VANCOUVER, BC, March 7,
2023 /CNW/ - Rock Tech Lithium Inc. (TSXV:
RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the "Company" or
"Rock Tech") is pleased to announce that the company has mobilized
a diamond drill rig to start the first phase of the 2023
exploration drill campaign at its 100%-owned Georgia Lake Lithium
project in the Thunder Bay Mining District of Ontario (the "Georgia Lake Project").
"It is our aim for 2023 to unlock the exploration potential of
our Georgia Lake Project by advancing our drilling and prospecting
activities across the land package. We are pleased to be able to
initiate a drill program which we believe will grow our MZN and
McVittie deposits as the first phase of our 2023 exploration
campaign. I expect that our exploration program will lead to a
sizeable increase of our Resource over the next year," Dirk Harbecke, Rock Tech's Chief Executive
says.
Rock Tech intends to increase its total mineral resources at its
100% owned Georgia Lake project during 2023 and 2024. The first
phase of this commitment ("Phase I") is the mobilization of a
diamond drill rig for the completion of a 3,500 meters program. The
exploration drilling will include targeted drilling, aimed at
expanding the existing Spodumene mineralization at Main Zone North
(MZN) and McVittie deposits. (Refer to Figure 1 below for location
of MZN and McVittie.)
The MZN deposit currently contains the largest Mineral Resource
within the Georgia Lake Pegmatite Field and remains open along
strike to the east. The planned drilling will aim at extending
Spodumene mineralization along strike to the east of MZN.
Additional step-out drilling south of MZN will focus on extending
mineralization in areas where Rock Tech have identified new
mineralization during the 2022 drilling program (published on
October 7th, 2022, and titled „Rock
Tech Lithium Completes 2021 – 2022 Drill Program at Georgia
Lake").
The McVittie deposit comprises three spodumene dikes which have
been mapped for more than 600m of
strike length. It currently has an Inferred Resource of 1Mt at 1.0%
Li2O and is open at depth and along strike in both directions.
On November 15, 2022, the Company
reported a Mineral Resource estimate of the Georgia Lake Property
in its Prefeasibility Study ("PFS"). It outlined 10.60 million
tonnes (mt) of Indicated Mineral Resource at a grade of 0.88% Li2O
and 4.22 mt of Inferred Mineral Resource at a grade of 1.0% Li2O
limited to eight deposits in the Northern and Southern Spodumene
Pegmatite Areas (Refer to Table 1 for summary of mineral resources
at Rock Tech's Georgia Lake project).
The Georgia Lake Project, located between Nipigon and Beardmore, Ontario is comprised of 1,042
hectares of mineral leases and 5,686 hectares of mineral
claims.
ATTACHMENTS
FIGURE 1 | Map showing location of focus areas for
Phase I of the 2023 Drilling Program at Rock Tech's Georgia Lake
project.
TABLE 1 | Overview of the Mineral Resource as of
2022's Prefeasibility Study
2022 MINERAL RESOURCE
Classification
|
Mining
|
Cut-off grade
Li2O (%)
|
Zone
|
Tonnes
|
Li2O
(%)
|
Indicated
|
Open
pit
|
0.3
|
NSPA OP
Indicated
|
4,242,618
|
0.88
|
Indicated
|
Underground
|
0.6
|
NSPA UG
Indicated
|
6,358,650
|
0.89
|
Total
Indicated
|
|
|
|
10,601,268
|
0.88
|
Inferred
|
Open
pit
|
0.3
|
NSPA OP
Inferred
|
245,933
|
0.78
|
Inferred
|
Underground
|
0.6
|
NSPA UG
Inferred
|
2,073,069
|
0.91
|
Inferred
|
Underground
|
0.6
|
SSPA UG
Inferred
|
1,903,274
|
1.12
|
Total
Inferred
|
|
|
|
4,222,276
|
1.00
|
Notes:
|
a. CIM Definition
Standards (2014) were used for reporting the Mineral
Resources.
|
b. The Qualified
Person is Dinara Nussipakynova, P.Geo. of AMC.
|
c. Cut-off grade for
open pit Mineral Resources is 0.30%
Li2O.
|
d. Open pit
Mineral Resources are constrained by the optimization pits shell at
a lithium concentrate price of USD 1,100/t with metallurgical
recovery of 80% and concentrate grade of 6%. Both cut off use same
parameters.
|
e. The pit
optimization was based on following cost
assumptions:
|
i. Mill feed mining costs of USD 4.5/t
and waste mining cost of USD 4.5/t.
|
ii. Processing costs of USD 25/t and
General and Administration costs of USD 15/t.
|
iii. Slope angle 45-48
degrees.
|
f. Cut-off
grade for underground Mineral Resources is 0.60%
Li2O based on a USD 45/t mining cost and
processing and G&A the same as the open
pit.
|
g. Underground
Mineral Resources are not constrained.
|
h. Mineralized
Density used as 2.69 t/m3.
|
i. Waste
Density used as 2.75 t/m3.
|
j. Drilling
results up to 31 July 2022.
|
k. The numbers may
not compute exactly due to rounding.
|
j. Numbers may
not compute exactly due to rounding.
|
SAMPLING AND QAQC
PROCEDURE
Samples will be taken across every spodumene-bearing pegmatite
and 1 metre into the barren host rock on either side of pegmatite
dikes. Sample lengths are generally around 1 metre, though
individual sample length will be determined based on internal
zoning of the dikes and the locations of their contacts. Core to be
sampled will be cut in half with one half being sent for analysis
and the other half remaining in the box for reference. All core
will be stored at Rock Tech's core facility in Beardmore, Ontario. Each sample will be put
into its own plastic sample bag with a sample tag and closed with
zip ties. About 13% of the samples that will be submitted to
Activation Laboratories Ltd. ("Actlabs") for analysis will be QAQC
samples. QAQC samples will be inserted into the sample stream and
will consist of a high- and low-grade lithium standards, blank
material, and duplicates. Samples will be dropped at Actlabs'
preparation laboratory in Thunder Bay,
Ontario for crushing and pulverizing, and will subsequently
be sent to Actlabs' geochemistry laboratory in Ancaster, Ontario for analysis of 41 elements
using fusion plus ICP-OES or ICP-MS. Sodium peroxide fusion plus
ICP-OES. Will be used to analyze for lithium. Actlabs is
independent of the Company.
SCIENTIFIC AND TECHNICAL
DISCLOSURE
The scientific and technical disclosure included in this news
release has been reviewed and approved by Amanuel Bein, P.Geo., Chief Exploration
Geologist 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
Rock Tech is a cleantech company on a mission to produce lithium
hydroxide for EV batteries. The Company plans to build lithium
converters at the door-step of its customers, to guarantee
supply-chain transparency and just-in-time delivery. To close the
most pressing gap in the clean mobility story, Rock Tech has
gathered one of the strongest teams in the industry. The Company
has adopted strict ESG standards and is developing a proprietary
refining process aimed at further increasing efficiency and
sustainability. Rock Tech plans to source raw material from its own
mineral project in Canada as well
as procuring it from other responsibly producing mines. In the
years to come, the Company expects to also source raw material from
discarded batteries. Rock Tech's goal: to create a closed-loop
lithium production system.
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 constitutes
"forward-looking information" ("forward-looking information")
within the meaning of applicable Canadian securities laws, which
are 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 "plan", "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, forward-looking information contained in this
press release includes: statements regarding the 2022, 2023, and
2024 drilling campaigns and mobilization and prospecting activities
and the objectives, results and the benefits thereof; the Company's
expectations regarding the outcome and proof of the expected
potential, the Company's intentions with respect to the development
and timing thereof and statements regarding further exploration
activities future plans, activities, and schedules relating to such
projects and related development; 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, that the results of the
exploration program will be indicative of future results; that the
way from the 2022 published release on the prefeasibility study
(PFS) towards a feasibility study (DFS) will continue as currently
planned; the supply and demand for, deliveries of, and the level
and volatility of prices of, feedstock and intermediate and final
lithium products; that all required regulatory approvals and
permits can be obtained on the necessary terms in a timely manner;
expected growth, performance and business operations; future
commodity prices and exchange rates; prospects, growth
opportunities and financing available to the Company; general
business and economic conditions; the costs and results of
exploration, development and operating activities; Rock Tech's
ability to procure supplies and other equipment necessary for its
business; and the accuracy and reliability of technical data,
forecasts, estimates and studies. 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.
Forward-looking information 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 Rock Tech's 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 risk that Rock Tech will not be able to meet
its financial obligations as they fall due, delays in government
approval for the construction and commissioning of the Georgia Lake
Project, changes in commodity 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 construction, development and operation of converters
and mines, 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 discussed under the heading "Financial
Instruments and Other Risks" in Rock Tech's most recently filed
Management Discussion and Analysis, a copy of which is filed
electronically through SEDAR and is available online at
www.sedar.com. 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.
It can not be guaranteed that actual events, results,
performance and/or achievements will be consistent with the
forward-looking information and management's assumptions may prove
to be incorrect. This forward-looking information reflects Rock
Tech management's current views as at the date of this press
release. Except 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.
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SOURCE Rock Tech Lithium Inc.