Mr. Robert MacDonald reports
ROCK TECH LITHIUM ANNOUNCES FIRST BATCH OF ASSAYS FROM GEORGIA LAKE DRILL PROGRAM AND FIELD EXPLORATION AGREEMENT
Rock Tech Lithium Inc. has released the initial batch of assay results from the company's continuing drill program at its 100-per-cent-owned Georgia Lake lithium project in the Thunder Bay mining district of Ontario.
The drill program, being carried out by Niigaani Drilling, is designed to confirm the delineated mineral resource, which is intended to form the basis for a prefeasibility study. Targeting a total of 22,000 metres, the program is focused on five deposits within the Georgia Lake lithium property: Main Zone North (MZN), Main Zone Southwest, Conway, Harricana and Line 60. To date, the company has completed approximately 9,500 metres of drilling with additional samples at the lab pending analysis.
Details from the first round of assays from drill holes that targeted downdip and strike extensions of known mineralization at the MZN are presented in the attached table.
Hole ID From (m) To (m) Length (m) True width (m) Li2O %
NC-21-06 279.5 291.24 11.74 10.34 1.12
304.35 305.90 1.55 1.36 0.82
NC-21-07 302.36 315.36 13.00 11.45 0.98
319.20 321.05 1.85 1.63 1.31
324.38 325.38 1.00 0.88 1.31
NC-21-09 186.15 198.80 12.65 10.22 1.18
Drill holes NC-21-06 and NC-21-07 were drilled from the same set-up, targeting the downdip extension of known mineralization. The results from these holes confirm that mineralization extends downdip.
Drill hole NC-21-09 was drilled on the eastern periphery of the MZN. The results from this drill hole confirm the extension of mineralization along strike at shallow depths.
Robert MacDonald, general manager of the Georgia Lake lithium project, said: "We are pleased with the progress being made on all aspects of the Georgia Lake project, including the diamond drill program. We anticipate concluding the current drill program during the winter of 2022 and remain focused on realizing the potential of the property."
Samples were taken across every spodumene-bearing pegmatite and one metre into the barren host rock on either side of the dikes. Sample lengths were around one metre although individual sample length was determined based on internal zoning of the dikes and the locations of their contacts. Core to be sampled was cut in half with one-half being sent for analysis and the other half remaining in the box for reference. All core is stored at Rock Tech's core facility in Beardmore, Ont. Each sample was put into its own plastic sample bag with a sample tag and closed with zip ties. About 12.5 per cent of samples submitted to ActLabs for analysis are quality assurance/quality control samples that were inserted into the sample stream and consist of high- and low-grade lithium standards, blank material, and duplicates.
Samples were sent to the ActLabs preparation laboratory in Geraldton, Ont., for crushing and pulverizing, and were subsequently sent to the ActLabs geochemistry laboratory in Ancaster, Ont., for analysis of 41 elements using fusion plus ICP-OES or ICP-MS. Analysis for lithium was completed using a sodium peroxide fusion plus ICP-OES.
ActLabs is independent of the company.
Field exploration agreement
Furthermore, Rock Tech announces that it has entered into a field exploration agreement with Bingwi Neyaashi Anishinaabek, Biinjitiwaabik Zaaging Anishinaabek and the Red Rock Indian Band, setting out a framework for Rock Tech's consultation and accommodation activities with the first nation groups in connection with exploration activities at the Georgia Lake project.
Under the terms of the agreement, Rock Tech has agreed to, among other things, grant an aggregate of 750,000 common share purchase warrants to the first nation groups, with each first nation group receiving 250,000 warrants. Each warrant will entitle the holder thereof to purchase one common share in the capital of Rock Tech at an exercise price of $6.08 per warrant share for a period of five years following the date of issuance of such warrant.
The grant of the warrants remains subject to, among other things, acceptance of the TSX Venture Exchange.
Additionally, the company announces that is has granted an aggregate of 1,196,000 stock options to directors, officers, employees and consultants of the company pursuant to the company's stock option plan.
Of the total, 846,000 stock options granted to directors and consultants will vest over a 24-month period with 50 per cent vesting on the date that is 12 months after the grant date with the remaining 50 per cent vesting monthly thereafter. Each stock option granted has an exercise price of $6.08 per share and an expiry date of Jan. 12, 2026.
The remaining 350,000 stock options granted to employees will vest over a 48-month period with 25 per cent vesting on the date that is 12 months after the grant date with the remaining 75 per cent vesting monthly thereafter. Each stock option granted has an exercise price of $6.08 per share and an expiry date of Jan. 12, 2028.
The company also announces the appointment of Monique Hutchins to the position of corporate secretary replacing Brad Barnett. Furthermore, the company announces the resignation of Stephan Egle from the position of chief operating officer due to health reasons.
Scientific and technical disclosure
The scientific and technical disclosure included in this news release has been reviewed and approved by Robert MacDonald, PEng, general manager of the Georgia Lake project, a qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Exploration data were collected and verified following the guidelines outlined in the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) mineral exploration best practice guidelines.
About Rock Tech Lithium Inc.
Rock Tech is a cleantech company with operations in Canada and Germany that aims to supply the automotive industry with high-quality lithium hydroxide made in Germany. As early as 2024, the company intends to commission Europe's first lithium converter with a production capacity of 24,000 tonnes per year. This is equivalent to the volume needed to equip around 500,000 electric cars with lithium-ion batteries.
The cleantech company has set itself the goal of creating the world's first closed loop for lithium, thus closing the raw material gap on the road to clean mobility. Rock Tech owns the Georgia Lake project in Ontario, Canada, and, as early as 2030, around 50 per cent of the raw materials used are expected to come from the recycling of batteries.
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