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International Lithium Reports $1 million Budget for the Avalonia Lithium JV, Ireland
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2018) - International Lithium Corp....
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Reports $1 million Budget for the Avalonia Lithium JV, IrelandVancouver, British Columbia--(Newsfile Corp. - January 11, 2018) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") is pleased to announce, together with joint venture partner GFL International Co. Ltd., a subsidiary of Jiangxi Ganfeng Lithium Co. Ltd. (\"Ganfeng Lithium\" or \"GFL\"), the adoption of a 2018 budget for continued work at the Avalonia lithium pegmatite project (\"Avalonia JV\") in Ireland, a joint venture between the two companiesThe ownership of the Avalonia project is currently 55% GFL and 45% ILC. GFL have an option to earn an additional 24% by either incurring CDN$10 million expenditures on exploration activities or delivering a positive feasibility study on the project, at which time the ownership will be 79% GFL and 21% ILC.On December 27, 2017, ILC and Ganfeng Lithium approved a budget for the 2018 calendar year for the Avalonia JV. The budget calls for Euro 705,000 (approximately CDN $1 million) to be invested in the Avalonia project. The budget covers ongoing exploration and evaluation work, administration fees and continigencies.Work currently planned for 2018 is to follow up on the 2016 exploration results, in particular at the Moylisha target area, where extensive boulder trains of spodumene-bearing pegmatite assaying up to 4.59% Li2O* have yet to be traced back to source.The high grade lithium and extensive boulder occurrences within such a small area represents a highly prospective zone along strike from a previously identified pegmatite indicating a potentially sizable, yet-to-be-discovered buried pegmatite at the Moylisha prospect.Highlights from previous drilling in 2016 reported a pegmatite intersection grading 2.33% Li2O over 4.62 metres at the southern extent of the Aclare pegmatite (ILC July 21, 2016 news release). In 2016, a twenty-three (23) hole diamond drilling program totalling 1,756 metres on several targets at the Aclare prospect was completed by the Avalonia JV.The Avalonia project has 23 major target areas identified. The underexplored 50-km pegmatite belt contains 19 significant lithium pegmatite occurrences discovered in the 1970s.* Previously reported grab sample in a Company news release dated January 31, 2012. Grab samples are by definition selective and are unlikely to represe...