Vancouver, British Columbia--(Newsfile Corp. - October 24, 2023) - IMAGINE LITHIUM INC. (TSXV: ILI) (OTCQB: ARXRF) (the "Company" or "Imagine") is pleased to provide an update on its ongoing exploration activities 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 (Figure 1). The Jackpot property is characterized by swarms of mineralized lithium-bearing pegmatite dikes distributed across the 18,800 ha land package.

Highlight holes from the ongoing drill program at the Jackpot Main Zone include:

- 14.35 m grading 1.22% Li₂O in hole JPMET-2023-03;
- 12.05m grading 1.06% Li₂O in hole JPMET-2023-02;
- 9.98m grading 1.14% Li₂O in hole JPMET-2023-01B; and
- 9.0m grading 1.00% Li₂O in hole JP-2023-P1.

Drilling is currently ongoing at the Jackpot Main Zone with the goal of expanding the lithium resources. Areas being tested included the northern area of the Jackpot Main Zone where the Company is seeing another stacked dike and intercepting pegmatites up to 20m in thickness, as well as the eastern extension of the Jackpot Main Zone which can expand the mineralization along strike (see Figure 2). The terrane north of the Jackpot Main Zone, also includes the Point Lithium area which will be drilled this winter.

J.C. St-Amour, President of Imagine, commented, "We are expecting our exploration drilling program to continue into the fall and winter months as we evaluate areas to the north and east of the Jackpot Main Zone to continue building on historical resources and add to the success of the 2022 drill program, which nearly doubled the length of the mineralized lithium zone to 900 m. Drilling will also continue to investigate targets outside the Jackpot Main Zone, including the Point Lithium area, which appears to parallel the Jackpot pegmatite dikes."

Figure 1: Jackpot Property located next to Trans Canada Highway, power, port, railroad and workforce.

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Figure 2. New lithium intercepts from the recent DDHs collared on the Jackpot Main Zone.

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Table 1. Significant Li₂O (%) intervals obtained from the 2023 drilling program in the Jackpot Main Zone and the 500m pegmatite and SW areas of the Jackpot property.

*Apparent thickness

The 2023 summer drill program also investigated the 500-m long spodumene-bearing pegmatite located 1.8 km NW of the Jackpot Main Zone (Figure 3). Eleven holes totalling 1,689 m were completed and traced a continuous pegmatite that appears open to the east and west. The best intercept yielded 1.31 % Li₂O over 4.15 m. This EW-trending dike may be associated with the Point Lithium granitic pegmatite and merits further investigation.

In addition, a drilling program tested the 'SW pegmatites', located 1.4 km SW of Jackpot (Figure 3), where channel samples in 2022 returned 10.3 m grading 1.23% Li₂O and 10.0 m grading 1.02% Li₂O. Twenty-two diamond drill holes were completed totaling 3,093 m. Lithium concentrations appear to decrease west of the main showing. The area to the east of main spodumene-bearing dikes remains to be drilled.

The best intersections from three holes in these areas are presented in Table 1 and Figure 3.

Figure 3. Localization of the 2023 drillholes NE (500 m pegmatite) and SW of the Main Jackpot Zone, with the preliminary Li results of till samples collected in the area.

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Till Sampling

A large campaign of till sampling was carried out this season, targeting the less explored areas of the property. These areas have a significant potential for discovery of new spodumene-bearing pegmatites. Grids of 200 m x 100 m were implemented to collect C-Horizon material (basal till). Preliminary results from the high-potential areas lying to the north and southeast of the Main Jackpot Zone and covering the 500 m and Point Lithium pegmatites indicate a significant number of till samples having lithium concentrations > 40 ppm (40-163 ppm). These lithium values extend over an area of 4.2 km² located between the two pegmatite sites (Figure 3). The Company believes this represents significant exploration potential and plans to systematically drill the area over the winter months.

Prospecting and Sampling

A prospecting and sampling program covering potentially fertile zones for discovering Li-rich pegmatite dikes was recently completed. Systematic rock sampling of granitic pegmatite dikes and granitic plutons was carried out in the southeastern and southwestern areas of the property around Cosgrave Lake and in the northeastern sections on the shore and islands of Barbara Lake (Figure 4). The selection of exploration targets was largely based on the proximity of granitic rocks having chemical signatures and mineralogy (ex: muscovite, biotite, tourmaline, garnet) that could indicate the occurrence of spodumene-bearing pegmatite dikes at their periphery. The Company intentionally chose areas with limited historical exploration and will develop further exploration programs based on the coming results from these sampling programs. The Company is awaiting final assay results which will help to conduct follow-up exploration.

Figure 4. 2023 exploration target areas for rock and till sampling, Jackpot property.

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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 core rock samples were put in sturdy plastic bags, tagged, and sealed in the core shack under the supervision of professional geologists. From 1 to 2 kg of till material was collected, cleaned of coarse pebbles (> 16 mm), put in Kraft paper sample envelopes, and stowed in plastic bags for transport to the core shack in Nipigon. For each sample collected; the sample number, UTM coordinates, and a brief material description were systematically noted. The samples were dried for at least 48h at the core shack. All sample bags containing rock or soil material were put in rice pouches and kept securely before being sent by road transport to the AGAT Laboratories in Thunder Bay, Ontario. Lithium was analyzed by Sodium Peroxide Fusion with ICP-OES and ICP-MS Finish.

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.sedarplus.ca).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185060

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

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

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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