Vancouver, British Columbia--(Newsfile Corp. - May 16, 2023) - IMAGINE LITHIUM INC. (TSXV: ILI) (OTCQB: ARXRF) (the "Company" or "Imagine") is pleased to announce assay results from its ongoing drill program at the Jackpot lithium project, located within the rapidly emerging lithium camp in the Georgia Lake Area, approximately 140 km north-east of Thunder Bay, Ontario (see Figure 1).
Highlights of the assay results reported today include:
The 2023 drill program to date has focused on the Jackpot Main Zone to increase the drill density. The 2022 drill program nearly doubled the mineralized lithium zone by increasing the strike length by 400 metres to the east. The gently dipping zone now extends a total of 900 metres along strike and 300 metres down dip, to a depth of 200 metres. The zone consists of multiple stacked spodumene-rich pegmatite dikes. The results reported today are from the Jackpot Main Zone (see Figure 2) and are summarized in Table 1 below.
J.C. St-Amour, President of Imagine, commented, "The results announced today continue to demonstrate the stacked nature of the pegmatites at Jackpot, with multiple intercepts in the majority of drill holes. With our recently closed financing, we expect to resume drilling in June following the spring break-up. We will be drilling several known untested mineralized pegmatite dikes beyond the Jackpot Main Zone with a view to identifying additional zones and adding lithium tonnage to the project. This summer promises to be a very active exploration season for Imagine Lithium with drilling, prospecting and geophysics all planned."
Figure 1: Jackpot Property located next to Trans Canada Highway, power, port, railroad and workforce.
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Figure 2: Assay Results from 2022 drill program. Drill holes highlighted in light green are related to the today's assay results.
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Table 1: Significant assay results from 2022 drill program.
| DDH no. | From (m) | To (m) | Int (m) | Li2O (wt.%) |
| JP-23-10 | 5.80 | 7.80 | 2.00 | 1.32 |
| 12.42 | 14.42 | 2.00 | 1.74 | |
| JP-23-09 | 99.15 | 104.60 | 5.10 | 0.87 |
| JP-23-08 | 138.62 | 139.55 | 1.00 | 1.68 |
| 143.55 | 148.55 | 5.00 | 1.18 | |
| JP-23-07 | 2.50 | 6.50 | 4.00 | 1.02 |
| 8.45 | 10.45 | 2.00 | 1.24 | |
| 18.65 | 22.65 | 4.00 | 1.04 | |
| 29.65 | 31.65 | 2.00 | 1.70 | |
| JP-23-06 | 48.75 | 51.75 | 3.00 | 0.94 |
| 57.48 | 61.48 | 4.00 | 0.61 | |
| JP-23-05 | 36.15 | 39.75 | 3.60 | 0.89 |
| 46.72 | 53.75 | 7.00 | 1.19 | |
| JP-23-04B | 4.80 | 10.80 | 6.00 | 1.36 |
| JP-23-04 | 8.75 | 13.75 | 5.00 | 1.25 |
| 65.60 | 69.38 | 3.78 | 0.59 | |
| 92.40 | 96.40 | 4.00 | 0.64 | |
| JP-23-03 | 0.60 | 4.00 | 3.40 | 1.10 |
| 88.57 | 96.80 | 9.23 | 1.04 | |
| JP-23-02 | 115.00 | 123.10 | 8.10 | 0.88 |
| JP-23-01 | 7.56 | 9.56 | 2.00 | 2.02 |
| 105.90 | 110.65 | 4.25 | 1.00 | |
| 117.90 | 120.00 | 2.10 | 1.13 | |
| 123.00 | 126.00 | 3.00 | 1.25 |
*Apparent thickness
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), whereas tantalum was determined by 4-acid "near total" digestion using the ultratrace ICP-MS method.
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 Imagine Lithium Inc.
Imagine is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company holds the Jackpot lithium property located in the Georgia Lake area about 140 km NNE of Thunder Bay, Ontario, is approximately 12 km by road from the TransCanada Highway (Hwy 11), and is in proximity to sources of power, railroads, and ports. 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*.
* 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/166197
2023-05-16 06:00:00
Vancouver, British Columbia--(Newsfile Corp. - May 4, 2023) - IMAGINE LITHIUM INC. (TSXV: ILI) (OTCQB: ARXRF) (the "Company" or "Imagine") is pleased to launch a property wide exploration program on the ~18,800 ha Jackpot Lithium property, following the recent closing of a $9.1 Million private placement financing (press release April 28, 2023). The extensive exploration program will consist of a minimum of 10,000 metres of diamond drilling on the Jackpot property. The diamond drill campaign will focus on expansion of the Jackpot Main Zone as well as several new lithium bearing pegmatite targets to the west, northwest, and northeast, covering a trend of more than 3 km (Figure 1). In addition, the Company has engaged a team of geologists to conduct a large prospecting and geological survey, accompanied by rock and soil sampling. For the first time, Imagine's exploration program will cover the entirety of the vast Jackpot land package. It is designed to identify new lithium exploration targets and investigate numerous known pegmatite occurrences throughout the property (see Figure 2). Finally, Imagine intends to carry out a high-resolution property-wide geophysical survey to identify potential pegmatites that may be hidden under groundcover.
J.C. St-Amour, President and CEO of Imagine, commented, "We are well capitalized to accelerate and greatly expand our exploration and development activities at the Jackpot project. Our goal is to increase the historical resources, test additional known pegmatites for potential satellite deposits, and to complete a comprehensive prospecting and sampling program of the entirety of the large Jackpot land package to identify additional drill targets. Lithium bearing pegmatites are generally found in swarms and we have already identified several that need to be tested through drilling. I am confident there are further discoveries to be made at Jackpot and we are well positioned to make them in the coming exploration season."
The Jackpot Main Zone remains open along strike, therefore expansion drilling will focus on testing extensions to the east and north. Exploration drilling will focus on targets identified outside of the main zone, including an area where a lithium baring pegmatite was traced over 500 m. These targets have the potential to add additional lithium deposits to the Jackpot project (Figure 1).
Figure 1: Map of drill target areas to be investigated in 2023 near the Main Jackpot Zone.
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Figure 2: Map of the Jackpot land package identifying areas of systematic sampling and potential future drilling areas.
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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 Imagine Lithium Inc.
Imagine is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company holds the Jackpot lithium property located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario, is approximately 12 km by road from the TransCanada Highway (Hwy 11), and is in proximity to sources of power, railroads, and ports. 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*.
* 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/164822
2023-05-04 06:00:00
