VANCOUVER, BC, Oct. 7, 2022 /CNW/ - Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the "Company" or "Rock Tech") is pleased to announce the final results from the Company's recently completed 2021 – 2022 drill program (the "Drill Program") at its 100%-owned Georgia Lake lithium project in the Thunder Bay Mining District of Ontario (the "Georgia Lake Project").
Rock Tech is pleased to announce the final results from its completed 2021 – 2022 Drill Program. The Drill Program was designed to support the Company's ongoing pre-feasibility study in respect of the Georgia Lake Project, which the Company expects to publish in the fourth quarter of 2022. The final drill results are from exploration drilling completed during the winter and spring of 2022. Commenting on the Drill Program, Robert MacDonald, General Manager of the Georgia Lake Project, said, "Rock Tech is pleased to conclude this phase of our Drill Program, and with that, we are looking forward to the completion of our pre-feasibility study later this year while continuing to progress permitting work in respect of the Georgia Lake Project."
The objective of the Drill Program was to increase the confidence in the current mineral resource estimate in respect of the Georgia Lake Project and to upgrade the resource classification from predominantly inferred resources to predominantly indicated resources, as well as test potential extensions of the mineral resource down dip and along strike of the deposits. Assay results from the initial 70 holes drilled during the 2021 – 2022 Drill Program were announced by the Company on January 12, 2022 and June 30, 2022, respectively.
In addition to the Drill Program, Rock Tech is also pleased to announce that it executed a successful mapping and prospecting program commenced in summer 2022 at the Georgia Lake Project in areas both proximal to known spodumene-bearing pegmatite deposits and in under-explored areas within its 6,728 hectares property. 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. Since the start of the Drill Program in 2021, the Company has completed a total of 23,200 metres of diamond drilling that focused on five spodumene pegmatite deposits known as the Main Zone North ("MZN"), Conway, Main Zone Southwest ("MZSW"), Harricana and Line 60.
KEY EXPLORATION HIGHLIGHTS
Fourty-six (46) NQ1 diamond drill holes totaling 13,829 metres were completed at the MZN deposit.
Thirty-five (35) NQ diamond drill holes totaling 5,943 metres were completed at Conway.
Sixteen (16) NQ diamond drill holes totaling 3,437 metres were completed at MZSW, Harricana and Line 60.
Significant assay results from remaining 27 holes Rock Tech have been waiting for lab results include:
As previously announced (June 30, 2022), the Drill Program has extended mineralization beyond the limits of previous drilling at MZN and Conway (see details below), and also identified a new mineralized zone south of the MZN deposit. Significant assay intersections from the new zone include:
1 Note: Represents core samples of 47.6mm in diameter.
DETAILS ABOUT THE MAIN ZONE NORTH DRILLING
The MZN deposit contains multiple stacked pegmatite dikes that are grouped into the "Northern" and "Southern" pegmatite systems at MZN. Spodumene mineralization at MZN strikes at 235 degrees for over 1 km and dips 60 degrees to the northwest. At MZN, the Drill Program extended spodumene mineralization for 50 – 100 metres down dip of known pegmatites for about 300 metres along strike on the eastern side of the deposit (See Table 1 and Figures 1 to 3 in the Appendix to this press release). A new mineralized zone was also discovered 150 – 300 metres south of the "MZN" deposit where historic drill holes and mapping showed sporadic spodumene mineralization (See Figure 1 and assay results for drill holes NC-22-17 to -19, NC-22-26, and NC-22-28 to -31 in Table 1, respectively, in the Appendix to this press release).
DETAILS ABOUT THE CONWAY DRILLING
The Conway deposit hosts one main pegmatite dike with spodumene mineralization striking at 210 degrees for 800 metres and dips 70 degrees to the northwest. The 2021 – 2022 drilling at Conway extended spodumene mineralization for 100 metres along strike to the south, to the 75 metres level (See Table 2 and Figures 4 and 5 in the Appendix to this press release).
DETAILS ABOUT DRILLING AT MAIN ZONE SOUTHWEST
The MZSW deposit, located 1 km to southwest of MZN deposit, hosts three parallel – sub-parallel spodumene pegmatites that strike at 235 degrees for 300 metres, dipping 70 degrees to the northwest. See Table 2 in the Appendix to this press release for assay results in drill hole MZSW-21-02.
SAMPLING AND QAQC PROCEDURE
Samples were taken across every spodumene-bearing pegmatite and 1 metre into the barren host rock on either side of the dykes. Sample lengths were around 1 metre, 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 13% of the samples submitted to Activation Laboratories Ltd. ("Actlabs") for analysis were QAQC samples that were inserted into the sample stream and consist of a high- and low-grade lithium standards, blank material, and duplicates. Samples were sent to Actlabs' preparation laboratories in Geraldton and Thunder Bay, 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.
SCIENTIFIC AND TECHNICAL DISCLOSURE
The scientific and technical disclosure included in this press 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 LITHIUM INC.
Rock Tech is a cleantech company on a mission to produce lithium chemicals for EV batteries. The Company aims to serve automotive customers with high-quality lithium hydroxide. Rock Tech plans to build high-tech lithium converters at the door-step of the European and North American automotive industries, to provide customers with 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 materials from discarded batteries. Rock Tech's goal: to create a closed-loop lithium production system. www.rocktechlithium.com
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) 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 information is based on Rock Tech's current expectations, estimates, and assumptions in light of its experience and its 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, forward-looking information contained in this press release includes: statements regarding the Drill Program and the ongoing pre-feasibility study, including their objectives, results and the benefits thereof; the timing of completion of the pre-feasibility study; the Company's expectations regarding its planned and prospective projects, including the Georgia Lake Project and the proposed lithium projects, the Company's intentions with respect to the development and timing thereof and statements regarding future plans, activities, and schedules relating to such projects and related development; statements and expectations regarding the electric vehicle industry; 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 Drill Program will be indicative of future results; that the pre-feasibility study 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 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 and ongoing geopolitical hostilities; 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 attract and retain 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/or the Company's proposed lithium converters; 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 and/or exchange rates and the market prices of Rock Tech's securities; Rock Tech's history of losses; adverse 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 "Risk Factors" in Rock Tech's most recently filed Management Discussion and Analysis and Annual Information Form, respectively. 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.
Rock Tech Lithium Inc.
Figure 1. Map showing location of 2021 – 2022 holes drilled at the MZN (A) and Conway (B) deposits.
Figure 2. Long-section showing Lithium grade based on previous and current (2021-2022) drill hole composites at the Southern Pegmatite System of the MZN deposit.
Figure 3. Long-section showing Lithium grade based on previous and current (2021-2022) drill hole composites at the Northern Pegmatite System of the MZN deposit.
Figure 4A. Spodumene bearing Lithium Pegmatite intersection in drill hole MZSW-21-02 (Core Interval from 172 to 189 m)
Figure 4B. Spodumene bearing Lithium Pegmatite intersections in drill hole NC-22-16 (Core Interval from 331.4 to 348.9 m)
Figure 4C. Spodumene bearing Lithium Pegmatite intersections in drill hole CON-22-27 (Core Interval from 71 to 88 m)
Figure 4D. Spodumene bearing Lithium Pegmatite intersections in drill hole NC-22-17 (Core Interval from 106 to 123.5 m)
Figure 5. Long-section showing Lithium grade based on previous and current (2021-2022) drill hole composites at Conway.
Table 1. Summary of Assay Results for Drill Holes Completed at the MZN Deposit in 2021 - 2022. GPS Locations are in UTM NAD83 Zone 16N.
No Significant Assay Results
No Significant Assay Results
No Significant Assay Results
No Significant Assay Results
No Significant Assay Results
Table 2. Summary of Assay Results for Drill Holes Completed at Conway and MZSW Deposits in 2021 - 2022. GPS Locations are in UTM NAD83 Zone 16N.
No Significant Assay Results
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SOURCE Rock Tech Lithium Inc.
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