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International Lithium Corp. and Pioneer Resources Execute Option Agreement
VANCOUVER, BC / ACCESSWIRE / June 22, 2016 / International Lithium Corp. (TSXV: ILC) (the "C...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Corp. and Pioneer Resources Execute Option AgreementVANCOUVER, BC / ACCESSWIRE / June 22, 2016 / International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") is pleased to announce that the Company and strategic partner Pioneer Resources Limited (\"Pioneer\") (ASX: PIO) has exercised an Option Agreement to advance an exploration program on the Company's Mavis Lake Lithium project in Ontario, Canada (\"Project\") (see Company news release March 14 and April 20, 2016).\nKey Highlights:\n\n \n Mavis Lake Lithium Project Option Agreement executed with Pioneer;\n \n \n Pioneer may earn an initial 51% interest in the Project by expending CAN$1.5 million on exploration activities within three years;\n \n \n Exploration personnel on-site with field programs to include a comprehensive ground magnetic survey, litho- and soil geochemistry surveys to highlight prospective pegmatite targets in preparation for a diamond drill programme;\n \n \n Field reconnaissance at the spodumene bearing Pegmatite 18 prospect has confirmed the observable strike length in excess of 200m at surface has yet to be drill tested.\n \n\n2016 Mavis Lake Project Exploration Programme\nCompany field personnel are currently on site and have commenced the first phase of the 2016 exploration programme at the Mavis Lithium Project, with additional field support from Coast Mountain Geological and members of the Wabigoon Lake Ojibway Nation.\nThe first phase exploration programme will be comprised of ground magnetic, lithogeochemistry and soil surveys and are scheduled for completion in July 2016.\nGround Magnetic Surveys are useful to identify blind, near-surface pegmatite emplacements. Pegmatites typically have low magnetic susceptibility that is a distinctly identifiable characteristic especially in contrast with the dark mafic metavolcanic host rocks at Mavis. The magnetometer survey will be highly detailed, taking continuous readings along lines spaced 50 meters apart. Up to 250 line kms are planned and will provide the first property-wide magnetic survey of the Project area utilizing the most up to date technology.\nLitho-geochemical surveys are utilized to identify the rare metal dispersion corridors within the host rocks adjacent to or capping buried or hidden rare metal pegmatites. Normally the rare metal alteration halo of the host r...