International Lithium and Pioneer Resources Announce the Completion of Drilling at the Mavis Lithium Project
March 13, 2017 (Source) — International Lithium Corp. (TSXV: ILC) (the “Company” or “ILC“) is pleased to announce, with strategic partner Pioneer Resources Limited (ASX: PIO) (“Pioneer”), the completion of the first phase of Pioneer’s drill program at the Mavis Lake Lithium Project in the province of Ontario, Canada.
Further to the Company’s news releases dated February 7 and February 8 announcing the commencement and certain progress of exploratory drilling activities at the Mavis Lake lithium pegmatite project currently under option to Pioneer, ILC has received confirmation from Pioneer, the operator of the project, that the drilling program is now complete.
Analytic results are not yet available for the recently completed drill program and ILC has not yet had the opportunity to have a “Qualified Person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, review and approve the scientific and technical information collected and presented by Pioneer.
Results of the drilling program will be presented as they become available.
About International Lithium Corp.
International Lithium Corp. is an exploration company with significant portfolio of projects, strong management, robust financial support, and a strategic partner and keystone investor, Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer.
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The Company’s primary focus is the strategic stake in the Mariana lithium-potash brine project, a joint venture with Ganfeng Lithium Co. Ltd. (“GFL”), located within the renowned South American “Lithium Belt” that is the host to the vast majority of global lithium resources, reserves and production. The Mariana project strategically encompasses an entire mineral rich evaporite basin, totalling 160 square kilometres, that ranks as one of the more prospective salars or ‘salt lakes’ in the region. Current ownership of the project is through a joint venture company, Litio Minera Argentina S. A. a private company registered in Argentina, owned 80% by Gfl 20% by ILC. In addition, ILC has an option to acquire 10% in the Mariana project through a back-in right.
Complementing the Company’s lithium brine project are three rare metals pegmatite properties in Canada known as the Mavis, Raleigh, and Forgan projects, and the Avalonia project in Ireland, which encompasses an extensive 50km-long pegmatite belt. The Avalonia project is under option to strategic partner GFL, that currently owns 55% of the project. The Mavis and Raleigh projects are under option to strategic partner Pioneer Resources Limited (ASX: PIO) pursuant to which Pioneer can acquire up to a 51% interest in the projects.
The Mavis, Raleigh and Forgan projects together form the basis of the Company’s newly created Upper Canada Lithium Pool designated to focus on acquiring numerous prospects with previously reported high concentrations of lithium in close proximity to existing infrastructure.
With the increasing demand for high tech rechargeable batteries used in vehicle propulsion technologies and portable electronics, lithium is paramount to tomorrow’s “green-tech”, sustainable economy. By positioning itself with solid strategic partners and acquiring high quality assets for the Energy Revolution supply chain, ILC aims to be the partner of choice for investors in green-tech and to continue to build value for its shareholders.
About Pioneer Resources Limited
Pioneer explores for key, global demand-driven commodities in prospective geological domains, in areas with low geopolitical risk and with established infrastructure. Its property portfolio includes lithium assets in Canada and mining regions of Western Australia, plus strategically located gold and nickel projects in Western Australia.
In addition to the Mavis Lake and Raleigh Lithium Projects, Pioneer has been advancing its 100%-owned Pioneer Dome Lithium Caesium Tantalum Project.
On behalf of the Board of Directors,
Chairman, President and CEO, International Lithium Corp.
For further information concerning this news release please contact +1 604-700-8912
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 contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” or “could” occur. 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 “Forward-Looking Statements” in the interim and annual Management’s Discussion and Analysis which are available at www.sedar.com. While our management believes that the assumptions made are reasonable, 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 estimates and opinions of management on the dates they are made 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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