VANCOUVER, Jan. 12, 2018 /CNW/ - Rock Tech Lithium Inc. (the "Company" or "Rock Tech") (TSX-V: RCK; Frankfurt: RJIB) is pleased to provide an update on its plans for 2018.
From the desk of Martin Stephan, director and Chief Executive Officer:
"We began 2017 on a positive note, discovering new lithium-bearing pegmatites at our Georgia Lake lithium project. While lithium in the Georgia Lake region was discovered in the 1950's and much work has been done by past operators, this reminded us of the project's growth potential. Much of our exploration investments have been aimed at modernizing historic data; however, we made it a goal to do more prospecting during 2017 and the results speak for themselves. During the summer, additional new lithium-bearing pegmatites were discovered adjacent to the main resource zone and we are currently completing a trenching program testing the potential of these discoveries.
This past year also saw drills turning at Georgia Lake for the first time since 2012. Our drill program targeted two regions with historic resources and gave us valuable data that will help make future drilling much more efficient.
2017 was a positive year for companies in the lithium industry, including Rock Tech. By now, most major automobile manufacturers have announced plans to electrify all or a substantial portion of their models. Similarly, governments from Asia to Europe have stated their intentions to phase out the internal combustion engine. Automaker electrification announcements, government policy objectives and persistent difficulties bringing new supply online have buoyed lithium prices. We do not see significant changes to any of these factors next year and continue to be bullish on lithium prices in the near-term. The fourth quarter of 2017 saw what we believe will be the first of many M&A transactions in the lithium industry with an early-stage exploration company acquired at a premium by a Chinese group seeking supply security.
In addition to the positive developments at Rock Tech, we are witnessing another positive shift in the overall lithium market, a shift that may well characterize 2018. As mentioned in my previous letter to you, on February 1 of last year, there is a shortage in the lithium market. This has created a desirable situation for investors in lithium exploration companies. Specifically, end-users of lithium, whether battery or auto manufacturers, are seeking to get involved much earlier in the project development cycle than you see elsewhere in the commodities complex. By providing a suite of development capital sources, whether through product prepayments, bridge financing or loans, earlier in a project's development, lithium end-users reduce the necessity of massive equity dilution that characterizes typical mining companies on their path to production. This year, we will continue discussions with potential partners seeking to fulfill their future lithium requirements by providing project development capital. We have been and remain committed to minimizing dilution to preserve maximum appreciation potential for our shareholders.
Expanding the Team
During 2017, we welcomed Dr. Peter Kausch to the board of directors. Dr. Kausch holds Doctorate and Masters degrees in Mining Engineering and brings over 40 years of experience in natural resources to Rock Tech.
Expanding Our Knowledge Base
Our newly formed Advisory Board was officially constituted on January 1. We are honoured to welcome such distinguished individuals to the Advisory Board, each bringing a tremendous wealth of knowledge in resources and the automotive sector to Rock Tech (see company news release dated December 20, 2017).
As of today, Rock Tech's Georgia Lake property hosts indicated resources of 3.2 million tonnes grading 1.10% lithium oxide and inferred resources of 6.3 million tonnes grading 1.00% lithium oxide. The property also hosts additional historic resources and several recently discovered lithium-bearing pegmatites.
During 2018, we plan to increase Rock Tech's control over lithium resources by expanding the Georgia Lake project, in cooperation with experienced service providers, and by making strategic acquisitions in a variety of lithium sources and jurisdictions around the globe."
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]