VANCOUVER, Oct. 3, 2018 /CNW/ - Rock Tech Lithium
Inc. (the "Company" or "Rock Tech") [(TSX-V: RCK) (Frankfurt:
RJIB) (WKN: A1XF0V)], at the request of the Investment Industry
Regulatory Organization of Canada
("IIROC"), clarifies certain statements made in a news release
distributed on October 2, 2018,
disclosing the results of a Preliminary Economic Assessment ("PEA")
at its flagship 100%-owned Georgia Lake lithium property in the
Thunder Bay Mining District of Northwest
Ontario, Canada.
The news release included a reference to Earnings Before
Interest, Taxes, Depreciation and Amortization ("EBITDA") which is
a non-International Financial Reporting Standards ("IFRS")
financial measure. For clarification, the average annual Net Income
from the project is estimated to be $39.9
million.
The production scenario contemplated in the PEA and disclosed in
the press release called for total production of 1.1 million tonnes
of chemical grade (6.2%) spodumene concentrate. This is based on a
portion of the Measured, Indicated and Inferred resources included
in the Company's Technical Report dated August 10, 2018, prepared by DMT. This technical
report estimated the resources at Rock Tech's Georgia Lake
property, with a cut-off of 0.65% Li2O, to be as follows:
- Measured & Indicated: 6.57 million tonnes grading 1.01%
lithium oxide ("Li2O");
- Inferred: 6.72 million tonnes grading 1.16% Li2O.
After applying pit optimization, a lower cut-off grade of 0.55%
Li2O was used for the open-pit operations with a cut-off grade of
0.65% Li2O used for contemplated underground operations. The
following resource was used as the basis for the calculations
included in the PEA:
- Measured and Indicated: 7.66 million tonnes;
- Inferred: 2 million tonnes;
While the Company did not include all of the inferred resources
delineated on the property, a portion was included in the PEA. The
PEA is preliminary in nature, that it includes inferred mineral
resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves, and there is no certainty
that the PEA will be realized.
The PEA includes the results of an economic analysis of mineral
resources, mineral resources that are not mineral reserves do not
have demonstrated economic viability.
All scientific and technical information in this news release
was reviewed and prepared under the supervision of Karl-Stephan Peters, EurGeol 787, an independent
Qualified Person to Rock Tech.
Rock Tech will file the Preliminary Economic Assessment on the
System for Electronic Document Analysis and Data Retrieval
("SEDAR") within 45 days of this news release.
About DMT GmbH & Co. KG
DMT is a global consortium, providing interdisciplinary services
in the Mining, Oil & Gas, Civil Engineering &
Infrastructure and Plant Engineering markets with a client roster
that includes Anglo American, BHP
Billiton, OMV, E.ON, Schlumberger, De Beers and leading institutes
such as The World Bank and the Asian Development Bank. DMT occupies
30 offices worldwide and belongs to the German certification agency
TÜV NORD GROUP. To date, DMT has completed several thousand
projects in over 150 countries, working in over 25 countries in a
typical year.
About Rock Tech Lithium:
Rock Tech Lithium is an exploration company focused on acquiring
and exploring properties in the field of lithium. The Georgia Lake
Lithium project develops a lithium-rich pegmatite vein deposit for
the purpose of mining. The deposit was discovered in the Thunder
Bay Mining district in northwestern Ontario/Canada, close to the Lake Superior, as early as 1955. Rock Tech
Lithium has been working increasingly on the property since 2016 –
in a market environment, where the trend for electric cars on the
international market has been rising steeply for years. Analysts
expect that more than 25% of newly sold cars in 2025 will be
electrified, with the demand for batteries and therefore battery
metals such as lithium expanding rapidly.
On behalf of the Board of Directors of the Company,
"Martin Stephan"
Martin Stephan
Director, Chief Executive Officer
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.
SOURCE Rock Tech Lithium Inc.