- Pending final due diligence, Rock Tech Lithium Inc. has secured
CAD 1.4 million in federal funding
through the Government of Canada's
Critical Minerals Infrastructure Fund (CMIF). Rock Tech is one of
four critical minerals projects in Northern Ontario selected for this
funding.
- The funding will be used to upgrade and extend a 10-kilometre
access road north of Nipigon,
Ontario. This road will facilitate the transportation of
lithium from the Georgia Lake Project mine site to the proposed
downstream Lithium Converter facility in Red Rock, Ontario.
TORONTO, Oct. 9, 2024
/CNW/ - Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB:
RJIB) (WKN: A1XF0V) ("Rock Tech", or the "Company") is pleased to
announce that it has been awarded up to CAD
1.4 million in funding from the Government of Canada's Critical Minerals Infrastructure Fund
(CMIF), a federal initiative to support the development of clean
energy and transportation infrastructure projects in Canada's critical minerals sector. Pending
final due diligence, the funding will be used to upgrade and extend
the Fairloch Lake Road to enable the transportation of
Lithium-containing spodumene from its Georgia Lake Project mine
site. Lake Nipigon Forest Management (a forest management
cooperative of Bingwi Neyaashi Anishinaabek, Biinjitiwaabik
Zaaging Anishinaabek, Red Rock Indian Band, and Animbiigoo
Zaagi'igan Anishinaabek) has been engaged to complete the road
construction.
Dirk Harbecke, Rock Tech's CEO
commented: "We are honoured to receive this funding to support
the development of our Georgia Lake
mining project. Unlike many other projects in Ontario, our Georgia
Lake project benefits from a highly strategic location with
extensive infrastructure already in place. This results in lower
development costs compared to more remote projects."
ABOUT ROCK TECH
Rock Tech's vision is to supply the electric vehicle and battery
industry with sustainable, locally produced Lithium, targeting a
100% recycling rate. To ensure resilient supply chains, the company
plans to build Lithium converters at the doorstep of its customers,
beginning with the Company's proposed Lithium Hydroxide Converter
in Guben, Brandenburg, Germany.
The second Converter is planned to be built in Red Rock, Ontario, Canada. Rock Tech Lithium
plans to source raw material from its own Georgia Lake spodumene project in the Thunder
Bay Mining District of Ontario,
Canada, and procure from other ESG-compliant mines.
Ultimately, Rock Tech's goal is to create a closed-loop Lithium
production system. Rock Tech has gathered one of the strongest
teams in the industry to close the most pressing gap in the clean
mobility story. The Company has adopted strict environmental,
social and governance standards and is developing a proprietary
refining process to increase efficiency and sustainability
further.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release constitute
"forward-looking information" under applicable securities laws and
are referred to herein as "forward-looking statements". All
statements, other than statements of historical fact, which address
events, results, outcomes or developments that the Company expects
to occur are forward-looking statements. When used in this news
release, words such as "expects", "anticipates", "plans",
"predicts", "believes", "estimates", "intends", "targets",
"projects", "forecasts", "may", "will", "should", "would", "could"
or negative versions thereof and other similar expressions are
intended to identify forward-looking statements. In particular,
this press release contains forward-looking information pertaining
to expectations concerning the Georgia Lake Project, including the
design and features of the Georgia Lake Project; statements
regarding the Company's future plans, estimates, and schedules
relating to the Georgia Lake Project, including the anticipated
timing of future activities taken in support of the development
thereof; the expected economic performance of the Georgia Lake
Project; Rock Tech's opinions, beliefs and expectations regarding
the Company's business strategy, development and exploration
opportunities and projects; and plans and objectives of management
for the Company's operations and properties. Forward-looking
statements by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may
cause the actual results to differ materially from the
forward-looking statements, including the risks, uncertainties and
other factors discussed in the Company's most recent management's
discussion and analysis and annual information form filed with the
applicable securities regulators. No assurances can be given that
any of the events anticipated by the forward-looking statements
will transpire or occur, and the Company cautions the reader not to
place undue reliance upon any such forward-looking statements. The
Company does not intend, nor does it assume any obligation to
update or revise any of the forward-looking statements, whether as
a result of new information, changes in assumptions, future events
or otherwise, except to the extent required by applicable law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/rock-tech-lithium-secures-1-4-million-in-federal-funding-for-georgia-lake-infrastructure-development-302271390.html
SOURCE Rock Tech Lithium Inc.