TORONTO, Nov. 2 /CNW Telbec/ - Canada Lithium Corp. (TSXV: CLQ) announced today that Caracle Creek International Consulting Inc. (CCIC) has completed the digitizing and modeling of all historical data from the former Quebec Lithium Mine located 60 km north of Val d'Or, Quebec.
The modeling by CCIC has increased the target estimate for the mine area to 29-30 million tonnes grading 1.1%-1.2% Li2O.
"We are extremely encouraged by the modeling for the project as it has doubled the 15 million tonnes of the historical estimate previously reported when the mine closed in the 1960s," said Peter Secker, President and CEO of Canada Lithium Corp.
"The modeling suggests that the Quebec Lithium Project can be developed into a lithium carbonate operation with a mine life in excess of 15 years," he noted.
In order to upgrade the conceptual estimate to a National Instrument 43-101 compliant, classifiable resource estimate, the Company recently commenced a 7,000-metre verification/delineation drill program at the Quebec Lithium site. This program will "twin" approximately 28 of the more than 400 historic surface and underground holes as well as drill a number of holes to approximately 500 vertical metres to demonstrate ore continuity at depth in the area of the existing mine workings.
Core from this drilling program will also be used to provide a bulk metallurgical sample for ongoing metallurgical testing. This work program is part of the pilot metallurgical test work that will be used for a Bankable Feasibility Study and also to deliver additional marketing samples to Mitsui in Japan.
The 29-30 million tonne potential tonnage estimate by CCIC was based on previous drill results that defined the approximate length, thickness, depth and grade of the historic estimate. This incorporated over 60 surface diamond drill holes, 340 underground drill holes and 21 underground stopes. A three-dimensional geological model was developed from this data to aid in deposit evaluation. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the discovery of a mineral resource.
As noted, the historical estimate outlined 15 million tonnes at 1.14% Li2O. This resource is not compliant with NI-43-101 due to the fact that the original core samples from the historic drilling programs were lost when the mine closed down in 1965 and the assay data cannot be verified. This resource estimate cannot, therefore, be considered current and reliable.
A technical report describing the potential tonnage estimate will be filed on SEDAR within 45 days of this release. It is expected that the NI-43-101-compliant resource estimate will be completed during the first quarter of 2010.
The potential tonnage exploration target was prepared by Michelle Stone, P.Geo., a Senior Geologist with CCIC. Ms. Stone is an independent Qualified Person as defined by NI 43-101. Ms. Stone has read and approved the contents of this news release.
Mitch Lavery, P.Geo., is the Qualified Person for the Quebec Lithium Project in accordance with NI 43-101. Mr. Lavery has read and approved the contents of this news release.
Canada Lithium Corp. is a Canadian-based resource and exploration company trading under the symbol CLQ on the TSX-V. The Company has initiated a prefeasibility study on the Quebec Lithium Project, which will include environmental, metallurgical, geological and engineering studies. It has an agreement with Japanese metals trading firm, Mitsui and Co. Ltd., to market a portion of Canada Lithium Corp.'s product in China, Korea and Japan. Metallurgical tests have produced battery-grade lithium from deposit samples.
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.
The statements made in this press release may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of Canada Lithium Corp. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of Canada Lithium Corp. management as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the Company. Canada Lithium Corp. disclaims any obligation to update information contained in any forward-looking statement.
SOURCE Canada Lithium Corp.
For further information: For further information: Peter Secker, President and CEO, (416) 361-2821; Olav Svela, Director, Investor Relations, (416) 361-2821, email@example.com; Dan Symons, Renmark Financial Communications Inc., (514) 939-3989, firstname.lastname@example.org; Or visit our new updated Canada Lithium website at www.canadalithium.com