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Oct. 14, 2009 (Baystreet.ca) --
INCLUDING 64.0m of 1.65% Li2O and 45.5m of 1.80% Li2O Lithium One Inc (the "Company") (TSX-V: LI), is pleased to report results from the final 22 out of 84 total holes of the Phase Two diamond drilling program at the James Bay Lithium Project. Highlights of the results include 64.0m of 1.65% Li2O, 57.9m of 1.66% Li2O, 45.5m of 1.80% Li2O, and 51.1m of 1.54% Li2O. A total of 46 intercepts longer than 5.0m with grades varying from 1.08% to 1.98% Li2O are included in this batch of results, among which, thirty-one are more than ten metres. The weighted average grade of significant intercepts reported during this program is 1.56% Li2O. All pegmatite intercepts greater than five metres from the final 22 holes are summarized in Table 1 below.
Table 1. Phase 2 Drilling Results, October 7th to October 14th, 2009
(Drill Intercepts > 5 metres, cut-off grade 0.8% Li2O)
Hole
From (m)
To (m)
Width (m)
Li2O (%)
JBL09-66
107.67
171.67
64.0
1.65
JBL09-65
41.95
99.87
57.9
1.66
Including
46.45
50.95
4.5
2.18
JBL09-80
44.50
90.00
45.5
1.80
Including
52.00
55.00
3.0
2.99
& Including
65.40
74.40
9.0
2.62
JBL09-74
67.67
118.80
51.1
1.54
Including
74.67
79.17
4.5
2.50
JBL09-67
133.70
171.00
37.3
1.84
Including
139.70
144.20
4.5
3.04
& Including
157.70
162.20
4.5
2.43
JBL09-62
102.57
143.40
40.8
1.60
Including
119.07
126.57
7.5
2.22
JBL09-76
19.24
58.05
38.8
1.56
JBL09-72
90.44
128.80
38.4
1.45
Including
109.94
114.44
4.5
2.14
JBL09-63
47.60
83.00
35.4
1.56
JBL09-75
23.28
56.78
33.5
1.53
JBL09-65
242.75
271.35
28.6
1.68
JBL09-67
29.64
53.00
23.4
1.98
JBL09-62
61.07
87.45
26.4
1.53
Table 1. Cont’d
Hole
From (m)
To (m)
Width (m)
Li2O (%)
JBL09-82
91.84
117.15
25.3
1.52
JBL09-64
10.60
36.30
25.7
1.44
JBL09-73
31.45
55.15
23.7
1.47
JBL09-65
110.68
132.46
21.8
1.57
JBL09-79
38.48
58.68
20.2
1.69
Including
54.48
58.68
4.2
2.87
JBL09-84
113.88
134.67
20.8
1.60
JBL09-78
16.20
35.20
19.0
1.52
JBL09-83
42.65
61.35
18.7
1.49
JBL09-76
112.48
129.58
17.1
1.53
JBL09-82
142.54
157.80
15.3
1.46
JBL09-65
134.06
148.02
14.0
1.60
JBL09-81
124.95
138.64
13.7
1.59
JBL09-74
3.20
16.70
13.5
1.60
JBL09-78
67.78
81.60
13.8
1.38
Including
70.28
73.28
3.0
2.48
JBL09-83
80.80
94.50
13.7
1.38
JBL09-65
197.52
212.96
15.4
1.21
JBL09-79
66.75
79.45
12.7
1.47
JBL09-62
39.57
49.87
10.3
1.68
JBL09-66
236.65
246.25
9.6
1.68
JBL09-84
9.35
17.75
8.4
1.71
JBL09-67
10.36
17.36
7.0
1.92
JBL09-62
89.88
97.76
7.9
1.67
JBL09-65
229.63
237.32
7.7
1.51
JBL09-83
103.94
111.45
7.5
1.54
JBL09-65
102.08
108.59
6.5
1.49
JBL09-63
173.68
180.16
6.5
1.45
JBL09-77
79.38
85.30
5.9
1.55
JBL09-63
148.70
154.87
6.2
1.46
JBL09-63
182.12
187.56
5.4
1.63
JBL09-84
100.18
106.05
5.9
1.49
JBL09-69
103.30
108.50
5.2
1.59
JBL09-82
45.00
50.60
5.6
1.19
JBL09-75
61.55
66.85
5.3
1.08
These 22 holes targeted Dyke Swarms 12, 13, and 14, which lie between Swarms 11 and 15. These three swarms are the core of the thickest section of the James Bay Lithium Deposit as it is currently known. This batch of drill holes completes the planned 50 metre drill grid over a length of 1.2 kilometres out of the 4.75 kilometre corridor of pegmatite. The depth typically being investigated with these holes is 150 metres, however several holes tested to nearly 200 vertical metres. The dykes in the central west portion of the deposit are characterized by higher width to length ratios than the east end of the deposit. Higher grades are also common in this area as the core of the dykes often hosts particularly coarse spodumene crystals.
Lithium One President and CEO, Patrick Highsmith, commented, “The drilling of Dyke Swarms 12, 13, and 14 has returned the thickest intercepts seen to date at James Bay. The continuity and consistency of grade remains remarkable, and if the 1.56% Li2O grade holds up through a resource calculation, this would be one of the highest grade spodumene pegmatite deposits known. We continue down the “fast track”, sharing these data with the engineers for a resource calculation as soon as possible. We are also meeting with metallurgical labs over the next couple of weeks to discuss a testing program designed to recover a spodumene concentrate from the James Bay pegmatite and to investigate processing to a battery-grade lithium carbonate product.”
The Phase Two drilling program was completed on time, with a total of 12,380 metres drilled. The Lithium One team is continuing with data interpretation and the finalizing of maps and cross sections. A small winter drilling campaign may be required to fill in some parts of the drilling grid.
Drill holes are collared at as close to 50 metre spacing as field conditions allow, an interval judged necessary to optimize a resource calculation expected later in the program. Every effort has been made to direct the drilling to intercept the dykes at right angles. The azimuths range from 110o to 155o and inclinations range from 45o to 75o, so most of these intercepts are believed to be close to true width. However, true widths of the intercepts may be equal or in some cases less than reported here pending additional geological work. More detailed tables of drill results, maps, cross-sections and photos of the James Bay Lithium Project will be posted to the Company’s website: www.lithium1.com.
Quality Control
The Company logs, collects, and cuts the drill core on site. Samples are sealed and shipped to TJCM (Table Jamésienne de Concertation Minière) in Chibougamau for sample preparation. The prepared samples are then sent by courier to COREM in Québec City for Li2O assay by multi-acid digestion and AA finish. COREM is a government-industry consortium of applied research for the treatment and processing of mineral substances, with a track record in lithium analysis and ore beneficiation. Certain of their laboratories are certified ISO 9001:2000 by BNQ and the analytical laboratory is certified ISO 17025:2005 for certain procedures. The laboratory employs quality control systems throughout that are compliant with ISO 9001 and ISO 17025 standards. The Company is employing a rigorous quality assurance and quality control program, including the insertion of analytical control samples and field duplicates, as well as the tracking of replicate analyses and check assays from an independent laboratory. The SGS laboratory in Toronto, which is accredited by the Standards Council of Canada to ISO/IEG 17025: 2005, is serving as a check lab.
The work program is under the supervision of Mr. A. James McCann, the Company’s consulting exploration manager for Quebec. Mr. McCann is a licensed Professional Geologist in Quebec and a qualified person as defined by National Instrument 43-101. He has reviewed and approved the contents of this press release.
About Lithium
Lithium is a light, highly reactive metal with use in a variety of industrial applications including ceramics, lubricants and pharmaceuticals. The fastest growing market for lithium is as lithium carbonate for use in batteries, including those in cell phones, computers and new generations of electric and hybrid vehicles. Lithium from spodumene is in silicate form and following mining and production of a concentrate, requires processing to be converted to lithium carbonate. Technology for the conversion of spodumene ore to lithium carbonate has been in use for over 20 years.
About Lithium One:
Lithium One Inc is a well-financed explorer and developer of mineral properties with a specific focus on lithium. The Company now has two major lithium projects: the Sal de Vida lithium brine project in Argentina and the James Bay bulk tonnage spodumene project in Quebec. Lithium One believes that lithium demand will grow as its value and efficacy in “green energy” applications is fully realized. The Company’s strategy is to build a portfolio of high quality lithium assets.
ON BEHALF OF THE BOARD OF DIRECTORS,
Patrick Highsmith, M.Sc.
President and Chief Executive Officer
Lithium One Inc
1238-200 Granville Street
Vancouver, BC V6C 1S4 Canada
Email: info@lithium1.com
Website: www.lithium1.com
FOR FURTHER INFORMATION, PLEASE CONTACT
Robert Orr
Telephone: 604-697-6259
Fax: 604-408-4799
Email: ro@lithium1.com
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 release.
Forward Looking Statements
This document may contain “forward-looking information” within the meaning of Canadian securities legislation (hereinafter referred to as "forward-looking statements"). These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management’s expectations or beliefs regarding future events. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions, title disputes as well as those factors detailed from time to time in the Company’s interim and annual financial statements and management’s discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.