area. Note that smaller pegmatitic veins intersected in the drill holes are not shown.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/3232/137801_dc95b566e437bb6d_004full.jpg.

John Wisbey, Chairman and CEO of International Lithium Corp. commented:

These are very good results with high grades of lithium and rubidium at Raleigh Lake, and we are increasingly enthusiastic about the prospects for this project. Now that we have our permissions in place for further drilling, we will shortly begin some of the additional drilling that we have been planning.

We should be on track to produce a Maiden Resource Estimate for Raleigh Lake by the end of 2022.

It should be stressed that the above results represent drilling on only about 8% of our 48,500 hectares for this project.

Quality assurance/quality control procedures
International Lithium Corp. has implemented a rigorous quality assurance/quality control program to ensure best practices in sampling and analysis of diamond drill core. All assays are performed by Activation Laboratories Ltd. (ActLabs), with sample preparation and analysis carried out in their full-service facility in Dryden, Ontario. Sample preparation involves crushing the entire sample to 80% passing 2 mm, riffle split 250g and pulverize to 95% passing 105 µm (Code RX1).

Primary analysis method: Peroxide (Total) Fusion, ICP-OES & ICP-MS with 55 elements that include detection levels for Li of 15ppm – 50,000ppm and rubidium of 0.4 to 5,000 ppm (Lab code UT7). Sodium peroxide fusion provides total metal recovery and is effective for the decomposition of sulphides and refractory minerals which are common to pegmatite.

Over limit analysis method: Samples that return with results above the instruments detectable levels for lithium (50,000 ppm) and Rb (5,000 ppm) are then re-analyzed by Assay Grade, Peroxide (Total) Fusion (Code 8 Peroxide ICP-OES).

The drill program was under the control of a Professional Geoscientist, registered with Engineers & Geoscientists British Columbia. The Company and its contractors carried out the program under full compliance with COVID-19 protocols based on guidelines issued by Public Health Ontario and provincial health authorities of Ontario to ensure the safety and health, for all personnel.

About International Lithium Corp.

International Lithium Corp. believes 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. 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 to become more self-sufficient. Our Canadian projects are strategic in that respect.

Our key mission in the next 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.

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 now well placed in that respect with a strong net cash position.

The Company’s interests in various projects now consists of the following, and in addition the Company continues to seek other opportunities:

Name Location Area
(Hectares)
Current
Ownership Percentage
Future Ownership percentage if options exercised or work carried out Operator or JV Partner
Raleigh Lake Ontario 48,500 100% 100% ILC
Wolf Ridge Ontario 5,700 0% 100% ILC
Avalonia Ireland 29,200 45% 21% Ganfeng Lithium
Mavis Lake Ontario 2,600 0% 0%
(carries an extra earn-in payment of CAD $1.4M if resource targets met)
Critical Resources Ltd 
Forgan Lake
& Lucky Lake
Ontario 0% 1.5% Net Smelter Royalty Ultra Lithium Inc. 

 

The Company’s primary strategic focus at this point is on the Raleigh Lake lithium, rubidium and caesium project in Canada and on identifying additional properties.

The Raleigh Lake project consists of 48,500 hectares (485 square kilometres) of 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.

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 Wolf Ridge 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 Company’s projects, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. 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/137801

https://investingnews.com/avalon-and-lg-energy-solution-sign-memorandum-of-understanding-to-accelerate-ontario-s-lithium-battery-materials-supply-chain/

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