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International Lithium to Receive AUD$750,000 Payment for the Mavis Lake Lithium Project, Ontario, Canada
Vancouver, British Columbia--(Newsfile Corp. - July 11, 2023) - International Lithium Corp. (TSXV...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium to Receive AUD$750,000 Payment for the Mavis Lake Lithium Project, Ontario, CanadaVancouver, British Columbia--(Newsfile Corp. - July 11, 2023) - International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the \"Company\" or \"ILC\") is pleased to announce that it will receive AUD$750,000 (approximately CAD$663,000 or USD$500,000) as payment for a milestone reached on the Mavis Lake lithium project.Further to Company news release dated October 25, 2021 announcing the divestiture of the Mavis Lake project to Critical Resources Limited (ASX: CRR), ILC is now entitled to receive a payment of AUD$750,000. The payment represents ILC's 50% portion of the first AUD$1,500,000 payment made payable to the vendors of the project if certain milestones are reached. The other vendor is Essential Metals Limited (ASX: ESS, \"ESS\").Under the agreement, milestone payments totalling AUD$3.0 million will be payable on the definition of a lithium resource as follows:AUD$1.5 million on definition of a mineral resource estimate exceeding 5 million tonnes with at least 50,000 tonnes of Li2O.A further AUD$ 1.5 million on definition of a resource exceeding 10 million tonnes with at least 100,000 tonnes of Li2O% or, in case both milestones are defined at the same time, AUD$3.0 million in total. ESS and ILC will share the proceeds equally. On May 5, 2023, CRR announced a maiden inferred mineral resource estimate for the Mavis Lake project consisting of 8 million tonnes grading 1.07% Li2O indicating a Li2O content of 80,000 tonnes at a cut-off grade of 0.3%. According to CRR's news release, the mineral resource estimate is compliant with JORC Code 2012.On July 3, 2023, CRR announced that extension drilling is underway at Mavis Lake with the goal to increase the size of the mineral resource, therefore, the board of ILC believes there is a good possibility that the second milestone could be reached in the next few months resulting in an additional AUD$750,000 payable to ILC.Executive CommentJohn Wisbey, Chairman and CEO of ILC, commented: We congratulate Critical Resources on these initial results at Mavis Lake near Dryden, Ontario, all currently in the inferred resource category. We wish them every success in progressing to the next level. Our sale has been a good win/win. Critical Resources are achieving good results there, whi...