Vancouver - International Lithium Corp. (the 'Company' or 'ILC') (TSX Venture: ILC.V) is pleased to announce that assay results have been received for the maiden diamond drilling program at the Raleigh Lake Lithium project near Ignace, Ontario, Canada.
The Company is highly encouraged by the results to date in Zone 1 of the Raleigh Lake claim grouping, and especially by the consistent and highly anomalous quantities of rubidium and caesium encountered in the first round of drilling. The chemical analysis of the samples as a whole found the ppm of Rb to be 52.7% of the ppm of Li and the ppm of Cs to be 7.2% of the ppm of Li.
These results are also reflected in surface geochemical samples collected in Zones 1, 2, 3 and 4 with the more recently acquired Zone 5 not yet having any coverage at all. The Company believes that there is a high probability of discovering more near-surface mineralized pegmatites in future drilling campaigns.
As previously reported in a Company news release dated April 19, 2021, a total of 1,504 metres of NQ core drilling were completed in eight holes to test the continuity of spodumene-bearing pegmatites and their associated lithium, rubidium, caesium and tantalum mineralization down-dip and along strike from outcrop and previous operators' drilling.
Highlights
7 of 8 holes intersected significant lithium, rubidium, caesium and tantalum mineralization.
Rubidium, caesium and tantalum mineralization at Raleigh Lake is closely associated with lithium mineralization.
About Rubidium
Rubidium is a soft, silver-white metal that belongs to the alkali metal group of chemical elements. It is represented by the symbol Rb, and it has the atomic number 37. Like the other alkali metals (lithium, sodium, potassium and caesium) pure rubidium is extremely reactive and would combust on exposure to water or oxygen. Its melting point is 39 degrees centigrade. It is therefore usually seen in compounds such as rubidium oxide or rubidium carbonate.
Rubidium is not at present used to any great extent in battery technology. If sodium-ion batteries were to take market share from lithium-ion batteries in future, small amounts of rubidium and caesium have been shown to improve the performance of sodium-ion batteries. Rubidium carbonate has multiple industrial uses, principally specialty glasses such as fibre optic cables, telecommunications systems including an important role in GPS systems, and night vision devices. There are also uses in medical equipment and atomic clocks. Quantum computing makes use of rubidium.
Rubidium is typically found in hard rock pegmatites, usually in lepidolite, but also in pollucite or zinnwaldite. The process for extraction can be similar to that used for caesium.
Worldwide the largest producer of rubidium has historically been Canada, while the largest reserves are believed to be in Southern Africa and Canada. There is also rubidium in the USA, Russia and Afghanistan. There are small concentrations in some brines, but on a much smaller scale than lithium.
The market price of 99.75% rubidium carbonate, the most widely used rubidium chemical, is around US$ 1,060 per kilogram. This is considerably higher, by 76 times, than the price per kilogram for lithium carbonate.
About International Lithium Corp.
International Lithium Corp. believes that the '20s will be the decade of battery metals, at a time that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. Our key mission in the new decade is to make money for our shareholders from lithium and battery metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of our existing projects in Canada, Argentina and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits. In addition, we have seen the clear and growing wish by the USA and Canada to safeguard their supplies of critical battery metals, and our Canadian properties are strategic in that respect.
A key goal in the new decade is to become a well funded company to turn our aspirations into reality.
International Lithium Corp. has a significant portfolio of projects, strong management, and strong partners. Partners include Ganfeng Lithium Co. Ltd., ('Ganfeng Lithium') a leading China-based lithium product manufacturer quoted on the Shenzhen and Hong Kong stock exchanges (A share code: 002460, H share code: 1772) and Essential Metals Limited, quoted on the Australian Stock exchange (ASX:ESS).
The Company's primary strategic focus is now on the Raleigh Lake lithium and rubidium project in Canada and on the Company's strategic options on the Mariana project in Argentina.
The Raleigh Lake project consists of 3,027 hectares of adjoining mineral claims in Ontario, and is regarded by ILC management as ILC's most significant project in Canada. The pegmatites explored there contain significant quantities of rubidium and caesium as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
The Company has a 10.1% stake in the Mariana lithium-potash brine project located within the renowned South American 'Lithium Belt' that is the host to the vast majority of global lithium resources, reserves and production. The Mariana project strategically encompasses an entire mineral rich evaporite basin, totalling 160 square kilometres, that ranks as one of the more prospective salars or 'salt lakes' in the region. Current ownership of the project is through a joint venture company, Litio Minera Argentina S. A., a private company registered in Argentina, now owned 89.9% by Ganfeng Lithium and 10.1% by ILC (percentages are estimates and subject to audit). In addition, ILC has an option to acquire a further 10% in the Mariana project through a back-in right.
Complementing the Company's lithium brine project at Mariana and rare metal pegmatite property at Raleigh Lake, are interests in two other rare metal pegmatite properties in Ontario, Canada known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which encompasses an extensive 50-km-long pegmatite belt.
The ownership of the Mavis Lake project is now 51% Essential Metals Limited (ASX: ESS, 'ESS'') and 49% ILC. In addition, ILC owns a 1.5% NSR on Mavis Lake. ESS has an option to earn an additional 29% by sole-funding a further CAD $8.5 million expenditures of exploration activities, at which time the ownership will be 80% ESS and 20% ILC.
The Forgan Lake project will, upon Ultra Resources Inc. meeting its contractual requirements pursuant to its agreement with ILC, become 100% owned by Ultra Resources (TSXV: ULT), and ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng Lithium and 45% ILC. Ganfeng Lithium has an option to earn an additional 24% by either incurring CAD $10 million expenditures on exploration activities or delivering a positive feasibility study on the project, at which time the ownership will be 79% Ganfeng Lithium and 21% ILC.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated 'the new oil', and is a key part of a 'green tech' sustainable economy. By positioning itself with solid strategic partners and projects with significant resource potential, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
Contact:
Tel: +1 604-449-6520
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain 'forward-looking information' within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of the feasibility study of the Mariana Joint Venture Project, timing of publication of the technical reports, anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Mavis Lake projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Avalonia Joint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake, increased value of shareholder investments, and continued agreement between the Company and Ganfeng Lithium Co. Ltd. regarding the Company's percentage interest in the Mariana project and assumptions about ethical behaviour by our joint venture partners where we have them. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled 'Risks' and 'Forward-Looking Statements' in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
INTERNATIONAL LITHIUM CORP. 
