VANCOUVER, March 12, 2018 /CNW/ - Rock Tech Lithium
Inc. (the "Company" or "Rock Tech") [TSX-V: RCK; Frankfurt: RJIB (WKN: A1XF0V)] is pleased to
announce it has completed satisfactory due diligence on the
Nogalito lithium property in Sonora,
Mexico. As announced on February 20,
2018, the Company 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,
subject to regulatory approval.
The Company has provided written notice to the property vendors
stating its wishes to proceed with the transaction. Accordingly,
Rock Tech has paid US$20,000 to the
vendors per the terms of the LOI.
Rock Tech collected five (5) samples from unconsolidated surface
sediments in the basin and analyzed their lithium content. All five
samples were anomalous for lithium with assays ranging from 150 ppm
to 600 ppm lithium, averaging 292 ppm lithium. US Borax Inc.
collected 136 sediment samples in 1990 of which 108 returned values
between 200 ppm and 498 ppm lithium, twenty-seven (27) returned
values between 523 ppm and 968 ppm lithium and one returned a value
of 1,166 ppm lithium.
Martin Stephan, Chief Executive
Officer of Rock Tech, commented, "The Nogalito project represents a
low-cost acquisition for Rock Tech's shareholders, though our
expectations of its potential are high as past operators have
sampled as high as 1,166 ppm lithium and our due diligence samples
returned up to 600 ppm lithium. Our short-terms goals will be to
work with the relevant authorities to have the claims granted and
develop and execute work programs aimed at confirming the presence
of a basin containing lithium-rich brine."
Additionally, the Company is pleased to announce the continued
business relationship with Arriva Management Inc. ("Arriva") for
mineral exploration and technical consulting work. Arriva will
continue to provide technical geologic and strategic consulting to
the Company to build upon the Company's successful exploration
efforts.
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 the Nogalito Lithium Project
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 highly anomalous concentrations of lithium
with values 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.
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.