International Lithium Corp. [ILC-TSXV], in conjunction with its Australian joint venture partner, Pioneer Resources Ltd. [PIO-ASX], on Monday February 19 announced the completion of drilling at the Mavis Lake Lithium Project in Ontario.
International Lithium said the program, targeting the Fairservice Pegmatite 6 Prospect, consisted of nine core holes for a total of 1,591 metres, and delivered multiple intersections of spodumene-bearing pegmatite.
Core has been cut and samples sent for laboratory analysis. Results are expected to be available next month, the company said.
International Lithium shares were unchanged Monday at 14.5 cents. They are currently trading in a 52-week range of 23 cents and $0.07, leaving International Lithium with a market cap of $13.05 million.
There is no ready market for lithium. Lithium prices are determined by the purity and chemistry of the material as well as the contract between buyer and seller.
Brines (in salt ponds) and spodumene (hard rock) represent the two main sources of commercial lithium production.
Lithium supply is highly concentrated among eight producing countries, of which three – Argentina, Australia and Chile – account for 85% of global output.
International Lithium is positioning itself as a “Clean Tech” lithium resource developer for the energy revolution with a global portfolio of assets. TNR Gold Corp. [TNR-TSXV] is holding a strategic interest in International Lithium, which in turn is engaged in joint ventures with Jiangxi Ganfeng Lithium Co. Ltd. in Argentina and Ireland, providing the company with an entry point to a vertically integrated lithium business with the largest lithium materials producer in China.
International Lithium’s primary focus is an interest in the Mariana lithium-postash brine project in Argentina, which is located in the renowned South American Lithium Belt. The 160 km2 Mariana Project strategically encompasses an entire mineral-rich evaporate basin that ranks as one of the more prospective salars, or salt lakes, in the region. Mariana is being developed in a joint venture with Ganfeng Lithium.
Drilling at the Mavis Lake Lithium Project was designed to test for extensions to spodumene-bearing pegmatites intersected at the Pegmatite 6 Prospect in the 2017 drilling season. The 2018 drilling program has been highly successful in its objective by confirming mineralization along strike of the mineralization previously encountered at the Pegmatite 6 area.
“We have successfully activated all of our joint venture operations on the three continents in Argentina, Ireland, and Canada. Our partners include global industry leaders, Jiangxi Ganfeng Lithium Co. Ltd., of China, and Pioneer Resources of Australia,” said International Lithium Executive Chairman Kirill Klip. “Now our turn-around at ILC is completed and we are looking forward to achieving our strategic goals and increasing value for all shareholders,” he said.
Meanwhile, the company said it has closed the extension of a previously announced non-brokered private placement of up to 5 million at $0.20 per unit, to raise proceeds of up to $1 million. The first tranche of $450,000 was closed in January and the company expects to close the remaining private placement on or before March 6, 2018.