International Lithium Corp. (TSX VENTURE: ILC)(TSX VENTURE: ILC.WT)
("ILC" or the "Company") is pleased to announce the commencement of
a 1,200 metre drill program on the Rare Metals pegmatite field
spanning the Company's contiguous Mavis Lake and Fairservice claim
blocks near Dryden Ontario.
Key Highlights:
-- 1,200 metre minimum drill program commences on the Rare Metals pegmatite
field spanning the Company's contiguous Mavis Lake and Fairservice
properties;
-- Mavis Lake pegmatites exhibit high-grade well-evolved lithium and
tantalum zonation in conjunction with significant levels of cesium and
rubidium at surface;
-- A historical (non NI 43-101 compliant(i)) resource of 500,000 tons at
1.0% Li2O was delineated on 1 out of 10 known pegmatite bodies at
Fairservice;
-- Primary objectives are to confirm the historic lithium grades on the
Fairservice property and test the rare metal potential of the Mavis Lake
pegmatites; and
-- International Lithium Corp. launches new website.
"The Mavis Lake - Fairservice project is clearly emerging as a
premier multi-element rare metals project," states International
Lithium Corp. President, Mike Sieb. "This represents the first
drill program the Company has embarked on subsequent to its' recent
public listing and with two additional drill programs in
preparation we anticipate a fairly active season ahead of us."
The Company's contiguous Mavis Lake and Fairservice properties
straddle one continuous pegmatite field exhibiting high-grade
well-evolved lithium and tantalum zonation as well as significant
levels of cesium and rubidium. The primary objectives of the drill
program are to confirm the historic lithium grades on the
Fairservice property and test the rare metal potential of the Mavis
Lake property highlighted in the recent surface exploration
programs.
Mavis Lake Claim Block
Two field programs were undertaken in 2009 consisting of
detailed mapping and sampling of the known pegmatite occurrences to
assess the lithium (Li), tantalum (Ta) and other rare metals
potential of the Company's 100% owned Mavis Lake property.
Composite channel samples returned 1.24 Wt% Li2O over 5.3 metres
and 1.4 Wt% Li2O over 4.7 metres from Pegmatite #18.
In addition, a lithogeochemical survey over a 1200m by 900m grid
extended the lithium dispersion anomaly (greater than 50 ppm Li) by
1.1kms to 4.5kms in total length. Of special note, 38% (78 of 204
grab samples) graded better than 150 ppm Ta2O5(ii) (tantalum oxide)
demonstrating widespread highly anomalous Tantalum mineralization
(TNR Gold Corp., precursor reporting issuer to ILC spin-out, news
release dated December 9, 2009).
The highest tantalum values came from Pegmatites 13, 14 and 16
which occur within an area of 500 by 800 metres that represents the
known southeastern exploration limit for rare metal mineralization
on the property. This prospective area of elevated tantalum values
is underexplored and open to the east and southeast. Grab samples
from this area returned peak Ta2O5 values of 1349 ppm (0.135%) and
1246 ppm (0.125%) from the No.16 and No.14 pegmatites,
respectively(ii).
(ii) Note: grab samples are by definition selective and are
unlikely to represent average grades on the property.
Fairservice Mining Leases
The Fairservice property consists of 6 Mining Leases totaling
88.4 hectares and is dominated by east trending
spodumene-beryl-tantalite-type pegmatites considered to be part of
the same dyke swarm as on the Company's adjacent Mavis Lake claim
block. Past exploration identified 10 pegmatites (Pegmatite #1-10)
and delineated an historical (non NI 43-101 compliant) resource of
500,000 tons at 1.0% Li2O at Pegmatite #1(i).
To earn a 100% interest, ILC has agreed to make payments
totaling $120,000 and issuing an aggregate of 500,000 common shares
of ILC over a three-year period and incurring exploration
expenditures totaling $500,000 over a four-year period. The vendor
will retain a 5% Net Profits Interest royalty of which the Company
has the right to purchase in entirety by paying the Vendor the sum
of $1 million.
(i) Note: a qualified person has not done sufficient work to
classify the historical estimate as current mineral resources, the
issuer is not treating the historical estimate as current mineral
resources and the historical estimate should not be relied
upon.
Mavis Lake - Fairservice Property Area - General
The contiguous Mavis Lake and Fairservice properties are located
15 km Northeast of Dryden, Ontario. The properties are easily
accessed via the Trans-Canada Highway and a series of logging
roads. The claim blocks comprise a total of 2,624 hectares and
cover several known rare metal pegmatites.
Regional pegmatite mineralization is directly associated with
the strongly peraluminous Ghost Lake pluton and related pegmatitic
granite dykes. Rare metal mineralization in the Mavis Lake area
occurs in zoned pegmatites hosted by mafic metavolcanic rocks. Rare
metal mineralization has been noted to occur in four zones:
internal beryl zone within the parent of the Ghost Lake pluton that
evolves to the east within the Fairservice and Mavis Lake claim
blocks into external zones of beryl-columbite,
spodumene-beryl-tantalite and albite-type pegmatites. The Mavis
Lake property has reported high-grade well-evolved lithium and
tantalum zonation as well as significant levels of cesium and
rubidium across multiple pegmatite bodies.
John Harrop, P.Geo, is the company's qualified person on the
project as required under NI 43-101 and has reviewed the technical
information contained in this press release.
For more information on the Mavis Lake - Fairservice Project,
the Company's other projects or to help understand the technical
aspects of Lithium and other Rare Metals please visit International
Lithium Corp.'s newly revamped website at
www.internationallithium.com.
ABOUT INTERNATIONAL LITHIUM CORP.
International Lithium Corp. is an international rare element
metals ("REM") mineral exploration company with an outstanding
portfolio of projects, strong management ownership, robust
financial support and a prominent lithium product manufacturer as a
keystone investor.
ILC currently has 9 active REM projects, well balanced between
lithium brines in Argentina and Nevada and hard-rock pegmatites in
Canada and Ireland. The Company's primary focus is the Mariana
lithium brine project, a salar or 'salt lake', covering an
expansive 160 square kilometres and strategically encompassing the
entire basin. Mariana is located in the renowned South American
'Lithium Belt' centred on the junction of Argentina, Bolivia and
Chile that is host to the vast majority of global lithium
resources, reserves and production. The Mariana lithium brine
project ranks as one of the more prospective salars in the
region.
Complementing the Company's lithium brine projects are the REM
pegmatite properties. The key characteristics shared by the
hard-rock REM projects are their limited past exploration,
excellent accessibility, limited assaying for rare metals, clear
potential for additional exploration to add project value and
development potential to meet the global technological growth in
demand for the REM suite of elements.
International Lithium Corp.'s mandate is to increase shareholder
value through aggressive advancement of its core projects and to
source joint venture partners to expand the scope and diversify
risk of its exploration effort.
On behalf of the Board,
Mike Sieb, President - International Lithium Corp.
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.
Shares CUSIP: #459820 10 6
Warrant CUSIP: #459820 11 4
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.
Contacts: International Lithium Corp. Mike Sieb President (604)
687-7551 or 1-800-667-4470 (604) 687-4670 (FAX)
info@internationallithium.com www.internationallithium.com
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