- Rock Tech completed its step-out winter drill program
("Phase I") as part of its lithium mineralization extension targets
for Georgia Lake.
- 17 exploration holes for a total of 3,676 meters were
drilled with supporting assay results for:
-
- 10 NQ diamond drill holes totaling 2,115 meters at Main Zone
North (MZN) deposit;
- 7 NQ diamond drill holes totaling 1,561 meters at McVittie
deposit.
- Rock Tech has initiated an extensive summer field
exploration program ("Phase II") at the Georgia Lake
property.
VANCOUVER, BC, July 4, 2023
/CNW/ - Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF)
(FWB: RJIB) (WKN: A1XF0V) (the "Company" or "Rock Tech") has
received positive assay results from its 2023 winter drill program.
The completed step-out drilling aims to support the expansion of
known pegmatite zones at its 100%-owned Georgia Lake Lithium
project in the Thunder Bay Mining District of Ontario (the "Georgia Lake Project").
Rock Tech has successfully completed the drilling of 17
exploration holes for a total of 3,676 meters in the first months
of 2023, at the Main Zone North (MZN) and McVittie deposits. It has
received assay results for ten holes drilled around MZN and seven
holes that were drilled at McVittie (refer to results on Table 1
and Table 2).
Commenting on the Drill Programme, Robert MacDonald, General Manager of the Georgia
Lake Project, said, "Rock Tech is pleased to have been able to
follow up on our 2021-22 drill results from the MZN and past
results from McVittie. Positive results obtained further support
the strength of the deposits and extends our understanding of the
known pegmatites. We are currently preparing to follow up with a
summer field programme and get 'boots on the ground' to support our
commitment to our total land package at Georgia Lake."
KEY EXPLORATION
HIGHLIGHTS
- Ten NQ1 diamond drill holes totaling
2,115 meters were completed at the MZN deposit.
- Highlights of assay results from the ten holes at MZN
include:
-
-
- NC-23-01 3.2 m (true width) at
0.87% Li2O starting from 57.1m
- NC-23-02 3.5 m (true width) at
1.07% Li2O starting from 103.0m
- NC-23-03 4.0 m (true width) at
1.08% Li2O starting from 162.3m
- NC-23-06 4.9 m (true width) at
0.73% Li2O starting from 67.6m
- NC-23-07 7.7 m (true width) at
0.71% Li2O starting from 59.6m
- NC-23-07 4.3 m (true width) at
1.42% Li2O starting from 139.9m
- NC-23-08 3.1 m (true width) at
1.19% Li2O starting from 7.1m
- NC-23-09 2.5 m (true width) at
0.92% Li2O starting from 117.8m
- Seven NQ diamond drill holes totaling 1,561 meters were
completed at McVittie; assay results include:
-
-
- MV-23-01 6.4 m (downhole width)
at 0.93% Li2O starting from 107.4m
- MV-23-03 2.1 m (downhole width)
at 1.30% Li2O starting from 95.6m
- MV-23-05 2.7 m (downhole width)
at 1.66% Li2O starting from 59.05m
Rock Tech intends to increase mineral resources at Georgia
Lake Project during 2023 and 2024 through a set of phased
exploration programmes. The first phase of this commitment ("Phase
I") has been the completion of the winter drill programme at MZN
and McVittie.
Rock Tech is also pleased to announce that it has initiated an
extensive summer exploration programme ("Phase II") that will
focus on prospecting, mapping, and sampling around high priority
targets. The work will be followed by trenching and channel
sampling on select prospects in both the Northern Spodumene
Pegmatite Area (NSPA) and Southern Spodumene Pegmatite Area
(SSPA).
This work will follow up on the positive results of the 2022
field programme (see Rock Tech's press release dated January 31, 2023) which sampled pegmatite
prospects in close proximity to Rock Tech's NI 43–101
compliant mineral resources (refer to Table 3). Figure 1 and Figure
4 illustrate the locations of the high priority spodumene-bearing
prospects at Line 20, Camp 38, Conway
East, Caral, Foster Lew,
Jean Lake, and Aumacho, where Rock
Tech's 2023 summer exploration programme will be focused. The
results from Phase II are expected to generate additional drill
targets for a Fall 2023 drill programme ("Phase III").
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.
SAMPLING AND QA/QC
PROCEDURE
Samples were 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 can be determined based on internal zoning
of the dikes 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. 16% of the samples that were submitted to Activation
Laboratories Ltd. ("Actlabs") for analysis were QAQC samples. QAQC
samples were inserted into the sample stream and consist of a high-
and low-grade lithium standards, blank material, and duplicates.
Samples were dropped at Actlabs' preparation laboratory in
Thunder Bay, Ontario for crushing
and pulverizing, and subsequently were 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 was 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 Jessica Daniel, P.Geo., Consulting Geologist for
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 with operations in Canada and Germany on a mission to produce lithium
hydroxide for electric vehicle 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,
beginning with the Company's proposed lithium hydroxide merchant
converter and refinery facility in Guben, Germany. 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
environmental, social and governance standards and is developing a
proprietary refining process aimed at further increasing efficiency
and sustainability. Rock Tech plans to source raw material from its
wholly-owned Georgia Lake spodumene project located in the Thunder
Bay Mining District of Ontario,
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.
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 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 programme 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.
TABLE 1 | Summary of Assay Results for Drill Holes
Completed at the MZN Deposit in 2023. GPS Locations are in UTM
NAD83 Zone 16N.
Hole ID
|
Easting
(m)
|
Northing
(m)
|
Elevation
(m)
|
Hole
Length
(m)
|
Azimuth
|
Dip
|
From
(m)
|
To
(m)
|
Length
(m)
|
True
Width
(m)
|
Li2O
%
|
NC-23-01
|
424852
|
5477535
|
379
|
200
|
139
|
-66
|
57.10
|
61.00
|
3.9
|
3.2
|
0.87
|
NC-23-02
|
424736
|
5477435
|
379
|
251
|
140
|
-65
|
103.00
|
107.21
|
4.21
|
3.5
|
1.07
|
NC-23-03
|
424613
|
5477530
|
377
|
210.5
|
140
|
-48
|
70.67
|
71.77
|
1.1
|
0.8
|
0.63
|
162.27
|
168.33
|
6.06
|
4.0
|
1.08
|
NC-23-05
|
424532
|
5477436
|
365
|
221
|
140
|
-55
|
180.80
|
184.50
|
3.7
|
2.8
|
0.44
|
NC-23-06
|
424762
|
5477590
|
379
|
104
|
140
|
-55
|
4.46
|
6.66
|
2.2
|
1.7
|
0.68
|
51.82
|
52.40
|
0.58
|
0.4
|
0.51
|
61.58
|
62.66
|
1.08
|
0.8
|
0.58
|
67.60
|
74.30
|
6.7
|
4.9
|
0.73
|
NC-23-07
|
424992
|
5477814
|
379
|
209
|
135
|
-60
|
59.59
|
68.43
|
8.84
|
7.7
|
0.71
|
73.46
|
78.02
|
4.56
|
4.0
|
0.5
|
139.90
|
144.82
|
4.92
|
4.3
|
1.42
|
NC-23-08
|
425075
|
5477803
|
379
|
146
|
135
|
-60
|
7.10
|
10.69
|
3.59
|
3.1
|
1.19
|
25.42
|
27.32
|
1.9
|
1.6
|
1.41
|
84.57
|
85.50
|
0.93
|
0.8
|
1.26
|
NC-23-09
|
425326
|
5478131
|
379
|
210
|
140
|
-55
|
117.82
|
120.57
|
2.75
|
2.5
|
0.92
|
NC-23-10
|
425248
|
5478236
|
379
|
314
|
140
|
-53
|
298.91
|
299.27
|
0.36
|
0.3
|
1.33
|
NC-23-11
|
425379
|
5478257
|
369
|
250
|
138
|
-46
|
100.45
|
101.45
|
1.0
|
1.0
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 2 | Summary of Assay Results for Drill Holes
Completed at the McVittie Deposit in 2023. GPS Locations are in UTM
NAD83 Zone 16N.
Hole ID
|
Easting
|
Northing
|
Elevation
|
Hole
Length
|
Azimuth
|
Dip
|
From
(m)
|
To
(m)
|
Length
(m)
|
Li2O
%
|
MV-23-
01
|
###
|
####
|
399
|
271
|
270
|
#
|
99
|
99.5
|
0.5
|
0.97
|
102.82
|
104.8
|
1.98
|
0.53
|
107.4
|
113.79
|
6.39
|
0.93
|
MV-23-
02
|
425827
|
5473351
|
401
|
221
|
274
|
-69
|
160
|
161
|
1
|
0.98
|
MV-23-
03
|
###
|
####
|
387
|
221
|
270
|
#
|
95.6
|
97.69
|
2.09
|
1.30
|
133.89
|
135.96
|
2.07
|
0.61
|
140.87
|
143.06
|
2.19
|
0.72
|
MV-23-
04
|
425824
|
5473440
|
387
|
251
|
270
|
-65
|
156.5
|
157.32
|
0.82
|
0.46
|
MV-23-
05
|
###
|
####
|
386
|
125
|
264
|
#
|
32.25
|
35.05
|
2.8
|
1.38
|
59.05
|
61.77
|
2.72
|
1.66
|
MV-23-
06
|
425799
|
5473565
|
401
|
251
|
264
|
-55
|
|
No Significant
assays
|
|
|
MV-23-
07
|
425807
|
5473661
|
396
|
221
|
265
|
-47
|
|
No Significant
assays
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 3 | 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.
______________________________
|
|
1 Note:
Represents core samples of 47.6mm in diameter.
|
|
|
|
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SOURCE Rock Tech Lithium Inc.