VANCOUVER, B.C., Dec. 4, 2012 (GLOBE NEWSWIRE) -- International Lithium Corp. ("ILC" or the "Company") (ILC: TSX-V) is pleased to announce that following the approval of the loan and financing arranged with strategic partner Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng"), previously announced in ILC's news release dated December 3, 2012 the Company initiated exploration on their wholly owned Blackstairs Lithium project in Ireland.
Work underway by Aurum Exploration Services, an Irish geological consultancy, has focussed on reviewing historical deep overburden sampling and preparing targeting for drilling at two prospects. Preliminary results of this review confirm trends and zonation in lithium, caesium, tantalum and other rare metals that reinforce the Company's belief there are additional prospects and extensions to known prospects throughout the belt. Orientation surveys of previously drilled lithium and rare metal occurrences and regional reconnaissance surveys are planned for the first quarter 2013 as part of the "due diligence" stage of Ganfeng's increasing partnership in this project in which it can earn up to a 100% (NR dated Oct 2, 2012). Diamond drilling is planned for early 2013.
"We are exited moving into the New Year with a stark program which marks the next stage of advancement for ILC", commented Kirill Klip, president of International Lithium Corp., "The increasing cooperation from Gangfeng Lithium Ltd. brings a success oriented approach to our company and affirms the demand for our resources, a demand we are committed to meeting to the satisfaction of our shareholders and strategic partners."
Blackstairs Project
The Blackstairs project, comprised of eight mineral exploration licences totalling 292 square kilometres, is located 80 km south of Dublin straddling the Counties of Carlow and Wicklow in Leinster, south-east Ireland. The Property encompasses an extensive NE-SW oriented 50 kilometre long rare metals pegmatite belt situated within the East Carlow Deformation Zone along the eastern side of the Leinster Granite. Approximately 19 significant lithium pegmatite occurrences have been discovered within the Property to date primarily as boulder trails with five buried pegmatites known through past trenching and drilling.
Lithium bearing pegmatite occurrences were first reported in the area in 1970. In the period through to 1977, Irish Base Metals carried out a preliminary exploration program comprising prospecting, sampling, trenching and geophysical surveys culminating in 47 short boreholes totalling 2,300 metres at 4 of the 19 lithium pegmatite occurrences over a number of seasons.
Due to the prevalent overburden cover and scarcity of outcrop, prospecting for lithium pegmatite boulders was the most successful exploration method utilised to identify priority target areas. The relative location, size and quantity of pegmatite boulders within the dry stone field boundaries provided a reliable indication for the approximate position of buried pegmatites. The Aclare House occurrence, situated in the center of the Property, has witnessed the most exploration activity on the Property was initially discovered through this exploration approach.
Thirty-three short drill holes totalling 1,703m were drilled at Aclare House. A pegmatite body up to 20 metres wide and traced for more than 400 metres along strike was delineated and a pre-NI43-101 historical resource of 570,000 tonnes grading 1.5% Li2O was reported. (A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.)
Five drill holes, for a total of 163 metres, were drilled at the Stranakelly occurrence situated proximal to the northeast Property boundary. Lithium-bearing pegmatite mineralization was intersected in four of the holes with hole STK3 grading 1.85% Li2O over 5.3 metres.
Five drill holes, for a total of 212 metres, were drilled at the Moylisha occurrence situated approximately 10 kms northeast of Aclare House. The width of the pegmatite body encountered varied between 5 and 10 metres with one hole grading 1.66% Li2O over 9.4 metres.
Four drill holes, for a total of 280 metres, were drilled at the Seskinnamadra occurrence situated approximately 8 kms southwest of Aclare House. The narrow pegmatite intersections reported from the drilling does not explain the significant frequency and size of the lithium pegmatite boulders mapped in the area that suggests a potentially large yet to be discovered buried pegmatite body.
The observed lithium bearing pegmatites and extensive boulder occurrences within the Property represent a highly prospective and underexplored region. In addition, the recent discovery of a high concentration of pegmatite boulders reporting grades exceeding 4% Li2O at Moylisha only serve to highlight the exploration potential of the Property.
John Harrop, P.Geo, FGS, is the Company's Qualified Person on the project as defined under NI 43-101 and has reviewed the technical information contained in this press release.
About Jiangxi Ganfeng Lithium Co. Ltd.
Ganfeng Lithium based in Xinyu, Jiangxi Province, China, is a professional producer of lithium products which has developed a comprehensive product chain, including lithium metal and alloys, inorganic and organic lithium chemicals, supplies a wide range of lithium products for primary and secondary lithium battery market, pharmaceutical and new material industries. Ganfeng Lithium's principal market is in China with international exports to Europe, Japan, the USA and India. Ganfeng Lithium was founded in 2000 and listed on the Shenzhen Stock Exchange in August 2010, notably as the first publicly listed lithium company in China and has experienced rapid continuous growth over the last 11 years.
About International Lithium Corp.
International Lithium Corp. is an exploration company with an outstanding portfolio of projects, strong management ownership, robust financial support and a strategic partner and keystone investor Jiangxi Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer.
The Company's primary focus is the Mariana lithium-potash brine project in Argentina within the renowned South American 'Lithium Belt' that is host to the vast majority of global lithium resources, reserves and production. The 160 square kilometre Mariana project strategically encompasses an entire mineral rich evaporite basin that ranks as one of the more prospective salarsor 'salt lakes' in the region.
Complementing the Company's lithium brine projects are rare metals pegmatite properties in Canada and Ireland that have revealed through recent highly positive results a clear potential that the Company will advance with the support of its strategic partner, Ganfeng Lithium. These projects can add distinct value as the Company strives to source rare metals to help meet the increasing demand through the growth in global technologies that utilize the rare metals suite of elements.
With the increasing demand of high tech applications in battery and vehicle propulsion technologies, lithium and other rare metals are no doubt the metals of tomorrow's green tech economy. By positioning itself with solid development partners and projects with significant resource potential, ILC aims to be the green tech resource developer of choice for investors and build value for its shareholders.
International Lithium mission is to find, explore and develop projects which have the potential to become world class lithium, potash and rare metal deposits.
On behalf of the Board of Directors,
Kirill Klip
President, International Lithium Corp.
Neither the 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 in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Contact:
Caroline Klukowski
ck@coastmountaingeo.com
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