Vancouver, British Columbia--(Newsfile Corp. - November 29, 2022) - IMAGINE LITHIUM INC. (TSXV: ILI) (OTCQB: ARXRF) (the "Company" or "Imagine") is pleased to announce assay results from channel samples collected as part of its prospecting program on the Jackpot lithium property located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario. The channel samples were collected in an area approximately 1 km southwest of the Jackpot Main Zone where analyzed grab samples provided significant Li2O concentrations (see September 7, 2022 Press release).
Highlights of the channel results reported today include:
10.3 m @ 1.23% Li2O, including 4.0 m @ 2.88% Li2O; and
10.00 m @ 1.02% Li2O, including 6.00 m @ 1.56% Li2O.
J.C. St-Amour, President of Imagine commented, "I am very pleased with the channel samples as they were taken from the southwest region of the property that delivered previously reported mineralized lithium grab samples, meaning this section of the property seems well mineralized at surface. Not only does this area justify further exploration work, but our prospecting program has identified several spodumene bearing pegmatite dikes within 2 km of the Jackpot Main Zone that provide additional targets for future exploration and drill programs. We are confident that in addition to expanding the Jackpot deposit through our current drill program, we will have potential to find additional deposits on the broader Jackpot property."
All five channels taken from Site 1, where a spodumene-bearing pegmatite was traced over 80 m, returned intervals containing lithium grades ranging from 0.64% to 2.88% Li2O (see Figure 1 and Table 1). Five additional sites submitted to channel sampling also returned intervals containing 0.75% to 2.15% Li2O. The area to the west and southwest of Jackpot includes several spodumene bearing pegmatite outcrops including some that have been traced for between 80 m and 200 m (Figure 1). The Company plans to complete follow-up prospecting and sampling work in this including additional drilling.
Figure 1: Air photo map showing the location of the channel sampling sites in the southwestern area of the of the Jackpot property. The significant Li2O % intervals are reported on the map.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2962/146024_2293dec0344fcbbc_002full.jpg
Table 1: Table of Channel Sample Results
| Site | Channel No. |
Easting* | Northing | Elevation | Azimut (°) |
Weighted Mean (Li2O wt. %) |
Interval (m) |
| 1 | 1 | 431238 | 5460809 | 456 | 340.0 | 1.02 | 10.0 |
| Incl. | 1.56 | 6.0 | |||||
| 1 | 2 | 431234 | 5460803 | 450 | 344.0 | 0.64 | 2.7 |
| 1 | 3 | 431219 | 5460794 | 451 | 312.0 | 1.23 | 10.3 |
| Incl. | 2.88 | 4.0 | |||||
| 1 | 4 | 431210 | 5460791 | 447 | 1.63 | 3.0 | |
| 1 | 5 | 431199 | 5460786 | 447 | 320.0 | 0.90 | 7.0 |
| 2 | 1 | 431250 | 5460857 | 448 | 342.0 | 0.75 | 9.0 |
| 3 | 1 | 431306 | 5460911 | 453 | 136.0 | --- | --- |
| 4 | 1 | 431358 | 5460962 | 451 | 138.0 | 1.84 | 2.0 |
| 5 | 1 | 431161 | 5460724 | 454 | 142.0 | 1.40 | 1.3 |
| 6 | 1 | 430969 | 5460678 | 461 | 172.0 | 2.15 | 0.9 |
*NAD83; Zone 15N
QA/QC Protocol
Imagine Lithium implemented a strict QA/QC protocol in processing all rock samples collected from the core material obtained from the Jackpot property. The protocol included the insertion and monitoring of appropriate reference materials, in this case high concentration and low concentration certified OREAS lithium standards, blanks and duplicates, to validate the accuracy and precision of the assay results. All collected rock samples were put in sturdy plastic bags, tagged, and sealed in the core shack under the supervision of professional geologists. Sample bags were then put in rice pouches and kept securely before being sent by road transport to the Actlabs laboratories in Thunder Bay, Ontario. Lithium was analyzed by Peroxide Fusion ICP-OES method (8-Li package).
Qualified Person
The technical content of this news release was approved by Michel Boily, PhD, P.Geo, an Independent Qualified Person as defined by the National Instrument 43-101.
About Jackpot
The Jackpot Lithium property, located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario, is approximately 12 km by air from the TransCanada Highway (Hwy 11) and the main railroad which connects to the port town of Nipigon, on Lake Superior. The property contains known lithium bearing granitic pegmatite dikes, of which two provided estimated historical resources of 2 million tons at 1.09% Li2O and 750,000 tons at 1.38% Li2O*.
About Imagine Lithium Inc.
Imagine Lithium is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company holds the Jackpot lithium property located near Nipigon, Ont., which contains known pegmatite showings including two historical resources of 2 million tons grading 1.09% Li2O and 750,000 tons at 1.38% Li2O.
* The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of NI-43-101 such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.
ON BEHALF OF THE BOARD
"J.C. St-Amour"
J.C. St-Amour, President
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: +1-604-683-3995
Toll Free: 1-888-945-4770
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146024
2022-11-29 07:00:00
Vancouver, British Columbia--(Newsfile Corp. - November 14, 2022) - IMAGINE LITHIUM INC. (TSXV: ILI) (OTCQB: ARXRF) (the "Company" or "Imagine") has entered into a contractual agreement with SGS Natural Resources in Lakefield, ON to carry out metallurgical testing on lithium ore from the Jackpot Lithium project. This is a necessary step in the sales process of lithium products including: direct shipping ore, lithium concentrate, lithium carbonate and lithium hydroxide monohydrate. Sample material is anticipated to come from the Jackpot Main Zone area and is believed to be representative of other zones discovered to date on the property.
SGS is a recognized world leader in lithium analysis and will evaluate the ore and produce spodumene concentrate up to 6% Li2O. This is an essential step in the development and optimization of the process to produce a battery grade lithium hydroxide monohydrate and lithium carbonate.
"Given the current elevated pricing environment for lithium products from direct shipping ore, to concentrate, to fully processed lithium carbonate and lithium hydroxide, we are considering multiple commercial opportunities for our lithium products in tandem with exploration. Metallurgical analysis and results are an important input in the customer engagement process," said JC St-Amour, President and CEO of Imagine Lithium.
The drill program at Jackpot is ongoing with a number of samples awaiting assay results. The Company will provide an update as results become available.
Corporate Update
Further, the Company announces that the board of directors has granted 1,750,000 options to officers and directors of the company pursuant to its stock option plan. The options will be exercisable for a period of 5 years from the date of grant at a price of $0.075 per option, and vest immediately.
About SGS
SGS is the world's leading testing, inspection and certification company. SGS is recognized as the global benchmark for quality and integrity. With more than 96,000 employees, SGS operates a network of over 2,700 offices and laboratories around the world. We are constantly looking beyond customers' and society's expectations in order to deliver market leading services wherever they are needed. Working together to make the world a better, safer place.
QA/QC Protocol
Imagine Lithium implemented a strict QA/QC protocol in processing all rock samples collected from the core material obtained from the Jackpot property. The protocol included the insertion and monitoring of appropriate reference materials, in this case high concentration and low concentration certified OREAS lithium standards, blanks and duplicates, to validate the accuracy and precision of the assay results. All collected rock samples were put in sturdy plastic bags, tagged, and sealed in the core shack under the supervision of professional geologists. Sample bags were then put in rice pouches and kept securely before being sent by road transport to the Actlabs laboratories in Thunder Bay, Ontario. Lithium was analyzed by Peroxide Fusion ICP-OES method (8-Li package).
Qualified Person
The technical content of this news release was approved by Michel Boily, PhD, P.Geo, an Independent Qualified Person as defined by the National Instrument 43-101.
About Jackpot
The Jackpot Lithium property, located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario, is approximately 12 km by air from the TransCanada Highway (Hwy 11) and the main railroad which connects to the port town of Nipigon, on Lake Superior. The property contains known lithium bearing granitic pegmatite dikes, of which two provided estimated historical resources of 2 million tons at 1.09% Li2O and 750,000 tons at 1.38% Li2O*.
About Imagine Lithium Inc.
Imagine Lithium is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company holds the Jackpot lithium property located near Nipigon, Ontario, Canada, which contains known pegmatite showings including two historical resources of 2 million tons grading 1.09% Li2O and 750,000 tons at 1.38% Li2O.
* The estimates presented above are treated as historical information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of NI-43-101 such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.
ON BEHALF OF THE BOARD
"J.C. St-Amour"
J.C. St-Amour, President
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: +1-604-683-3995
Toll Free: 1-888-945-4770
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144105
2022-11-14 07:00:00
