International Lithium and Pioneer Resources Plan Drilling for the Mavis Lithium Joint Venture Project, Ontario, Canada
Vancouver, British Columbia--(Newsfile Corp. - April 20, 2016) - International Lithium Corp. (TSXV: ILC.V) (the "Company" or "ILC") is pleased to announce that strategic partner Pioneer Resources Ltd. ("Pioneer") (ASX: PIO) has advised the Company that they wish to advance an exploration program on the Mavis Lithium project in Ontario, Canada. The program comes ahead of the final decision on an option and joint venture agreement announced by the companies on March 14, 2016 whereby Pioneer was granted an exclusive right to conduct due diligence over a three month period prior to finalizing an option agreement (see Company news release March 14, 2016).
The proposed work program will include 6 diamond drill holes to test key spodumene intersections made at the Fairservice and Pegmatite 18 prospects during 2011 and 2012. Ground magnetic surveys totalling approximately 170 line-kilometres are proposed to help define the pegmatite targets and will be followed up with soil geochemical surveys. Subject to drilling results, and to the outcomes of the ground magnetic and geochemistry programs, drilling is expected to continue.
Mr. Kirill Klip, President, International Lithium Corp. comments, "We are very pleased to see a rapid advancement on the Mavis Lithium project in Ontario with Pioneer Resources Ltd.. International Lithium is now fully active on 3 continents with high quality projects and strategic partners. This initial program at Mavis, scheduled for June 2016, will allow ILC to begin its multi-project "Upper Canada Lithium Pool" targeting raw materials for the lithium supply chain to North America"
About Mavis Lithium Project
Key factors that make the Mavis Lithium Project attractive are its location and established infrastructure. Situated only 19 kilometres from the town of Dryden, Ontario and approximately 300 kilometres via the Trans-Canada Highway to Thunder Bay, an industrial centre in Ontario. Rail and power access are also readily available as well as a skilled workforce, experienced in sustainable natural resource development. The claim blocks comprise a total of 2,624 hectares and straddle a continuous pegmatite field exhibiting high-grade, well-evolved, lithium and tantalum zonation as well as significant levels of caesium and rubidium.
On March 14, 2016, ILC entered into an agreement with Australian Stock Exchange listed Pioneer Resources Ltd. whereby Pioneer can earn up to an 80% interest in the Mavis Lithium project. For details on that transaction see the Company's news release dated March 14, 2016.
John Harrop, P.Geo, FGS, is a Qualified Person as defined under NI 43-101 and has supervised preparation of the technical information contained in this news release.
About International Lithium Corp.
International Lithium Corp. is an exploration company with an outstanding portfolio of projects, strong management ownership, robust financial support and a strategic partner and keystone investor Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer.
The Company's primary focus is the Mariana lithium-potash brine project, within the renowned South American "Lithium Belt" that is the host to the vast majority of global lithium resources, reserves and production. The 160 square kilometre Mariana project strategically encompasses an entire mineral rich evaporate basin that ranks as one of the more prospective salars or 'salt lakes" in the region.
Complementing the Company's lithium brine project are rare metals pegmatite properties in Canada (Mavis and Raleigh projects) and Ireland (Avalonia project). The Avalonia project is under option to strategic partner Ganfeng Lithium and the Mavis project with strategic partner Pioneer Resources Ltd.. The Mavis and Raleigh 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 development partners and acquiring high quality grass roots projects at an early stage of exploration, ILC aims to be the resource explorer of choice for investors in green tech and build value for its shareholders.
On behalf of the Board of Directors,
Kirill Klip
President, International Lithium Corp.
For further information regarding this news release contact Caroline Klukowski (Corporate Communications) at 604.687.7551 or view the website at www.internationallithium.com
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. 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.