Vancouver, British Columbia--(Newsfile Corp. - August 17, 2022) - IMAGINE LITHIUM INC. (TSXV: ILI) (OTCQB: ARXRF) is (the "Company" or "Imagine") pleased to announce assay results from its ongoing drill program. The drill program is designed to test targets along strike both to the east and west of the Jackpot lithium project located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario. This first phase of the program expanded the mineralized lithium zone at least 400 metres to the east of the previously drilled area (see Figure 1).
Highlights of the assay results reported today include:
Hole JP-2022-04: 10 m @ 0.90% Li2O, including 3 m @ 1.2% Li2O and 10 m @ 0.89% Li2O, including 4 m @ 1.15 % Li2O;
Hole JP-2022-19: 2.9 m @ 1.31% Li2O and 3.1 m @ 1.23% Li2O;
Hole JP-2022-18B: 12.45 m @ 0.69% Li2O including 3.01 m @ 1.09% Li2O
Figure 1: Assay Results From 2022 Drill Program.
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J.C. St-Amour, President of Imagine commented, "We are encouraged to see the Jackpot pegmatite dikes continuing to the east by at least 400 m. We are seeing similar assay results in this area as in the main Jackpot project and are confident that we will see further growth with more drilling. In addition, we are conducting a ground prospecting program to identify other lithium targets 2 to 3 km along strike from the main Jackpot area."
Table 1: Assay Results From 2022 Drill Program.
| DDH_no | Li2O (wt. %) | From (m) | To (m) | Length (m) |
| JP-2022-03 | 1.18 | 69.00 | 72.00 | 3.00 |
| JP-2022-04 | 0.90 | 3.00 | 13.00 | 10.00 |
| Incl. | 1.20 | 3.00 | 6.00 | 3.00 |
| 0.89 | 102.00 | 112.00 | 10.00 | |
| Incl. | 1.15 | 102.00 | 106.00 | 4.00 |
| JP-2022-05 | 0.66 | 161.57 | 165.50 | 3.93 |
| JP-2022-07 | 0.71 | 97.00 | 100.59 | 3.59 |
| 0.80 | 115.95 | 120.00 | 4.05 | |
| JP-2022-17 | 0.44 | 6.70 | 9.70 | 3.00 |
| JP-2022-17C | 1.28 | 3.74 | 7.74 | 4.00 |
| JP-2022-18B | 0.69 | 90.00 | 102.45 | 12.45 |
| Incl. | 1.09 | 94.50 | 97.51 | 3.01 |
| JP-2022-19 | 1.31 | 18.55 | 21.45 | 2.90 |
| 1.23 | 42.54 | 45.62 | 3.08 | |
| JP-2022-20 | 0.72 | 86.00 | 90.00 | 4.00 |
| JP-2022-21 | 1.05 | 111.00 | 116.80 | 5.80 |
| J-18-M-04* | 1.28 | 36.00 | 44.00 | 8.00 |
| J-18-M-03* | 1.02 | 66.20 | 75.00 | 8.80 |
| J-18-M-02* | 0.81 | 77.30 | 80.00 | 2.70 |
| 0.43 | 82.00 | 86.20 | 4.20 | |
| J-18-M-01* | 0.69 | 80.00 | 84.00 | 4.00 |
* Previously reported in press release of May 11, 2022.
- Holes JP-2022-07, 08, 09, 14, 15, and 16 are awaiting assay results
- Holes JP 2022-10, 11, 12, and 13 will be drilled in the winter for better access
The drill program is ongoing and is designed to test possible extensions of the Jackpot deposit along a known lithium baring trend. The Company will release drilling and sampling results as they become available.
Stock Option Distribution
Further, the Company announces that the board of directors has conducted its annual compensation review and will grant 3,200,000 options to officers, directors, and consultants to the company pursuant to its stock option plan. Given the coincident timing of these drill results, the options will be granted effective August 19, 2022, will be exercisable for a period of 5 years at a price equivalent to the closing price of the Company's stock on the TSX-Venture Exchange on August 19, 2022, and vest immediately.
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*.
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.
* 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.
About Infinite Ore Corp.
Infinite Ore 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.
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/134090
2022-08-17 06:00:00
Vancouver, British Columbia--(Newsfile Corp. - March 21, 2022) - IMAGINE LITHIUM (TSXV: ILI) (OTCQB: ARXRF) ("ILI" or the "Company") is pleased to announce that it has signed a field exploration agreement (the "Agreement") with Bingwi Neyaashi Anishinaabek, Biinjitiwaabik Zaaging Anishinaabek and Red Rock Indian Band (the "First Nations Groups") setting out a framework for Imagine Lithium's consultation and accommodation activities with the First Nations Groups in connection with exploration activities at the Jackpot Lithium Project near Thunder Bay, Ontario.
J. C. St-Amour, President and CEO of Imagine Lithium said, "In keeping with Imagine Lithium's ESG goals, the agreement contemplates a mutual working relationship that includes respect for the environment and First Nation traditional knowledge, First Nation opportunities for employment, education and training (including education support for First Nations students studying in a mining related field), and community meetings and activities. Our exploration program at Imagine Lithium is underway and we seek to create value for all our important stakeholders as we move the Jackpot Lithium Project forward."
St-Amour continued, "Never has there been a better time to be involved in lithium exploration in Ontario, with the Provincial government unveiling its first ever critical minerals strategy that aims to position Ontario as a global leader in the supply chain of critical minerals and outlines a made-in-Ontario electric vehicle supply chain strategy. Our goal this year is to aggressively drill, define and expand the known lithium mineralized areas while making new lithium discoveries on this vast property in Ontario. Our current program is well funded and we are currently drilling on the property."
Under the terms of the Agreement, Imagine Lithium has agreed to, among other things, grant an aggregate of 3,000,000 common share purchase warrants ("Warrants") to the First Nations Groups, with each First Nations Group receiving 1,000,000 Warrants. Each Warrant will entitle the holder thereof to purchase one common share in the capital of the Company (a "Warrant Share") at an exercise price of $0.11 per Warrant Share for a period of five years following the date of issuance of such Warrant.
Exploration Update
The 3,000 m drill program at the Jackpot property is underway on targets in and around the Main Dike Swarm as well as along strike to the east and to the west (see Figure 1). In addition, core from four previously unsampled drill holes have been sent to the lab for analysis. The company will provide updates as information from the drill rig and assay results become available.
Figure 1: Drill Targets at the Jackpot Lithium Project
To view an enhanced version of this graphic, please visit:
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Furthermore, the Company also announces the issuance of 8,000 common shares to a third party for the purchase of additional ground within the Jackpot project area.
The grant of the Warrants and common shares remains subject to, among other things, acceptance of the TSX Venture Exchange (the "TSX-V").
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 Lithium Inc. 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, 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*. In addition, the company holds an interest in a large land package with the potential for VMS and gold mineralization in the Confederation Lake assemblage belt near Red Lake, Ontario.
* 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
Email: jc@imaginelithium.com
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/117433
2022-03-21 06:00:00
