VANCOUVER, Aug. 4, 2017 /CNW/ - Rock Tech Lithium Inc. (the "Company" or "Rock Tech") (TSX-V: RCK; Frankfurt: RJIB) is pleased to provide an update on the field sampling program currently underway at its 100%-owned Georgia Lake lithium property in the Thunder Bay Mining District of Northwest Ontario, Canada.
Phase I of the field program targeted the Parole Lake region, an area of the Georgia Lake lithium property that hosts at least six lithium-bearing pegmatites. The No. 4 pegmatite was the site of drilling conducted this past spring and hosts an historic resource estimate. During this field program, the No. 1, No. 2, No. 3 and No. 5 pegmatite dykes were located, georeferenced and sampled. While no outcrop was found related to the No. 6 pegmatite, historic trenches were located and georeferenced. A total of eight (8) samples were collected from the region. Assay results will be announced when received.
Martin Stephan, Chief Executive Officer of Rock Tech, commented, "The Parole Lake region is one of the key growth areas of the Georgia Lake lithium property. The georeferencing of these pegmatites will provide us with modern coordinates and proper locations, increasing the effectiveness of follow up trenching and drilling. Sampling these pegmatites will provide valuable insights regarding the lithium content of these pegmatites as assays were not reported for all historic drill holes completed in the 1950's and 1960's."
Mr. Stephan continued, "the field program has been expanded to include additional sampling and surveying in the Aumacho, McVittie and Nama Creek areas."
Parole Lake Region
The Parole Lake region of the Georgia Lake lithium property hosts at least six lithium-bearing pegmatites. One of them, the Parole Lake No. 4, was the site of recent drilling and channeling and has an historic resource estimate of 1.5 million tonnes grading 1.30% Li2O (Pye, 1965); however, the historical estimate does not use the categories set out in sections 1.2 and 1.3 of NI 43-101 and a Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. As a result, the Parole Lake pegmatite is not included in Rock Tech's NI 43-101 resource estimate.
The results from the recent channel program confirmed the presence of high-grade lithium mineralization on surface with a sample showing an average grade of 1.89% Li2O over 4.22 metres, including 2.69% Li2O over 1.03 metres. The recently completed drill program, with one intersection averaging 1.53% Li2O over 11.65 metres, confirmed lithium mineralization at depth, provided a better understanding of the geometry of the lithium-bearing pegmatite, and will greatly enhance the efficacy of future drill programs. Additional drilling is required before estimation of true width in core intersections can be determined.
Eight (8) samples were collected from the Parole Lake region during the field program will be submitted to and analyzed by Actlabs, an ISO 9001:2008 certified analytical laboratory located in Geraldton, Ontario.
The field program is being carried out by Pleson Geoscience, a geological consulting firm dedicated to providing clients with cost effective exploration methods. Pleson Geoscience focuses on low-impact, high resolution data collection and uses conventional knowledge of geology and prospecting combined with the latest technology in surveying, drilling and geophysics. This allows Pleson Geoscience to generate and explore targets at a fraction of the cost of typical exploration programs.
All scientific and technical information in this news release concerning the Georgia Lake lithium property was reviewed and prepared under the supervision of Locke B. Goldsmith, P.Eng., P.Geo., an independent Qualified Person to Rock Tech.
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 success and exploration efforts carried out during 2017. The technical team is providing vital support in collecting and analyzing data from the recent exploration programs and planning the next stages of exploration and development at the Georgia Lake lithium project.
As partial compensation for the services to be provided, Arriva will receive $39,000 worth of common shares of the Company. The common shares will be paid in tranches after services have been rendered, per the Policies of the TSX Venture Exchange.
The agreement and all securities proposed to be issued thereunder are 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 and other selected battery metals.
Rock Tech is the only exploration company in the Georgia Lake region with an NI 43-101 resource estimate. The resource estimate shows an indicated resource estimate of 3.19 million tonnes grading 1.10% lithium oxide in addition to an inferred resource estimate of 6.31 million tonnes grading 1.00% lithium oxide. Further, the Company has completed metallurgical testing on a bulk sample demonstrating the ability to produce both a high-grade spodumene concentrate and battery-grade lithium carbonate ("Li2CO3"). The spodumene-bearing pegmatites of the Georgia Lake area were originally discovered in 1955.
To view photos, videos and maps from the ongoing exploration program, please use the following link: http://rocktechlithium.com/ongoing-exploration-program/
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: Brad Barnett, Chief Financial Officer, Rock Tech Lithium Inc., 777 Hornby Street, Suite 600, Vancouver, B.C., V6Z 1S4, Telephone: (778) 358-5200, Facsimile: (604) 670-0033, Email: [email protected]