Rock Tech Clarifies and Amends Technical Disclosure
Vancouver, British Columbia, Canada, June 18, 2012 – Rock Tech Lithium Inc. (TSX-Venture: RCK; Frankfurt: RJIA; Pink Sheets: RCKTF) (the “Company” or “Rock Tech”) announces that as a result of a review by the British Columbia Securities Commission (“BCSC”), the Company is issuing the following news release to clarify its disclosure.
- Clarification of Mineral Resources at the Georgia Lake Lithium Property
- The Company’s corporate presentation dated February 2012 (the “Corporate Presentation”) disclosed combined inferred and indicated resource categories, without disclosing each category separately, and omitted the associated lithium oxide grade information. By combining inferred resources with other classes and omitting grade information, the Corporate Presentation was not in compliance with NI 43-101.
To clarify the disclosure, the Georgia Lake project has current NI 43-101 resource estimates as follows:
- Indicated mineral resource estimate of 2.36 million tonnes (metric) at 1.17% lithium oxide (Li2O), and
- Inferred mineral resource estimate of 4.36 million tonnes at 1.07% Li2O.
- The Corporate Presentation also disclosed historical mineral resource estimates that omitted information and cautionary language required by NI 43-101 for disclosure of historical estimates.
To clarify the disclosure, the source of all historical resource estimates included in the Company’s disclosures are taken from the Ontario Department of Mines Geological Report No. 31 titled, “Geology and Lithium Deposits of Georgia Lake Area”, by E.G. Pye, (1965), and from 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 meters 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 original historical estimate for the property was 9.8 million tons at 1.18% Li2O. To date, the Company has confirmed 5.4 million tons, with a weighted average grade of 1.04% Li2O, of the original historical resource estimate by estimating the above current indicated and inferred resource.
The remainder of the historical estimate is approximately 3.66 million tons (imperial) with a weighted average grade of 1.45% Li2O on the southern claim blocks and 0.68 million tons grading 0.96% Li2O on the Conway claim block. A qualified person has not done sufficient work to classify the remaining historical estimate as current mineral resources. The Company is not treating the remaining historical estimate as a current mineral resource or reserve. The remaining historical estimate should not be relied on.
The Company intends to verify the remainder of the historical estimate by conducting further exploration, and using the historical drilling and trenching data, though it is uncertain if further exploration will result in the remaining historical estimate being upgraded to a current mineral resource.
- The Company’s corporate presentation dated February 2012 (the “Corporate Presentation”) disclosed combined inferred and indicated resource categories, without disclosing each category separately, and omitted the associated lithium oxide grade information. By combining inferred resources with other classes and omitting grade information, the Corporate Presentation was not in compliance with NI 43-101.
- Non-compliant disclosure of potential exploration targets at the Georgia Lake Lithium Property
The Corporate Presentation disclosed various quantity ranges exceeding those of the available current resource estimates, referred to these estimates as operational milestones, and incorrectly applied the term “resources”. It did not state the quantities using ranges, did not attach grade ranges, and did not explain the basis of the estimates or attach cautionary language required by NI 43-101 for potential exploration targets. The company retracts any additional quantities of future operational milestones or potential exploration targets. - Non-compliant disclosure of historical mineral resource on the Saint Urbain Property
The project pages of the Company’s website disclosed an historical resource estimate that has been published by the Quebec Ministry of Mines.The source of the historic estimate was a report by Paul E. Dumont, P.Eng., (1972), available on the Quebec Ministry of Natural Resource website (GM27753). Subsequent to the disclosure made by the Company, it was determined that the report, including the historic estimate contained therein, was unreliable. The Company concurs with this finding and retracts disclosure of historical resource estimates at Saint Urbain.
The Company has amended its website to reflect the above clarifications, re-statements, and retractions.
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 in NI 43-101.
On behalf of the Board of Directors,
“Eunho Lee”
Eunho Lee
Director, President and CEO
For more information, please contact:
Eunho Lee
President and CEO
Rock Tech Lithium Inc.
789 West Pender Street, Suite 1205
Vancouver, B.C., V6C 1H2
Telephone: (604) 688-1140, ext. 222
Facsimile: (604) 688-1173
Email: elee@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.
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