International Lithium Corp. (TSX VENTURE:ILC)(TSX VENTURE:ILC.WT)
("ILC" or the "Company") is pleased to announce the completion of
drilling on the Lithium and Rare Metals pegmatite field spanning
the Company's contiguous Mavis Lake and Fairservice claim blocks
near Dryden Ontario.
Key Highlights:
-- 1,753 metres drilled representing an increase of 46% from original 1,200
metre proposed program;
-- 20 holes completed on the Rare Metals pegmatite field spanning the
Company's contiguous Mavis Lake and Fairservice properties;
-- 394 samples collected and shipped for analysis with results expected in
6-8 weeks;
-- Primary objectives were to confirm the historic lithium grades on the
Fairservice property and test the rare metal potential of the Mavis Lake
pegmatites; and
-- Material collected from several pegmatites for preparation as a
certified reference material.
The Company's Mavis Lake - Fairservice property straddles a
continuous pegmatite field exhibiting high-grade, well-evolved,
lithium and tantalum zonation as well as significant levels of
cesium and rubidium. The primary objectives of the drill program
were to confirm the historic lithium grades on the Fairservice
claims and test the rare metal potential of the Mavis Lake claims
highlighted in the recent surface exploration programs. A 1,200
metre drill program was planned, but extended mid-program to
complement and better fulfill the objectives.
Of the 20 holes drilled, 17 intersected one or more intervals of
pegmatite greater than 2 metres and up to 78 metres in
length(i).
At completion, 1,753 metres were drilled across 20 holes with
394 samples collected and shipped for analysis. Results are
anticipated in 6-8 weeks due to laboratory turnaround for the
samples and preparation of a lithium certified reference material
("CRM"). Once completed, the CRM will be available to support
industry recognized QA/QC protocols on all ILC pegmatite
projects.
(i) The true width of the pegmatite intersections as well as the
rare metal grades have not been determined and no inference has
been made to that effect until the analytical results are returned
and a geological interpretation is completed.
Mavis Lake Claim Block
Two field programs were undertaken in 2009 consisting of
detailed mapping and sampling of the known pegmatite occurrences to
assess the lithium (Li), tantalum (Ta) and other rare metals
potential of the Company's 100% owned Mavis Lake property.
Composite channel samples returned 1.24 Wt% Li2O over 5.3 metres
and 1.4 Wt% Li2O over 4.7 metres from Pegmatite #18.
In addition, a lithogeochemical survey over a 1200m by 900m grid
extended the lithium dispersion anomaly (greater than 50 ppm Li) by
1.1kms to 4.5kms in total length. Of special note, 38% (78 of 204
grab samples) graded better than 150 ppm Ta2O5(ii) (tantalum oxide)
demonstrating widespread highly anomalous Tantalum mineralization
(TNR Gold Corp., precursor reporting issuer to ILC spin-out, news
release dated December 9, 2009).
The highest tantalum values came from Pegmatites 13, 14 and 16
which occur within an area of 500 by 800 metres that represents the
known southeastern exploration limit for rare metal mineralization
on the property. This prospective area of elevated tantalum values
is underexplored and open to the east and southeast. Grab samples
from this area returned peak Ta2O5 values of 1349 ppm (0.135%) and
1246 ppm (0.125%) from the No.16 and No.14 pegmatites,
respectively(ii).
(ii) Note: grab samples are by definition selective and are
unlikely to represent average grades on the property.
Fairservice Mining Leases
The Fairservice property consists of 6 Mining Leases totaling
88.4 hectares and is dominated by east trending
spodumene-beryl-tantalite-type pegmatites considered to be part of
the same dyke swarm as on the Company's adjacent Mavis Lake claim
block. Past exploration identified 10 pegmatites (Pegmatite #1-10)
and delineated an historical (non NI 43-101 compliant) resource of
500,000 tons at 1.0% Li2O at Pegmatite #1(iii).
To earn a 100% interest, ILC has agreed to make payments
totaling $120,000 and issuing an aggregate of 500,000 common shares
of ILC over a three-year period and incurring exploration
expenditures totaling $500,000 over a four-year period. The vendor
will retain a 5% Net Profits Interest royalty of which the Company
has the right to purchase in entirety by paying the Vendor the sum
of $1 million.
(iii) Note: a qualified person has not done sufficient work to classify the
historical estimate as current mineral resources, the issuer is not
treating the historical estimate as current mineral resources and the
historical estimate should not be relied upon.
Mavis Lake - Fairservice Property Area - General
The Mavis Lake - Fairservice property is located 15 km Northeast
of Dryden, Ontario. The property is easily accessed via the
Trans-Canada Highway and a series of logging roads. The claim
blocks comprise a total of 2,624 hectares and cover several known
rare metal pegmatites.
Regional pegmatite mineralization is directly associated with
the strongly peraluminous Ghost Lake Pluton and related pegmatitic
granite dykes. Rare metal mineralization in the Mavis Lake area
occurs in zoned pegmatites hosted by mafic metavolcanic rocks. Rare
metal mineralization has been noted to occur in four zones:
internal beryl zone within the parent of the Ghost Lake pluton that
evolves to the east within the Fairservice and Mavis Lake claim
blocks into external zones of beryl-columbite,
spodumene-beryl-tantalite and albite-type pegmatites. The Mavis
Lake property has reported high-grade well-evolved lithium and
tantalum zonation as well as significant levels of cesium and
rubidium across multiple pegmatite bodies.
John Harrop, P.Geo, is the company's qualified person on the
project as required under NI 43-101 and has reviewed the technical
information contained in this press release.
For more information on the Mavis Lake - Fairservice Project,
the Company's other projects or to help understand the technical
aspects of Lithium and other Rare Metals please visit International
Lithium Corp.'s newly revamped website at
www.internationallitium.com.
ABOUT INTERNATIONAL LITHIUM CORP.
International Lithium Corp. is an international rare element
metals ("REM") mineral exploration company with an outstanding
portfolio of projects, strong management ownership, robust
financial support and a prominent lithium product manufacturer as a
keystone investor.
ILC currently has 9 active REM projects, well balanced between
lithium brines in Argentina and Nevada and hard-rock pegmatites in
Canada and Ireland. The Company's primary focus is the Mariana
lithium brine project, a salar or 'salt lake', covering an
expansive 160 square kilometres and strategically encompassing the
entire basin. Mariana is located in the renowned South American
'Lithium Belt' centred on the junction of Argentina, Bolivia and
Chile that is host to the vast majority of global lithium
resources, reserves and production. The Mariana lithium brine
project ranks as one of the more prospective salars in the
region.
Complementing the Company's lithium brine projects are the REM
pegmatite properties. The key characteristics shared by the
hard-rock REM projects are their limited past exploration,
excellent accessibility, limited assaying for rare metals, clear
potential for additional exploration to add project value and
development potential to meet the global technological growth in
demand for the REM suite of elements.
International Lithium Corp.'s mandate is to increase shareholder
value through aggressive advancement of its core projects and to
source joint venture partners to expand the scope and diversify
risk of its exploration effort.
On behalf of the Board,
Mike Sieb, President - International Lithium Corp.
Statements in this press release other than purely historical
information, historical estimates should not be relied upon,
including statements relating to the Company's future plans and
objectives or expected results, are forward-looking statements.
News release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange
Act of 1934, as amended. Forward-looking statements are based on
numerous assumptions and are subject to all of the risks and
uncertainties inherent in the Company's business, including risks
inherent in resource exploration and development. As a result,
actual results may vary materially from those described in the
forward-looking statements.
Shares CUSIP: #459820 10 6
Warrant CUSIP: #459820 11 4
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.
Contacts: International Lithium Corp. Mike Sieb President (604)
687-7551 or 1-800-667-4470 (604) 687-4670
(FAX)info@internationallithium.comwww.internationallithium.com
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