VANCOUVER, Feb. 20, 2018 /CNW/ - Rock Tech Lithium
Inc. (the "Company" or "Rock Tech") [TSX-V: RCK; Frankfurt: RJIB (WKN: A1XF0V)] is pleased to
announce that it has entered into a Letter of Intent ("LOI") to
acquire, through its wholly-owned subsidiary, Minerales de Baterias
SA de CV, a 100% interest in the Nogalito lithium property in
Sonora, Mexico.
Martin Stephan, Chief Executive
Officer of Rock Tech, commented, "Our Georgia Lake lithium property
remains our priority. Hard rock lithium projects need less time, in
general, to go into production than brine lithium projects.
However, we are very bullish over the long-term for the battery
metals sector, particularly lithium. For our shareholders, the
Nogalito lithium project represents a low-cost option on a lithium
brine target over the medium-term. We are following the
best-practice of the industry leaders, to combine hard-rock and
brine deposits in a broader portfolio and intend to acquire
selected additional brine deposits in the coming months."
The Nogalito property is located in a Tertiary age geologic
basin with favourable felsic volcanics, sandstones and siltstones
in a volcanoclastic and tuff basinal sequence comprised of
lithium-bearing clay horizons, volcaniclastic sediments, clayey
sandstones and sandy and calcareous sediments. These are in a
fault-bounded graben that contains the known lithium in a basin of
approximately 16 kilometers long by 5 kilometers wide. The region
is geologically similar in nature to deposits in Chile, Argentina and Nevada with lithium in volcanic rocks around
the basin presenting the potential for brine-based lithium
discoveries.
Exploration work previously conducted by US Borax Inc., in 1990,
exploring for borate, led to the initial lithium discoveries. The
Nogalito property has concentrations of lithium with highly
anomalous values up to and exceeding 1,000 ppm lithium in rock chip
sampling of 1 metre channels across exposed stratigraphy. Of the US
Borax Inc. sediment sampling, 108 samples collected during their
exploration program returned values between 200 ppm and 498 ppm
lithium, twenty-seven (27) samples returned values between 523 ppm
and 968 ppm lithium and one sample returned a value of 1,166 ppm
lithium.
The terms included in the LOI are as follows:
- Payment of US$20,000 within
thirty (30) days of signing the LOI;
- Payment of US$20,000 and issuance
of 20,000 common shares of Rock Tech upon granting of the Mining
Concessions by Mexican authorities;
- Payment of US$20,000 and issuance
of 30,000 common shares of Rock Tech on the first anniversary;
- Payment of US$20,000 and issuance
of 40,000 common shares of Rock Tech on the second
anniversary;
- Payment of US$50,000 and issuance
of 160,000 common shares of Rock Tech on the third
anniversary;
- Spend a minimum of US$500,000 in
exploration expenditures by the third anniversary.
All scientific and technical information in this news release
was reviewed and prepared under the supervision of Locke B. Goldsmith, P.Eng., P.Geo., an
independent Qualified Person to Rock Tech.
About Rock Tech Lithium:
Rock Tech Lithium is an exploration company focused on acquiring
and exploring properties in the field of lithium and other selected
battery metals.
Rock Tech is the only exploration company in the Georgia Lake
region of Ontario with an NI
43-101 resource estimate. The resource estimate shows an indicated
resource estimate of 3.19 million tonnes grading 1.10% lithium
oxide in addition to an inferred resource estimate of 6.31 million
tonnes grading 1.00% lithium oxide. Further, the Company has
completed metallurgical testing on a bulk sample demonstrating the
ability to produce both a high-grade spodumene concentrate and
battery-grade lithium carbonate ("Li2CO3"). The spodumene-bearing
pegmatites of the Georgia Lake area were originally discovered in
1955.
On behalf of the Board of Directors of the Company,
"Martin Stephan"
Martin Stephan
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.