Strategic Expansion of Project Portfolio - Rock Tech Signs Letter of Intent to Acquire Brine Targets in Mexico
VANCOUVER, Feb. 20, 2018 /CNW/ - Rock Tech Lithium Inc. (the "Company" or "Rock Tech") [TSX-V: RCK; Frankfurt: RJIB (WKN: A1XF0V)] is pleased to announce that it has entered into a Letter of Intent ("LOI") to acquire, through its wholly-owned subsidiary, Minerales de Baterias SA de CV, a 100% interest in the Nogalito lithium property in Sonora, Mexico.
Martin Stephan, Chief Executive Officer of Rock Tech, commented, "Our Georgia Lake lithium property remains our priority. Hard rock lithium projects need less time, in general, to go into production than brine lithium projects. However, we are very bullish over the long-term for the battery metals sector, particularly lithium. For our shareholders, the Nogalito lithium project represents a low-cost option on a lithium brine target over the medium-term. We are following the best-practice of the industry leaders, to combine hard-rock and brine deposits in a broader portfolio and intend to acquire selected additional brine deposits in the coming months."
The Nogalito property is located in a Tertiary age geologic basin with favourable felsic volcanics, sandstones and siltstones in a volcanoclastic and tuff basinal sequence comprised of lithium-bearing clay horizons, volcaniclastic sediments, clayey sandstones and sandy and calcareous sediments. These are in a fault-bounded graben that contains the known lithium in a basin of approximately 16 kilometers long by 5 kilometers wide. The region is geologically similar in nature to deposits in Chile, Argentina and Nevada with lithium in volcanic rocks around the basin presenting the potential for brine-based lithium discoveries.
Exploration work previously conducted by US Borax Inc., in 1990, exploring for borate, led to the initial lithium discoveries. The Nogalito property has concentrations of lithium with highly anomalous values up to and exceeding 1,000 ppm lithium in rock chip sampling of 1 metre channels across exposed stratigraphy. Of the US Borax Inc. sediment sampling, 108 samples collected during their exploration program returned values between 200 ppm and 498 ppm lithium, twenty-seven (27) samples returned values between 523 ppm and 968 ppm lithium and one sample returned a value of 1,166 ppm lithium.
The terms included in the LOI are as follows:
- Payment of US$20,000 within thirty (30) days of signing the LOI;
- Payment of US$20,000 and issuance of 20,000 common shares of Rock Tech upon granting of the Mining Concessions by Mexican authorities;
- Payment of US$20,000 and issuance of 30,000 common shares of Rock Tech on the first anniversary;
- Payment of US$20,000 and issuance of 40,000 common shares of Rock Tech on the second anniversary;
- Payment of US$50,000 and issuance of 160,000 common shares of Rock Tech on the third anniversary;
- Spend a minimum of US$500,000 in exploration expenditures by the third anniversary.
All scientific and technical information in this news release was reviewed and prepared under the supervision of Locke B. Goldsmith, P.Eng., P.Geo., an independent Qualified Person to Rock Tech.
About Rock Tech Lithium:
Rock Tech Lithium is an exploration company focused on acquiring and exploring properties in the field of lithium and other selected battery metals.
Rock Tech is the only exploration company in the Georgia Lake region of Ontario with an NI 43-101 resource estimate. The resource estimate shows an indicated resource estimate of 3.19 million tonnes grading 1.10% lithium oxide in addition to an inferred resource estimate of 6.31 million tonnes grading 1.00% lithium oxide. Further, the Company has completed metallurgical testing on a bulk sample demonstrating the ability to produce both a high-grade spodumene concentrate and battery-grade lithium carbonate ("Li2CO3"). The spodumene-bearing pegmatites of the Georgia Lake area were originally discovered in 1955.
On behalf of the Board of Directors of the Company,
"Martin Stephan"
Martin Stephan
Director, Chief Executive Officer
Neither 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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
SOURCE Rock Tech Lithium Inc.
Brad Barnett, Chief Financial Officer, Rock Tech Lithium Inc., 777 Hornby Street, Suite 600, Vancouver, B.C., V6Z 1S4, Telephone: (778) 358-5200, Facsimile: (604) 670-0033, Email: [email protected]
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