Rock Tech Lithium Announces First Batch of Assays from Georgia Lake Drill Program and Field Exploration Agreement
Rock Tech Lithium Inc. announced initial assay results from its ongoing drill program at the 100%-owned Georgia Lake lithium project in Ontario. The drill program, targeting a total of 22,000 metres, aims to confirm the mineral resource for a Pre-Feasibility Study. Approximately 9,500 metres have been completed, with notable results from drill holes NC-21-06, NC-21-07, and NC-21-09 confirming extensions of mineralization. The company also entered an exploration agreement with local First Nations groups, granting 750,000 warrants at an exercise price of $6.08. Management changes were also announced.
- Successful initial assay results confirming mineralization extensions.
- Ongoing drill program aims for comprehensive resource delineation.
- Exploration agreement with First Nations strengthens local relations.
- Granting of stock options aligns management incentives with shareholder interests.
- None.
VANCOUVER, BC, Jan. 12, 2022 /PRNewswire/ - Rock Tech Lithium Inc. (the "Company" or "Rock Tech") (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) is pleased to announce the initial batch of assay results from the Company's ongoing drill program at its
The drill program, being carried out by Niigaani Drilling, is designed to confirm the delineated mineral resource, which is intended to form the basis for a Pre-Feasibility Study. Targeting a total of 22,000 metres, the program is focused on five (5) deposits within the Georgia Lake lithium property: Main Zone North ("MZN"), Main Zone Southwest, Conway, Harricana and Line 60. To date, the Company has completed approximately 9,500 metres of drilling with additional samples at the lab pending analysis.
Details from the first round of assays from drill holes that targeted down-dip and strike extensions of known mineralization at the MZN are presented in the following tables:
Hole ID | From (m) | To (m) | Length (m) | True Width (m) | Li2O % |
NC-21-06 | 279.5 | 291.24 | 11.74 | 10.34 | 1.12 |
304.35 | 305.90 | 1.55 | 1.36 | 0.82 | |
NC-21-07 | 302.36 | 315.36 | 13.00 | 11.45 | 0.98 |
319.20 | 321.05 | 1.85 | 1.63 | 1.31 | |
324.38 | 325.38 | 1.00 | 0.88 | 1.31 | |
NC-21-09 | 186.15 | 198.80 | 12.65 | 10.22 | 1.18 |
Hole ID | UTM Easting | UTM Northing | Elevation (m) | Hole Length (m) | Azimuth | Dip |
NC-21-06 | 424616 | 5477850 | 376 | 349.6 | 137 | -58 |
NC-21-07 | 424616 | 5477850 | 376 | 392.3 | 137 | -66 |
NC-21-09 | 425185 | 5478066 | 369 | 285.6 | 141 | -52 |
Drill holes NC-21-06 and NC-21-07 were drilled from the same setup, targeting the down-dip extension of known mineralization. The results from these holes confirms that mineralization extends down-dip.
Drill hole NC-21-09 was drilled on the eastern periphery of the MZN. The results from this drill hole confirm the extension of mineralization along strike at shallow depths.
Robert MacDonald, General Manager of the Georgia Lake Lithium Project: "We are pleased with the progress being made on all aspects of the Georgia Lake Project including the diamond drill programme. We anticipate concluding the current drill programme during the winter of 2022 and remain focused on realizing the potential of the property."
Samples were taken across every spodumene-bearing pegmatite and 1m into the barren host rock on either side of the dykes. Sample lengths were around 1m, though individual sample length was determined based on internal zoning of the dykes and the locations of their contacts. Core to be sampled was cut in half with one half being sent for analysis and the other half remaining in the box for reference. All core is stored at Rock Tech's core facility in Beardmore, Ontario. Each sample was put into its own plastic sample bag with a sample tag and closed with zip ties. About
Samples were sent to ActLabs preparation laboratory in Geraldton, Ontario for crushing and pulverizing and were subsequently sent to ActLabs geochemistry laboratory in Ancaster, Ontario for analysis of 41 elements using fusion plus ICP-OES or ICP-MS. Analysis for lithium was completed using a sodium peroxide fusion plus ICP-OES.
ActLabs is independent of the Company.
Field Exploration Agreement
Furthermore, Rock Tech announces that it has entered into a field exploration agreement (the "Agreement") with Bingwi Neyaashi Anishinaabek, Biinjitiwaabik Zaaging Anishinaabek and Red Rock Indian Band (the "First Nations Groups") setting out a framework for Rock Tech's consultation and accommodation activities with the First Nations Groups in connection with exploration activities at the Georgia Lake Project.
Under the terms of the Agreement, Rock Tech has agreed to, among other things, grant an aggregate of 750,000 common share purchase warrants ("Warrants") to the First Nations Groups, with each First Nations Group receiving 250,000 Warrants. Each Warrant will entitle the holder thereof to purchase one common share in the capital of Rock Tech (a "Warrant Share") at an exercise price of
The grant of the Warrants remains subject to, among other things, acceptance of the TSX Venture Exchange (the "TSX-V").
Stock Options
Additionally, the Company announces that is has granted an aggregate of 1,196,000 stock options to directors, officers, employees and consultants of the Company pursuant to the Company's stock option plan.
Of the total, 846,000 stock options granted to directors and consultants will vest over a twenty-four-month period with
The remaining 350,000 stock options granted to employees will vest over a forty-eight-month period with
Management Changes
The Company also announces the appointment of Ms. Monique Hutchins to the position of Corporate Secretary, replacing Mr. Brad Barnett. Furthermore, the Company announces the resignation of Stephan Egle from the position of Chief Operating Officer due to health reasons.
Scientific and Technical Disclosure
The scientific and technical disclosure included in this news release has been reviewed and approved by Robert MacDonald, P.Eng., General Manager of the Georgia Lake Project, a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects. Exploration data was collected and verified following the guidelines outlined in CIM Mineral Exploration Best Practice Guidelines.
About Rock Tech Lithium Inc.
Rock Tech Lithium is a cleantech company with operations in Canada and Germany that aims to supply the automotive industry with high quality lithium hydroxide "made in Germany". As early as 2024, the company intends to commission Europe's first lithium converter with a production capacity of 24,000 tonnes per year. This is equivalent to the volume needed to equip around 500,000 electric cars with lithium-ion batteries.
The cleantech company has set itself the goal of creating the world's first closed loop for lithium, thus closing the raw material gap on the road to clean mobility. Rock Tech owns the Georgia Lake Project in Ontario, Canada and, as early as 2030, around 50 percent of the raw materials used are expected to come from the recycling of batteries.
Rock Tech Lithium - The super fuel for the battery age
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
The following cautionary statements are in addition to all other cautionary statements and disclaimers contained elsewhere in, or referenced by, this press release.
Certain information set forth in this press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws, which information is based on Rock Tech's current expectations, estimates, and assumptions in light of its experience and is perception of historical trends. All statements other than statements of historical facts may constitute forward-looking information. Often, forward-looking information can be identified by the use of words or phrases such as "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and all other indications of future tense. All forward-looking information set forth in this press release is expressly qualified in its entirety by the cautionary statements referred to in this section.
In particular, this press release contains forward-looking information pertaining to: statements regarding the Rock Tech's ongoing drill program, including its objectives and results and the associated timing thereof; the Company's expectations regarding the Georgia Lake Project; satisfying all conditions to the grant of the Warrants, including receipt of the approval of the TSX-V; 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 information is based on certain assumptions, estimates, expectations and opinions of the Company and, in certain cases, third party experts, that are believed by management of Rock Tech to be reasonable at the time they were made. This forward-looking information was derived utilizing numerous assumptions regarding, among other things: the satisfaction of all conditions to the granting of the Warrants, including receipt of the approval of the TSX-V; the supply and demand for, deliveries of, and the level and volatility of prices of, intermediate and final lithium products; expected growth, performance and business operation; future commodity prices and exchange rates; prospects and opportunities; general business and economic conditions; results of development and exploration; interest and tax rates; the availability of capital to fund future capital requirements relating to existing assets and future projects; future operating costs; receipt of all required regulatory approvals on the expected terms and in a timely manner; and Rock Tech's ability to procure supplies and other equipment necessary for its business. The foregoing list is not exhaustive of all assumptions which may have been used in developing the forward-looking information. While Rock Tech considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect and should not be read as a guarantee of future performance or results.
In addition, forward-looking information involves known and unknown risks and uncertainties and other factors, many of which are beyond Rock Tech's control, that may cause actual events, results, performance and/or achievements to be materially different from that which is expressed or implied by such forward-looking information. Risks and uncertainties that may cause actual events, results, performance and/or achievements to vary materially include: the Company's ability to access funding required to invest in available opportunities and projects (including the Georgia Lake Project) and on satisfactory terms; the current and potential adverse impacts of the COVID-19 pandemic, including future outbreaks or mutations and any associated policies or restrictions on business; the risk that Rock Tech will not be able to meet its financial obligations as they fall due; changes in commodity and other prices; Rock Tech's ability to retain and attract skilled staff and to secure feedstock from third party suppliers; unanticipated events and other difficulties related to the construction, development and operation of the Georgia Lake Project and other projects; the cost of compliance with current and future environmental and other laws and regulations; title defects; competition from existing and new competitors; changes in currency exchange rates and market prices of Rock Tech's securities; Rock Tech's history of losses; impacts of climate change; and other risks and uncertainties described from time to time in Rock Tech's public disclosure documents available on the Company's SEDAR profile at www.sedar.com, including those discussed under the heading "Financial Instruments and Other Risks" in Rock Tech's most recently filed Management Discussion and Analysis. Such risks and uncertainties do not represent an exhaustive list of all risk factors that could cause actual events, results, performance and/or achievements to vary materially from the forward-looking information.
The forward-looking information contained in this press release reflects Rock Tech management's views as at the date such information was created. Other than as may be required by law, Rock Tech undertakes no obligation and expressly disclaims any responsibility, obligation or undertaking to update or to revise any forward-looking information, whether as a result of new information, future events or otherwise, to reflect any change in Rock Tech's expectations or any change in events, conditions or circumstances on which any such information is based. The forward-looking information contained herein is presented for the purposes of assisting readers in understanding Rock Tech's plans, objectives and goals and is not appropriate for any other purposes. Given these uncertainties, readers are cautioned not to rely on the forward-looking information set forth in this press release.
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SOURCE Rock Tech Lithium Inc.
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