International Lithium Corp.: Phase 1 Drill Program to Commence Mariana Lithium Brine Project, Argentina
November 28 2011 - 7:41AM
Marketwired Canada
International Lithium Corp. (TSX VENTURE:ILC)(TSX VENTURE:ILC.WT) ("ILC" or the
"Company") is pleased to announce a Reverse Circulation drill rig has been
secured for the forthcoming drill program at the Mariana lithium brine project
in the province of Salta, northwestern Argentina.
Key Highlights:
-- Mariana Phase 1 resource delineation drill program commencing within two
weeks;
-- Objective is to characterize the subsurface brine across different
regions within the salar;
-- Extensive Phase 2 drill program planned for early next year; and
-- Inferred Resource estimate targeted for Q3-2012.
"We are anticipating not only the commencement of drilling within the next two
weeks, but the first real step in quantifying the subsurface potential of the
Mariana salar," Mike Sieb, President of International Lithium Corp. states.
"This Phase 1 resource delineation drill program will provide a wide spaced
characterization of the subsurface brine in preparation for an extensive
follow-up program early next year."
Mariana Drill Program
The Company will commence a 4-6 hole Phase 1 drill program on the Mariana
lithium brine property in Argentina within the next two weeks. The goals include
a) geochemical characterization of the subsurface brine across different regions
within the basin, b) identification of the stratigraphy for a geological model
of the salar, and c) identification and characterization of the aquifer
potential of the basement of the salar. The Company's intent is to utilize this
drill program as a first step towards a resource classification of the brine. A
more extensive drill program is planned for early next year that will focus on
the priority areas of the salar identified through the current program. The
objective of the subsequent Phase 2 drill program will be to continue to
delineate, characterize and add to the confidence level of the geochemistry of
the host aquifer; with an Inferred Resource estimate targeted for Q3-2012.
The site preparation for the Phase 1 drill program at Mariana is complete and a
drill rig has been secured. Through April to June 2011 a 20-person fully
operational camp was erected at site, a 25 kilometre drill road network was
constructed across the salar and 8 drill platforms were prepared.
About the Mariana Project
The Mariana lithium brine project in Argentina, covering an expansive 160 square
kilometres, revealed highly compelling geochemistry from a preliminary
investigation that returned average grades of 440 mg/L lithium and 12,700 mg/L
potassium. The potassium levels were unexpected and represent one of the highest
grades comparative to any of the neighbouring salars outside of the world class
operation on the Atacama salar in Chile.
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.
ABOUT INTERNATIONAL LITHIUM CORP.
International Lithium Corp. is an international rare element metals ("REM")
exploration company with an outstanding portfolio of projects, strong management
ownership, robust financial support and a strategic partner, Jiangxi Ganfeng
Lithium Co. Ltd., a leading China based 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 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
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