VANCOUVER, Oct. 25, 2018 /CNW/ - Rock Tech Lithium Inc. (the "Company" or "Rock Tech") (TSX-V: RCK; Frankfurt: RJIB) is pleased to announce that it has mobilized a trenching crew to the McVittie area of its 100%-owned Georgia Lake lithium property in the Thunder Bay Mining District of Northwest Ontario, Canada.
Martin Stephan, Chief Executive Officer of Rock Tech, commented, "We are excited to begin the trenching program following up on the positive results from our Preliminary Economic Assessment announced October 2, 2018. The program is aimed at developing drill targets for future resource definition drilling to increase our resource tonnage further and to build up the McVittie area as a second main resource zone of our property."
The McVittie pegmatite, located south of the Nama Creek pegmatite which hosts the majority of the Company's NI 43-101 resource estimate, was the focus of a drill program conducted in 1955 and 1956. In total, twelve (12) holes were drilled over 544 metres. During 2016, ten (10) channels were cut and forty-seven (47) samples taken during a trenching program. The purpose of the channels was to gain information on additional pegmatites observed on surface and to better calibrate future exploration programs. The McVittie pegmatite hosts an inferred resource estimate, prepared in accordance with NI 43-101, of 670,000 tonnes (the Technical Report with resource estimate is available on the Company's website and on SEDAR).
On June 27, 2018, the Company announced an updated and upgraded resource estimate for the Georgia Lake lithium property that included the following:
- Measured: 1.89 million tonnes grading 1.04% lithium oxide ("Li2O");
- Indicated: 4.68 million tonnes grading 1.00% Li2O;
- Inferred: 6.72 million tonnes grading 1.16% Li2O.
The samples will be analyzed by Actlabs, an ISO 9001:2008 certified analytical laboratory located in Ancaster, Ontario.
All scientific and technical information in this news release concerning the Georgia Lake lithium property was reviewed and approved by Jessica Daniel, P. Geo, a qualified person (QP) as defined under National Instrument 43-101.
Additionally, the Company is pleased to announce the continued business relationship with Arriva Management Inc. ("Arriva") for mineral exploration and technical consulting work. Arriva will continue to provide technical geologic and strategic consulting to the Company to build upon the Company's successful exploration efforts. As partial compensation, Arriva will be issued common shares of Rock Tech, with a value of $39,000, payable in tranches after services have been rendered.
Furthermore, the Company announces that it intends to extend 1,445,556 warrants, due to expire on December 23, 2018, to December 31, 2020. The warrants, which are not listed for trading, have an exercise price of $1.45 per share. No warrants have been exercised within the last six months not were any warrants issued to an Agent, broker or finder as compensation for services. The proposed amendment to the warrants is subject to the approval of the TSX Venture Exchange.
About Rock Tech Lithium:
Rock Tech Lithium is an exploration company focused on acquiring and exploring properties in the field of lithium. The Georgia Lake Lithium project is a lithium-rich pegmatite vein deposit being developed for mining. The deposit was discovered in the Thunder Bay Mining district in northwestern Ontario/Canada, close to the Lake Superior, as early as 1955. Rock Tech Lithium has been working increasingly on the property since 2016 – in a market environment, where the trend for electric cars on the international market has been rising steeply for years. Analysts expect that more than 25% of newly sold cars in 2025 will be electrified, with the demand for batteries and therefore battery metals such as lithium expanding rapidly.
On behalf of the Board of Directors of the Company,
Director, Chief Executive Officer
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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
SOURCE Rock Tech Lithium Inc.
For further information: Rock Tech Lithium Inc., Brad Barnett: [email protected], Chief Financial Officer, Telephone: (778) 358-5200; Renmark Financial Communications Inc., Nathanael Niedermann: [email protected], Tel: (416) 644-2020 or (514) 939-3989