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International Lithium and Ganfeng Lithium Approve $17M Budget for Mariana JV, Argentina
Vancouver, British Columbia--(Newsfile Corp. - January 8, 2018) - International Lithium Corp. ...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium and Ganfeng Lithium Approve $17M Budget for Mariana JV, ArgentinaVancouver, British Columbia--(Newsfile Corp. - January 8, 2018) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") is pleased to announce, together with joint venture partner Mariana Lithium Co. Ltd. ((\"MLC\"), a subsidiary of Jiangxi Ganfeng Lithium Co. Ltd. (\"Ganfeng Lithium\")) the adoption of a 2018 budget for continued work at the Mariana lithium brine project (\"Mariana JV\") in Salta, Argentina, a joint venture between the two companies. Current ownership of the project is through a joint venture company, Litio Minera Argentina S. A., a private company registered in Argentina, ownership of which will be 82.754% by Ganfeng Lithium and 17.246% by ILC. In addition, ILC has an option to acquire 10% in the Mariana project through a back-in right.Highlights of the US $17 million budget for 2018 include:continued natural evaporation studies;membrane separation studies;aquifer characterization studies;preliminary economic assessment (\"PEA\"); andpre-feasibility studies (\"PFS\").On December 27, 2017, ILC and MLC unanimously approved the budget for the 2018 calendar year for the Mariana JV. The budget calls for US $14,044,000 (US $17,343,517 including contingencies and administrative fees) to be invested in ongoing exploration and evaluation work including continuing studies that will be used to formulate a basis for a PEA, which is expected to be completed in the first half of 2018. The results of the PEA will be used to determine the course of action for pre-feasibility studies expected to be conducted throughout the remainder of the year.Membrane Separation StudiesAn important component for ILC in the ensuing budget is the allocation of US $400,000 that will be applied to the continuation of membrane separation studies. In a news release dated September 5, 2017, the Company reported the results of a proof of concept study that utilized membrane technology to successfully liberate lithium from the raw brine without the need for pre-concentration or any other special treatment. The study showed that the resultant retentate from the membrane separation could be directly converted to hydrated lithium hydroxide making for a more refined end product at the mine site.The proof of concept study was conducted utilizing (filtered...