VANCOUVER, Feb. 7, 2019 /CNW/ - Rock Tech Lithium
Inc. (the "Company" or "Rock Tech") (TSX-V: RCK; Frankfurt:
RJIB) is pleased to announce assay results from a trenching and
channel sampling program completed on the McVittie area of its
100%-owned Georgia Lake lithium property in the Thunder Bay Mining
District of Northwest Ontario,
The trenching program, following up on the positive results from
the Company's Preliminary Economic Assessment announced
October 2, 2018, suggests the main
McVittie lithium-bearing pegmatite extends further to the north
than previously understood. Furthermore, the northern extension
exhibits greater width than sections of the pegmatite previously
sampled in the south. During the program, a separate
lithium-bearing pegmatite to the east was also traced along strike
further to the north than previously thought.
"These results bode well for future resource definition drilling
as they increase the number of potential drill targets," said
Martin Stephan, Rock Tech's CEO.
"Increasing the dimensions of the main McVittie lithium-bearing
pegmatite, in addition to a separate lithium-bearing pegmatite to
the east, supports our hypothesis that the McVittie area could host
an additional main resource zone at our Georgia Lake property."
"Late last year we completed two channels in the McVittie area
that demonstrate the continuation of lithium mineralization to the
north and east of the inferred resource defined in the region,"
said Dirk Harbecke, Rock Tech
Lithium's Chairman. "The results will be added to our extensive
exploration database and used to formulate near-term drill plans as
we begin preparations for a feasibility study."
Two channels were completed during the program with channel #1
completed to the east of the 2016 channels and channel #2 completed
to the north, in an area previously prospected by the Company.
Results are included in the table below:
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
The samples were analyzed by Actlabs, an ISO 9001:2008 certified
analytical laboratory located in Geraldton, Ontario.
All scientific and technical information in this news release
concerning the Georgia Lake lithium property was reviewed and
approved by Karl Stephan Peters,
EurGeol 787, a qualified person (QP) as defined under National
Furthermore, the Company announces that it intends to extend
1,395,000 stock options, due to expire on July 18, 2019 (45,000) and December 20, 2019 (1,350,000), to December 31, 2021. The stock options expiring on
July 18, 2019 and December 20, 2019 have an exercise price of
$0.93 and $1.50 per share, respectively. The proposed
amendment to the stock options does not include any amendment to
the exercise price and is subject to the approval of the TSX
Additionally, the Company will be holding its Annual General
Meeting on Friday, March 8. Requisite
materials for the meeting will be posted to SEDAR.
About Rock Tech Lithium:
Rock Tech Lithium is focused on bringing its flagship Georgia
Lake lithium project into production. The Georgia Lake project is a
lithium-rich pegmatite vein deposit with measured and indicated
resources of 6.57 million tonnes grading 1.01% Li2O in addition to
inferred resources of 6.72 million tonnes grading 1.16% Li2O. The
first PEA for the project, focused exclusively on the main resource
area hosting less than 80% of total defined resources, was
published in October 2018. Highlights
from the PEA included an NPV of $312
million and an IRR of 62.2%.
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.