- International Lithium (ILC) has expanded its Raleigh Lake lithium and rubidium project in Ontario to over 27,000 hectares
- The company and its partner Essential Metals have also divested 100 per cent of the Mavis Lake project to Critical Resources Limited
- The Mavis Lake sale will, if Critical Resources exercises its option, bring in AUD$3.2 million in cash and shares
- International Lithium is in the process of exploring and investing in mineral properties in Argentina, Canada, and Ireland
- Shares in International Lithium Corp. (ILC) are up 15 per cent, trading at C$0.115 per share
International Lithium (ILC) has expanded its Raleigh Lake lithium and rubidium project in Ontario to over 27,000 hectares.
At Raleigh Lake, recent exploration has uncovered multiple new pegmatites including some on the new claims announced today. The company will make further announcements when more results have been received.
At the same time, the company and its partner Essential Metals Limited (ASX:ESS) have announced that they have divested 100 per cent of the Mavis Lake project by granting an option to Critical Resources Limited.
Mavis Lake is a joint venture project in Ontario between International Lithium and Essential Metals, in which International Lithium has owned 49 per cent for the last three years.
The Mavis Lake sale will, if Critical Resources exercises its option, bring in AUD$3.2 million in cash and shares with a possible additional $3 million linked to resource discovery milestones.
Essential Metals and International Lithium have agreed to share the proceeds equally. ESS will, if the sale is complete, give up its right to acquire a further 29 per cent of the project, while International Lithium would give up to a 1.5 per cent net smelter return (NSR).
John Wisbey, Chairman and CEO of International Lithium, commented on the transaction.
“We have a strong commitment,” he said, “to growing our position in the lithium and rare metals market, so it is ironic that we are announcing our second disposal in a week – Mavis Lake optioned out, and our stake in Mariana sold.”
“We are however at the same time increasing our claims in Ontario appreciably at Raleigh Lake and the wider Ignace area,” added Mr. Wisbey. “Many new pegmatites have recently been revealed at these claims and we will be doing a lot of further exploration and drilling to validate the scale of our discovery there over the next few months.
International Lithium is in the process of exploring and investing in mineral properties in Argentina, Canada, and Ireland.
Shares in International Lithium Corp. (ILC) are up 15 per cent, trading at C$0.115 per share as of 3:59 pm ET.
