Infinite Lithium Acquires Additional Claims at the Jackpot Lithium Property and Commences Drilling
January 18, 2018 (Source) — INFINITE LITHIUM CORP. (“Infinite” or the “Company”) (ILI-TSX:V) (37NN–FRANKFURT) announces it has signed an agreement to acquire a 100% interest in certain claims surrounding its 100% Jackpot Lithium Project (the “Project” or “Property”) located in the Georgia Lake area within the Thunder Bay Mining Division, Ontario. The additional land increases the size of the Property to 256 hectares.
Infinite is also pleased to announce the commencement of a drilling program at its Jackpot Lithium Project. Using recently obtained information, including all historic drill logs and coordinates for each historic drill hole, Company geologists endeavor to confirm and expand on the historical successes at the Property. Results from the current drilling program will be used to complete a future National Instrument 43-101 (“NI-43-101”) Technical Report and Mineral Resource Estimation.
Caracle Creek International Consulting of Sudbury, Ontario has been engaged to direct the drilling program. Caracle Creek is an international mineral exploration consulting company with operations centered in Canada and South Africa.
Infinite President and CEO Michael England commented, “We are excited to have work now underway at our Jackpot lithium project and with this new information we will now be able to drill with confidence to both confirm historic numbers as well as test for other spodumene-bearing pegmatite bodies.”
The historic Jackpot lithium deposits were described by E.G. Pye in a 1965 report published by the Ontario Department of Mines on the Georgia Lake Area. The deposits were tested by a total of 32 holes drilled in 1955 by the Ontario Lithium Company Limited and its associated company Conwest Exploration Co. Ltd. The historic drilling confirmed the presence of at least two spodumene-bearing pegmatite bodies, one at and near the surface (No. 1) and the other (No. 2) lying beneath the No. 1 deposit. Historical resources at Jackpot, comprising only the No. 2 pegmatite, were reported as 2 million tonnes @ 1.09% Li2O, estimated in 1956 by the Ontario Lithium Company Limited*. The No. 2 pegmatite, which was discovered by diamond-drilling, was intersected by drilling at 30 to 100 metre intervals over a strike length of 215 metres, and at 30 to 60 metre intervals over a distance of approximately 365 metres across strike. The No. 2 pegmatite dyke is approximately 4 to 20 metres thick, averaging 11 metres.
*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These Historical Mineral Resources do not refer to any category of sections 1.2 and 1.3 of the National Instrument 43-101 such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company has not yet done sufficient enough work to classify the historical resource estimates as current mineral resources or mineral reserves and therefore should not be relied upon.
Terms of the 100% acquisition of the new lands call for a payment of 600,000 shares to the vendors plus the granting of a 2% NSR of which the Company may purchase back 1% for one million dollars.
The technical contents of this release were approved by Dr. Scott Jobin-Bevans, P.Geo., a Qualified Person as defined by the National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.
Infinite Lithium is a junior mining exploration company focused on seeking and acquiring world class lithium projects globally. Infinite Lithium continues to evaluate suitable prospects that fit the mandate of the Company.
ON BEHALF OF THE BOARD
Michael England, President, Director
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
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