Vancouver B.C. October 1, 2013:
International Lithium Corp.
("ILC" or the "Company")
(ILC: TSX-V) is pleased to announce that Ganfeng Lithium
Co. Ltd. ("Ganfeng Lithium") has elected to exercise its option on
the Blackstairs Lithium Project in Ireland. The option agreement
between the two Parties (the "Blackstairs Agreement") gave Ganfeng
Lithium an option to earn 51%, 75% or up to a 100% interest in
ILC's wholly owned Blackstairs project in Ireland (NR_Oct02_2012).
Ganfeng Lithium has elected to fulfill their obligations for the
First Option, granting them a 51% ownership in the project, and
informed the Company they will exercise their right to enter into
the Second Option to earn a total 75% interest in the project. The
option to earn a 100% interest in the project (the "Additional
Option") expired on September 30, 2013 (NR_Jul31_2013).
Under the terms of the Blackstairs Agreement,
in order to exercise the First Option, Ganfeng Lithium will advance
$475,000 to ILC of which $250,000 was received as an advanced
payment (NR_Jul31_2013). Upon the exercise of the First Option,
under the Blackstairs Agreement, the Parties will enter into
negotiations to settle the terms and conditions of a formal joint
venture agreement.
The Second Option states that Ganfeng Lithium
can earn an additional 24% interest in the Blackstairs Project by
incurring $10 million in expenditures on the Blackstairs Property
or producing a positive feasibility study on the Property within
ten years of the effective date. At the request of Ganfeng Lithium,
the Company is preparing a budget proposal for the first two years
of exploration on the Blackstairs Project, which will include
regional scale reconnaissance work and detailed analysis of areas
such as Moylisha and Aclare where historic mineralization is
confirmed by Company drilling (NR_June25_2013).
"With the execution of these agreements
International Lithium achieves a very important milestone with its
strategic partner Ganfeng Lithium, currently building new
production facilities to accommodate their aggressive expansion
campaign. Securing a stable supply of raw materials containing
lithium is a strategic issue as the world demand for electric
vehicles increases and International Lithium is well positioned to
address this need. A joint venture with Ganfeng Lithium on the
Blackstairs Project will help to advance the exploration in Ireland
in a timely manner," Kirill Klip, President, International Lithium
Corp.
About Ganfeng
Lithium Co. Ltd.
Ganfeng Lithium
based in Xinyu, Jiangxi Province, China, is a professional producer
of lithium products which has developed a comprehensive product
chain, including lithium metal and alloys, inorganic and organic
lithium chemicals, supplies a wide range of lithium products for
primary and secondary lithium battery market, pharmaceutical and
new material industries. Ganfeng Lithium's principal market is in
China with international exports to Europe, Japan, the USA and
India. Ganfeng Lithium was founded in the 2000 and listed on the
Shenzhen Stock Exchange in August 2010, notably as the first
publicly listed lithium company in China and has experienced rapid
continuous growth over the last 12 years.
Blackstairs Project
The Blackstairs project, comprised of eight
mineral exploration licenses totalling 292 square kilometres, is
located 65 to 100 km south of Dublin straddling the Counties of
Carlow and Wicklow in Leinster, southeast Ireland. The Property
encompasses an extensive NE-SW oriented 30 to 50 kilometre long
rare metals pegmatite belt situated within the East Carlow
Deformation Zone along the eastern side of the Leinster Granite.
Approximately 19 significant lithium pegmatite occurrences have
been discovered within the Property to date, primarily through
boulder mapping with five buried pegmatites known through past
trenching and drilling.
The Company has conducted preliminary testing
on only two of the six main prospects located along the 35
kilometre lithium pegmatite belt (NR_June25_2013).
Key
Highlights:
-
??Pegmatite intersected
at Aclare containing 2.23% Li2O
over 23.3m including 3.43% Li2O
over 6.0m drill width (true thickness is yet unknown).
-
??Multiple pegmatite
dyke intersections and 1.50% Li2O
over 5.60m at Moylisha are consistent with historical results and
confirm the prospectivity of the area.
-
??Step out drilling,
500m south of historical work at Moylisha, intersected lithium and
other rare metal element mineralization within multiple, closely
spaced, parallel pegmatites.
History
Lithium bearing pegmatites were first
reported in the area in 1970. In the period through to 1977, Irish
Base Metals carried out a initial exploration program comprising
prospecting, sampling, trenching and geophysical surveys
culminating in 47 short boreholes totalling 2,300 metres at 4 of
the 19 lithium pegmatite prospects over a number of
seasons.
Due to extensive cover and scarce outcrops,
prospecting for lithium bearing pegmatite boulders was the most
successful exploration method utilized to identify historical
target areas. The location, size and frequency of pegmatite
boulders within the dry stone walls that form field boundaries
provided a reliable indication for the approximate position of
buried pegmatites. Trenching and drill testing was then used to
confirm a bedrock source of the pegmatites. The Aclare prospect,
situated near the centre of the Property has witnessed the most
exploration activity on the Property and was initially discovered
through this exploration approach.
Thirty-three short drill holes totalling
1,703m were drilled at Aclare. A pegmatite body up to 20 metres
wide was delineated by drilling along more than 400 metres strike
length and from this an historical resource estimate of 570,000
tonnes grading 1.5% Li2O was reported in 1976 by Irish Base Metals.
(A Qualified Person has not done sufficient work to classify the
historical estimate as current mineral resources and the Issuer is
not treating the historical estimate as current mineral resources.
The historical estimate is included here for illustrative purposes
only and should not be relied upon. Mineral exploration is by
nature a highly speculative endeavour and there is no guarantee
that further exploration work will result in the discovery and/or
definition of a mineral resource at Blackstairs.)
Five drill holes, for a total of 163 metres,
were drilled at the Stranakelly the most northeastern prospect in
the pegmatite belt. Lithium-bearing pegmatite mineralization was
intersected in four of the holes with hole STK3 grading 1.85%
Li2O over 5.3 metres.
Five drill holes, for a total of 212 metres,
were drilled at the Moylisha prospect situated approximately 10 km
northeast of Aclare. The width of the pegmatite body encountered
varied between 5 and 10 metres with one hole grading 1.66%
Li2O over 9.4 metres.
Four drill holes, for a total of 280 metres,
were drilled at the Seskinnamadra prospect situated approximately 8
km southwest of Aclare. The narrow pegmatite intersections reported
from the drilling does not explain the significant frequency and
size of the lithium pegmatite boulders mapped in the area that
suggests a potentially larger, yet to be discovered pegmatite
body.
The observed lithium bearing pegmatites and
extensive boulder occurrences within the Property represent a
highly prospective and underexplored region. In addition, the
discovery (see news release 31 January, 2012) of a high
concentration of pegmatite boulders including grades exceeding 4%
Li2O at Moylisha only serve to highlight the
exploration potential of the Property.
John Harrop, PGeo, FGS, and Vice President,
Exploration of the Company is a "Qualified Person" as defined under
NI 43-101 has reviewed and approved the technical content of this
news release.
About International Lithium Corp.
International Lithium Corp. is an exploration company with an
outstanding portfolio of projects, strong management ownership,
robust financial support and a strategic partner and keystone
investor Jiangxi Ganfeng
Lithium Co. Ltd., a leading China
based lithium product manufacturer.
The Company's primary focus is the Mariana lithium-potash brine
project, within the renowned South American "Lithium Belt" that is
the host to the vast majority of global lithium resources, reserves
and production. The 160 square kilometre Mariana project
strategically encompasses an entire mineral rich evaporate basin
that ranks as one of the more prospective salars or 'salt lakes" in
the region.
Complementing the Company's lithium brine project are rare metals
pegmatite properties in Canada and Ireland. These projects reported
highly encouraging lithium mineralization in drill holes targeting
pegmatites that are unexposed at surface (news releases dated April
3,2013 and June 25, 2013).
With the increasing demand for high tech
rechargeable batteries used in vehicle propulsion technologies and
portable electronics, lithium is paramount to tomorrow's
"green-tech" economy. By positioning itself with solid development
partners and acquiring high quality grass roots projects at an
early stage of exploration, ILC aims to be the green tech resource
explorer of choice for investors and build value for its
shareholders.
On
behalf of the Board of Directors,
Kirill Klip
President, International Lithium Corp.
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. 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.
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