Rock Tech Announces Lithium Resource Estimate at its Georgia Lake Project
Vancouver, British Columbia, Canada, October 26, 2011 – Rock Tech Lithium Inc. (TSX-Venture: RCK; Frankfurt: RJIA; Pink Sheets: RCKTF) (the “Company” or “Rock Tech”), is pleased to announce that an Initial National Instrument 43-101 compliant resource estimate of 6.72 million tonnes grading 1.11% lithium oxide (Li2O) has been prepared on its 100% owned Georgia Lake project located in the Thunder Bay Mining District of Ontario.
The resource estimate, based on the spodumene-bearing pegmatite dykes located on the Nama Creek and Conway claim blocks, has resulted in increases in both the tonnage and the grade over historic estimates by 21% and 8%, respectively. The historic resource on the Nama Creek and parts of the Conway claim blocks that were subject to the drill program completed in the Spring of 2011, contained 5.54 million tonnes grading 1.03% Li2O of the total 9.78 million tonnes grading 1.18% Li2O. The NI 43-101 compliant resource estimate on the same area contains 6.72 million tonnes grading 1.11% Li2O. The deposits remain open in all directions and at depth and are currently being further explored.
The results of the initial independent resource estimate for the Georgia Lake project are summarized below:
- Indicated Mineral Resource of 2.36 million tonnes at 1.17% lithium oxide
- Inferred Mineral Resource of 4.36 tonnes at 1.08% lithium oxide
- Total Indicated and Inferred Mineral Resource of 6.72 million tonnes at 1.11% lithium oxide.
Company President and CEO, Eunho Lee, commented, “The results of the initial NI 43-101 resource estimate bolsters our confidence in the historical exploration data. We are encouraged that the compliant resource is more than 20% larger than the historic resource. Our strategy now shifts towards expanding the resource at Georgia Lake, more specifically the Nama Creek claim block, and, beyond that, confirming the balance of the historic resource and completing a preliminary economic assessment. To that end, we have developed an exploration program, including both step-out and confirmatory drill holes, that we will begin executing in the fourth quarter of 2011.”
The Company is also pleased to announce the commencement of its 2011-2012 exploration program. The goal of the exploration program is to expand the resource by conducting step-out drilling on the Nama Creek claim block in addition to drilling confirmatory holes on strike extensions on known pegmatitie dykes on the property. A total of 10,000 metres of diamond core drilling will be performed during the program which may also include holes to a depth of 600 metres. A drill contract for the first 4,000 metres of NQ-sized diamond core drilling has been awarded to Cobra Drilling of Thunder Bay, Ontario.
About Rock Tech’s Initial NI43-101 Resource Estimate
Caracle Creek International Consulting (“CCIC”), an independent, internationally-based professional geological and geophysical consulting company, compiled the resource estimate using 97 historical drill holes in addition to 39 drill holes from the Company’s 2009 and 2011 drill programs. Additionally, of the 55 channel samples included in the resource estimate, 44 were cut by Rock Tech in 2011. The geological model developed by CCIC was based upon an exploration database housing assay and drill core lithology data. In the model, 3-dimensional wireframes (solids), representing the mineralized-zones within the spodumene-bearing pegmatite dykes, were constructed and used to constrain (domain) the tonnage and grade estimation. A cut-off grade of 0.75% Li20 was used. A specific gravity (“SG”), based on the Company’s 2010-2011 exploration program, of 2.75 g/cm3 was used in the resource estimation.
The resource estimate was prepared by Jason Baker P.Eng., a Geological Engineer with CCIC and an independent “Qualified Person” as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The NI 43-101 technical report in respect of the mineral resource estimate disclosed herein will be filed on SEDAR within 45 days of the date of this news release.
Afzaal Pirzada, P.Geo., Vice President, Exploration for Rock Tech, and a “Qualified Person” as defined by NI 43-101, has reviewed and approved the contents of this news release.
On behalf of the Board of Directors,
Director, President and CEO
For more information, please contact:
Controller and Senior Manager, Business Affairs
Rock Tech Lithium Inc.
789 West Pender Street, Suite 1205
Vancouver, B.C., V6C 1H2
Telephone: (604) 688-1140
Facsimile: (604) 688-1173
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.