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  • International Lithium Drill Program Extended by 46% at Mavis Lake-Fairservice Lithium and Rare Metals Project, Ontario ilc.v, tnr.v, czx.v, rm.v, lmr.v, abn.v, asm.v, btt.v, bva.v, bvg.v, epz.v, fst.v, gbn.v, hao.v, jnn.v, ks.v, ktn.v, kxm.v, mgn, mxr.v,  0 comments
    Oct 12, 2011 12:41 PM | about stocks: LIT, SQM, FMC, ROC, F, GM, TSLA, ZIP, TM, FCX, BHP, VALE, TCK, MCP, REE
    International Lithium Corp. 

    TSX VENTURE : ILC
    TSX VENTURE : ILC.WT


    International Lithium Corp. 
    October 11, 2011 08:30 ET
    International Lithium Drill Program Extended by 46% at Mavis Lake-Fairservice Lithium and Rare Metals Project, Ontario
     
     
    VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2011) - International Lithium Corp. (TSX VENTURE:ILC)(TSX VENTURE:ILC.WT) ("ILC" or the "Company") is pleased to announce the completion of drilling on the Lithium and Rare Metals pegmatite field spanning the Company's contiguous Mavis Lake and Fairservice claim blocks near Dryden Ontario.
    Key Highlights:
    • 1,753 metres drilled representing an increase of 46% from original 1,200 metre proposed program;
    • 20 holes completed on the Rare Metals pegmatite field spanning the Company's contiguous Mavis Lake and Fairservice properties;
    • 394 samples collected and shipped for analysis with results expected in 6-8 weeks;
    • Primary objectives were to confirm the historic lithium grades on the Fairservice property and test the rare metal potential of the Mavis Lake pegmatites; and
    • Material collected from several pegmatites for preparation as a certified reference material.
    The Company's Mavis Lake – Fairservice property straddles a continuous pegmatite field exhibiting high-grade, well-evolved, lithium and tantalum zonation as well as significant levels of cesium and rubidium. The primary objectives of the drill program were to confirm the historic lithium grades on the Fairservice claims and test the rare metal potential of the Mavis Lake claims highlighted in the recent surface exploration programs. A 1,200 metre drill program was planned, but extended mid-program to complement and better fulfill the objectives.
    Of the 20 holes drilled, 17 intersected one or more intervals of pegmatite greater than 2 metres and up to 78 metres in length*.
    At completion, 1,753 metres were drilled across 20 holes with 394 samples collected and shipped for analysis. Results are anticipated in 6-8 weeks due to laboratory turnaround for the samples and preparation of a lithium certified reference material ("CRM"). Once completed, the CRM will be available to support industry recognized QA/QC protocols on all ILC pegmatite projects.
    * The true width of the pegmatite intersections as well as the rare metal grades have not been determined and no inference has been made to that effect until the analytical results are returned and a geological interpretation is completed.
    Mavis Lake Claim Block
    Two field programs were undertaken in 2009 consisting of detailed mapping and sampling of the known pegmatite occurrences to assess the lithium (Li), tantalum (Ta) and other rare metals potential of the Company's 100% owned Mavis Lake property. Composite channel samples returned 1.24 Wt% Li2O over 5.3 metres and 1.4 Wt% Li2O over 4.7 metres from Pegmatite #18.
    In addition, a lithogeochemical survey over a 1200m by 900m grid extended the lithium dispersion anomaly (>50 ppm Li) by 1.1kms to 4.5kms in total length. Of special note, 38% (78 of 204 grab samples) graded better than 150 ppm Ta2O5** (tantalum oxide) demonstrating widespread highly anomalous Tantalum mineralization (TNR Gold Corp., precursor reporting issuer to ILC spin-out, news release dated December 9, 2009).
    The highest tantalum values came from Pegmatites 13, 14 and 16 which occur within an area of 500 by 800 metres that represents the known southeastern exploration limit for rare metal mineralization on the property. This prospective area of elevated tantalum values is underexplored and open to the east and southeast. Grab samples from this area returned peak Ta2O5 values of 1349 ppm (0.135%) and 1246 ppm (0.125%) from the No.16 and No.14 pegmatites, respectively**.
    ** Note: grab samples are by definition selective and are unlikely to represent average grades on the property.
    Fairservice Mining Leases
    The Fairservice property consists of 6 Mining Leases totaling 88.4 hectares and is dominated by east trending spodumene-beryl-tantalite-type pegmatites considered to be part of the same dyke swarm as on the Company's adjacent Mavis Lake claim block. Past exploration identified 10 pegmatites (Pegmatite #1-10) and delineated an historical (non NI 43-101 compliant) resource of 500,000 tons at 1.0% Li2O at Pegmatite #1***.
    To earn a 100% interest, ILC has agreed to make payments totaling $120,000 and issuing an aggregate of 500,000 common shares of ILC over a three-year period and incurring exploration expenditures totaling $500,000 over a four-year period. The vendor will retain a 5% Net Profits Interest royalty of which the Company has the right to purchase in entirety by paying the Vendor the sum of $1 million.
    ***Note: 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.
    Mavis Lake - Fairservice Property Area - General
    The Mavis Lake – Fairservice property is located 15 km Northeast of Dryden, Ontario. The property is easily accessed via the Trans-Canada Highway and a series of logging roads. The claim blocks comprise a total of 2,624 hectares and cover several known rare metal pegmatites.
    Regional pegmatite mineralization is directly associated with the strongly peraluminous Ghost Lake Pluton and related pegmatitic granite dykes. Rare metal mineralization in the Mavis Lake area occurs in zoned pegmatites hosted by mafic metavolcanic rocks. Rare metal mineralization has been noted to occur in four zones: internal beryl zone within the parent of the Ghost Lake pluton that evolves to the east within the Fairservice and Mavis Lake claim blocks into external zones of beryl-columbite, spodumene-beryl-tantalite and albite-type pegmatites. The Mavis Lake property has reported high-grade well-evolved lithium and tantalum zonation as well as significant levels of cesium and rubidium across multiple pegmatite bodies.
    John Harrop, P.Geo, is the company's qualified person on the project as required under NI 43-101 and has reviewed the technical information contained in this press release.
    For more information on the Mavis Lake - Fairservice Project, the Company's other projects or to help understand the technical aspects of Lithium and other Rare Metals please visit International Lithium Corp.'s newly revamped website at www.internationallitium.com.
    ABOUT INTERNATIONAL LITHIUM CORP.
    International Lithium Corp. is an international rare element metals ("REM") mineral exploration company with an outstanding portfolio of projects, strong management ownership, robust financial support and a prominent lithium product manufacturer as a keystone investor.
    ILC currently has 9 active REM projects, well balanced between lithium brines in Argentina and Nevada and hard-rock pegmatites in Canada and Ireland. The Company's primary focus is the Mariana lithium brine project, a salar or 'salt lake', covering an expansive 160 square kilometres and strategically encompassing the entire basin. Mariana is located in the renowned South American 'Lithium Belt' centred on the junction of Argentina, Bolivia and Chile that is host to the vast majority of global lithium resources, reserves and production. The Mariana lithium brine project ranks as one of the more prospective salars in the region.
    Complementing the Company's lithium brine projects are the REM pegmatite properties. The key characteristics shared by the hard-rock REM projects are their limited past exploration, excellent accessibility, limited assaying for rare metals, clear potential for additional exploration to add project value and development potential to meet the global technological growth in demand for the REM suite of elements.
    International Lithium Corp.'s mandate is to increase shareholder value through aggressive advancement of its core projects and to source joint venture partners to expand the scope and diversify risk of its exploration effort.
    On behalf of the Board,
    Mike Sieb, President – International Lithium Corp.
    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.
    Shares CUSIP: #459820 10 6
    Warrant CUSIP: #459820 11 4
    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.


    Please, do not forget, that we own stocks we are writing about and have position in these companies. We are not providing any investment advise on this blog and there is no solicitation to buy or sell any particular company here. Always consult with your qualified financial adviser before making any investment decisions.
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