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International Lithium Corp. Options Mavis Lithium Project and Forms Strategic Alliance with Australian Company, Pioneer Resources Limited
Vancouver, British Columbia--(Newsfile Corp. - March 14, 2016) - International Lithium Corp. ...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Corp. Options Mavis Lithium Project and Forms Strategic Alliance with Australian Company, Pioneer Resources LimitedVancouver, British Columbia--(Newsfile Corp. - March 14, 2016) - International Lithium Corp. (the \"Company\" or \"ILC\") (TSX Venture: ILC.V) is pleased to announce it has entered into an Option Agreement and Strategic Alliance with Australian Stock Exchange-listed Pioneer Resources Limited (\"Pioneer\") (ASX:PIO). Under the terms of the Agreement Pioneer can earn up to an 80% interest in ILC's 100% owned Mavis Lake property, which includes the Fairservice patented mining leases (the \"Mavis Lithium Project\"), located near Dryden, Ontario, Canada.Benefits to the Strategic AllianceThis agreement enables the new alliance to test multiple undrilled pegmatite targets within the project area. It also allows for further acquisitions that builds the alliance's ability to engage emerging lithium market opportunities.The Option Agreement, which is subject to a three month exclusivity and due diligence period, provides Pioneer with: Immediate, direct exposure to the lithium sector through equity in the advancing Mavis Lithium Project, which have known lithium bearing pegmatites; The ability to increase the project portfolio through further acquisitions and staking opportunities; An offtake strategy through ILC.Under the terms of the Agreement, Pioneer will manage the exploration program on the Mavis Lithium Project utilizing ILC's technical team, who are currently advancing the Avalonia lithium pegmatite project in Ireland and the Mariana lithium brine project in Argentina. The Agreement provides ILC with the first stage of their North American strategy to join with Strategic Partners and to advance lithium opportunities with them that have no infrastructure constraints, consequently making potential mining projects less capital intensive.Pioneer brings a management team of individuals having over 30 years of corporate and technical experience in mineral exploration, finance, a good track record of discoveries and mine development.Mr. Gary Schellenberg, CEO, International Lithium Corp. stated, \"This is the first step of our new strategy developed for North America. We see an escalating demand for lithium in North America, especially in the automotive sector with new sources being either many years awa...