Rock Tech Lithium Inc. Updates Resource Estimate at Georgia Lake
25.07.2012 | The Newswire
Vancouver, British Columbia, Canada, July 25, 2012 – Rock Tech Lithium Inc. (TSX-Venture: RCK; Frankfurt: RJIA; Pink Sheets: RCKTF) (the “Company” or “Rock Tech”) is pleased to announce that it has updated the lithium resource estimate at its Georgia Lake project in Ontario.Caracle Creek International Consultants (“CCIC”), an independent geological consulting company, completed the resource estimate using the data from 59 drill holes and 436 metres of channel sampling completed by Rock Tech in addition to 119 historical drill holes completed by previous owners. The results of the NI 43-101-compliant resource estimate are summarized below:
- Inferred resource estimate of 8,800,000 tonnes at 1.03% lithium oxide (“Li2O”).
- Indicated resource estimate of 720,000 tonnes at 1.05% Li2O.
In the technical report prepared by CCIC dated November 2, 2011, the initial NI 43-101-compliant resource estimate at the Nama Creek Main Zone North (“MZN”) included partial indicated resources. This classification was based on drill hole spacing, sample density and confidence in the historical geological model through validation drilling from 2009-2011. The Company’s recently completed exploration program revealed new geological information which contradicts the position of diabase intersections in historic drill holes. As a result, CCIC has classified all resources at the Nama Creek MZN as inferred until further work can be completed to delineate the diabase dyke system.
Company President and CEO, Eunho Lee, commented, “We are very encouraged by the updated resource estimate at our Georgia Lake lithium project. In the immediate future, we will conduct an exploration program, as recommended by CCIC, to remove any inconsistency between the historical and current exploration data related to diabase geological units. This exploration program will include surface geological mapping, trenching and the re-logging of Phase 1 and 2 drill core from the Nama Creek MZN.”
The resource estimate for each area on the property is provided in the following table:
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|Project Area |Category |Quantity (tonnes)|Li2O Grade (%)|
|---------------------------------------------------------------|
|Conway |Indicated|720,000 |1.05 |
|---------------------------------------------------------------|
|Total |Indicated|720,000 |1.05 |
|---------------------------------------------------------------|
|Nama Creek Main Zone|Inferred |4,990,000 |1.04 |
|North (MZN) | | | |
|---------------------------------------------------------------|
|Conway |Inferred |590,000 |1.02 |
|---------------------------------------------------------------|
|Line 60 |Inferred |1,300,000 |0.93 |
|---------------------------------------------------------------|
|Nama Creek Main Zone|Inferred |970,000 |1.09 |
|Southwest (MZSW) | | | |
|---------------------------------------------------------------|
|Harricana |Inferred |950,000 |1.03 |
|---------------------------------------------------------------|
|Total |Inferred |8,800,000 |1.03 |
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Notes:
- Resources are reported at a cut-off grade of 0.6% Li2O. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
- Tonnes have been rounded to the nearest 10,000. Grade has been rounded to three (3) significant digits.
- The effective date of the resource estimate disclosed in this news release is April 10, 2012.
QA/QC Program and Measures
CCIC provided personnel to supervise the drill program and develop and implement project quality controls and a quality assurance program. Additionally, CCIC has created an exploration database including assays and drill core lithology. All of the data has been linked directly to the geological modeling and resource estimation software. Three dimensional (“3D”) wireframes (solids), representing the mineralized areas within the spodumene pegmatite dykes, were constructed and used to constrain (domain) the tonnage and grade estimation. The mineral resources have been estimated in compliance with generally accepted “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines published by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”).
Independent, NI 43-101-compliant resources were estimated by Jason Baker, P.Eng., a Geological Engineer with CCIC and an independent qualified person as defined by NI 43-101. The technical information contained in this news release has been reviewed by Afzaal Pirzada, P.Geo., Vice President, Exploration of the Company and a qualified person as defined by NI 43-101. The Company will file on SEDAR an updated NI 43-101 technical report with respect to the resource estimate disclosed herein within 45 days of this news release.
About the Georgia Lake Lithium Project
Rock Tech’s 100% owned Georgia Lake property is comprised of 81 mining claims and 81 mining leases covering 12,681 hectares. The property, located about 145 kilometres northeast of the city of Thunder Bay, Ontario, has a cumulative historical resource estimate of 9,777,807 tons with a weighted average grade of 1.18% Li2O. To date, the Company has confirmed 5.4 million tons of the original historical resource estimate with a weighted average grade of 1.04% Li2O, by estimating the stated current indicated and inferred resource. The sources of all historical resource estimates are the Ontario Department of Mines Geological Report No. 31 titled, “Geology and Lithium Deposits of Georgia Lake Area”, by E.G. Pye, (1965), and a report titled, “Report on the Geology of the MNW Property”, by B. Zayachkivsky (1986). The historical resource estimates included in the report are based on assessment reports filed by previous operators and other available sources. Over 200 drill holes with approximately 33,000 metres of diamond drilling were completed on the property by previous operators in the late 1950s. Based on the results of recent confirmatory exploration work on the property, the Company believes that the historic estimate is relevant to an appraisal of the merits of the property and forms a reliable basis upon which to develop future exploration programs. The Company intends to verify the remainder of the historical estimate by conducting further exploration and using the historical drilling and trenching data; however, at present, a qualified person has not done sufficient work to classify the historical estimate as current mineral resource and it is uncertain if further exploration will result in the remaining historical estimate being upgraded to a current mineral resource. The Company is not treating the historical estimate as current mineral resources.
On behalf of the Board of Directors,
Eunho Lee
Director, President and CEO
For more information, please contact:
Sean Davis, Investor and Public Relations
Rock Tech Lithium Inc.
789 West Pender Street, Suite 1205
Vancouver, B.C., V6C 1H2
Telephone: (604) 688-1140, ext. 227
Facsimile: (604) 688-1173
Email: sdavis@rocktechlithium.com
www.rocktechlithium.com
Disclaimer and Cautionary Statement Regarding Forward-Looking Information
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 press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
The historical resource estimate cited in this press release are taken from Ontario Department of Mines Geological Report No. 31 titled, “Geology and Lithium Deposits of Georgia Lake Area”, by E.G. Pye, 1965. The author of the report took resource estimates from the assessment reports filed by previous operators, and other available sources. The Company believes that the estimate is relevant to an appraisal of the merits of the property because it was based on drilling, trenching and other exploration work in each claim block on the property, and because there is no evidence of any subsequent resource estimation work on the property. No additional recent data on resource estimates are available in the public domain. No additional work has been completed by a qualified person to classify the historical resource estimate as a current resource or reserve. The Company is not treating the historical resource as a current mineral resource or reserve. The historical resource estimate should not be relied on and does not comply with NI43-101 standards.