VANCOUVER, Oct. 25, 2018 /CNW/ - Rock Tech Lithium
Inc. (the "Company" or "Rock Tech") (TSX-V: RCK; Frankfurt:
RJIB) is pleased to announce that it has mobilized a trenching crew
to the McVittie area of its 100%-owned Georgia Lake lithium
property in the Thunder Bay Mining District of Northwest Ontario, Canada.
Martin Stephan, Chief Executive
Officer of Rock Tech, commented, "We are excited to begin the
trenching program following up on the positive results from our
Preliminary Economic Assessment announced October 2, 2018. The program is aimed at
developing drill targets for future resource definition drilling to
increase our resource tonnage further and to build up the McVittie
area as a second main resource zone of our property."
The McVittie pegmatite, located south of the Nama Creek
pegmatite which hosts the majority of the Company's NI 43-101
resource estimate, was the focus of a drill program conducted in
1955 and 1956. In total, twelve (12) holes were drilled over 544
metres. During 2016, ten (10) channels were cut and forty-seven
(47) samples taken during a trenching program. The purpose of the
channels was to gain information on additional pegmatites observed
on surface and to better calibrate future exploration programs. The
McVittie pegmatite hosts an inferred resource estimate, prepared in
accordance with NI 43-101, of 670,000 tonnes (the Technical Report
with resource estimate is available on the Company's website and on
SEDAR).
On June 27, 2018, the Company
announced an updated and upgraded resource estimate for the Georgia
Lake lithium property that included the following:
- Measured: 1.89 million tonnes grading 1.04% lithium oxide
("Li2O");
- Indicated: 4.68 million tonnes grading 1.00% Li2O;
- Inferred: 6.72 million tonnes grading 1.16% Li2O.
The samples will be analyzed by Actlabs, an ISO 9001:2008
certified analytical laboratory located in Ancaster, Ontario.
All scientific and technical information in this news release
concerning the Georgia Lake lithium property was reviewed and
approved by Jessica Daniel, P. Geo,
a qualified person (QP) as defined under National Instrument
43-101.
Additionally, the Company is pleased to announce the continued
business relationship with Arriva Management Inc. ("Arriva") for
mineral exploration and technical consulting work. Arriva will
continue to provide technical geologic and strategic consulting to
the Company to build upon the Company's successful exploration
efforts. As partial compensation, Arriva will be issued common
shares of Rock Tech, with a value of $39,000, payable in tranches after services have
been rendered.
Furthermore, the Company announces that it intends to extend
1,445,556 warrants, due to expire on December 23, 2018, to December 31, 2020. The warrants, which are not
listed for trading, have an exercise price of $1.45 per share. No warrants have been exercised
within the last six months not were any warrants issued to an
Agent, broker or finder as compensation for services. The proposed
amendment to the warrants is subject to the approval of the TSX
Venture Exchange.
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 is a lithium-rich pegmatite vein deposit being
developed for 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.