VANCOUVER, BC, Jan. 12, 2022 /CNW/ - 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 100%-owned
Georgia Lake lithium project in the Thunder Bay Mining District of
Ontario (the "Georgia Lake
Project").
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 12.5% of samples submitted to ActLabs
for analysis are QAQC samples that were inserted into the sample
stream and consist a high- and low-grade Lithium standards, blank
material, and duplicates.
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 $6.08 per Warrant Share for a period of 5 years
following the date of issuance of such Warrant.
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 50%
vesting on the date that is twelve months after the grant date with
the remaining 50% vesting monthly thereafter. Each stock option
granted has an exercise price of $6.08 per share and an expiry date of
January 12, 2026.
The remaining 350,000 stock options granted to employees will
vest over a forty-eight-month period with 25% vesting on the date
that is twelve months after the grant date with the remaining 75%
vesting monthly thereafter. Each stock option granted has an
exercise price of $6.08 per share and
an expiry date of January 12,
2028.
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
www.rocktechlithium.com
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.