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11.10.2019
Rock Tech Signs Non-Binding MOU With Ardiden Limited

 

Vancouver, BC, Canada – October 10, 2019 Rock Tech Lithium Inc. (the "Company" or “Rock Tech”) (TSX-V: RCK; Frankfurt: RJIB) is pleased to report it has signed a non-binding Memorandum of Understanding (MOU) with nearby Lithium explorer, Ardiden Limited (ASX: ADV). The Companies will work together to develop a project to potentially supply Spodumene Concentrate at 6-7% Li2O, initially using the resources of their two Flagship Lithium Projects; Georgia Lake and Seymour Lake. An important focus is on the design and evaluation of the best suitable processing and infrastructure facilities at Rock Tech’s Georgia Lake Site.

 

Dirk Harbecke, Rock Tech Lithium Chairman, comments: “We are very happy to work with Ardiden as a step to consolidate assets in this important North American mining region. Our projects have multiple beneficial synergies with the deposits being located closely to each other – with direct access to railway, highway and power supply. The cooperation helps us to increase the already explored tonnage of Lithium Oxide for the planned concentration plant at our Georgia Lake site, without further expenses for drilling on our property. It is also an additional step for fulfilling our vision to build prospectively further Lithium downstream processing facilities at the nearby regional mining and shipping center Thunder Bay.

 

Figure 1 –Rock Tech’s and Ardiden’s Lithium Projects in northwest Ontario, Canada

 

The Companies also wish to work together to:

 

-          Undertake Technical Collaboration for the development of optimal transportation of mined Spodumene material (DSO) from Seymour Lake to Georgia Lake;

-          Progressively bring additional spodumene resources on-stream from other 100%-owned Ontario lithium projects; and

-          Develop options for joint value-adding strategies through potential development of downstream processing facilities at Thunder Bay, Ontario.

 

Mineral Resources:

 

  1. Rock Tech Lithium Inc – Georgia Lake Lithium Deposit

 

In June 2018, Rock Tech released an NI 43-101 compliant resource estimate that included 6.57Mt Measured and Indicated resources. Additionally. 6.72Mt of Inferred resources were estimated within this area.

 

Following NI43-101 requirements and considering potential economic viability a 0.65% Li2O cut-off grade has been assumed based on comparable projects, which yields a total Measured and Indicated Resource of 6.57Mt at a grade of 1.01% Li2O.

 

The Deposit Areas have been categorized geographically as distinct Northern (NSPA) and Southern (SSPA) Spodumene Pegmatite Areas.

 

Deposit

Resource

Category

Million Tonnes

Li2O

(%)

Cut off Li2O (%)

NSPA

Measured

1.89

1.04

0.65

NSPA

Indicated

4.68

1.00

0.65

Total Measured and Indicated Resources

6.57

1.01

0.65

Table 1: Measured and Indicated Resources in the NSPA from all five pegmatites which were modelled in 3D

 

Area

Resource

Category

Million Tonnes

Li2O

(%)

 

NSPA

Inferred

0.33

1.01

From the 3D Block models pegmatites in the NSPA

NSPA

Inferred

3.85

1.01

From extrapolating below the existing 3D modelled pegmatites

SSPA

Inferred

2.54

1.41

From other pegmatites in the SSPA

Total Inferred Resources

6.72

1.16

 

Table 2: List of the total inferred resource within the claims and dispositions of Rock Tech from different areas

with the effective date 18.4.2018

 

  1. Ardiden Limited – Seymour Lake Lithium Deposit

 

In March 2019, Ardiden announced an upgraded Mineral Resource at the Seymour Lake Lithium Project of 4.83Mt @ 1.25% Li2O and 186ppm Ta2O5, reported in accordance with the JORC Code (2012).

 

Deposit

Resource

Category

Million Tonnes

Li2O

(%)

Ta2O5 (ppm)

North Aubry

Indicated

2.13

1.29

210

North Aubry

Inferred

1.7

1.5

189

South Aubry

Inferred

1.0

0.8

128

Total

4.83

1.25

186

Table 3: Seymour Lake Lithium Project Mineral Resource Estimate Table*

 

Note: Figures are subject to rounding.

* Mineralisation consists of spodumene; concentration of other lithium minerals is negligible

 

In addition, there are significant Exploration Targets present within the Seymour Lake Lithium Project, The aggregate Exploration Target for the Seymour Lake Lithium Project is 4.5Mt – 7.2Mt @ 0.8% Li2O to 2.4% Li2O.

* Note: The quantities and grades stated for all Exploration Targets is conceptual in nature and there has been insufficient exploration to define Mineral Resources at these targets and it is uncertain if further exploration of these targets will produce results that permit Mineral Resources to be estimated.

 

About Rock Tech Lithium Inc.

Rock Tech Lithium Inc. is a lithium company developing its 100% owned Georgia Lake spodumene project in Ontario, Canada. Based in Vancouver and listed on the TSX Venture Exchange and Frankfurt Stock Exchange, the Company’s international board of directors provides a truly global presence and offers unique access to capital and projects.

 

About the 100% owned Georgia Lake Lithium Project - The Georgia Lake lithium project is a lithium-rich pegmatite vein deposit with measured and indicated resources of 6.57 million tonnes grading 1.01% Li2O in addition to inferred resources of 6.72 million tonnes grading 1.16% Li2O. The first PEA for the project, focused exclusively on the main resource area which hosts less than 80% of total defined resources to date, was published in October 2018. Highlights from the PEA included an NPV of $312 million and an IRR of 62.2%. While the Georgia Lake lithium project has received extensive exploration and development investment over the years, there remains extensive areas for future exploration and discovery located both within and adjacent to the main resource area.

 

Georgia Lake Lithium Project Infrastructure - The Georgia Lake lithium project has best-in-class infrastructure. The main resource zone is just 5 kilometres from the Trans-Canada Highway with a series of logging roads providing year-round access to all areas of the property. Furthermore, just 5 kilometres to the east is an existing 115 kV transmission line providing a grid connection. The neighbouring towns of Beardmore and Nipigon provide ample housing, personnel and supplies. The world-class mining hub of Thunder Bay, less than two hours by car, provides access to the Port of Thunder Bay, the Thunder Bay International Airport and all needed exploration, engineering and mining professionals.

 

Competent Person’s Statement

 

Rock Tech Lithium - A Report titled “NI43-101 Technical Report and Mineral Resource Estimation - Georgia Lake Lithium Property, Beardmore, Ontario, Canada”, with an effective date of April 18. 2018 and a submission date of June. 26. 2018, was prepared and signed by the following Qualified Persons; DMT GmbH & Co. KG, Essen, Germany, Karl Rudolf Stephan Peters who is a member of the European Federation of Geologists EurGeol 787. The report can be downloaded from the Rock Teck website at https://rocktechlithium.com/regulatory-filings/

 

Ardiden Limited - The information in this announcement that relates to the Mineral Resource Estimate and the Exploration Target adjacent to the North Aubry Mineral Resource is based on, and fairly represents, information and supporting geological information and documentation that has been prepared by Mr Philip Alan Jones, an independent consulting geologist whom is a Member of the AusIMM and a Member of the AIG. Mr Jones is a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). He has more than five years of experience that is relevant to the style of mineralisation and type of deposit described in the announcement and in particular the completion of Mineral Resource Estimates. Mr Jones consents to the inclusion of the information in this report in the form and context in which it appears.

 

The information in this announcement that relates to the Exploration Targets present at the “A”,”I” and Pye prospects is based on, and fairly represents, information and supporting geological information and documentation that has been prepared by Mr Peter Spitalny whom is an Executive Director of Ardiden Ltd. Mr Spitalny is a geologist, a Member of the AusIMM and a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). He has more than five years of experience that is relevant to the style of mineralisation and type of deposit described in the announcement and in the activity undertaken namely the assessment and exploration of pegmatites. Mr Spitalny consents to the inclusion of the information in this report in the form and context in which it appears.

 

On behalf of the Board of Directors,

"Dirk Harbecke "

Dirk Harbecke

Chairman

 

For further information, please contact:

 

Brad Barnett

Chief Financial Officer

Rock Tech Lithium Inc.

777 Hornby Street, Suite 600

Vancouver, B.C., V6Z 1S4

Telephone: (778) 358-5200

Facsimile: (604) 670-0033

Email: bbarnett@rocktechlithium.com

 

Rock Tech Lithium Inc.

600-777 Hornby Street | Vancouver | British Columbia | Canada | V6Z 1S4

P. +1.778.358.5200 | F. +1.604.670.0033

www.rocktechlithium.com | bbarnett@rocktechlithium.com

TSXV: RCK | Frankfurt: RJIB

 

Neither 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 included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements".  Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions.  The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.



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