Georgia Lake Lithium
The spodumene-bearing pegmatites of the Georgia Lake area, located some 145 kilometers northeast of the city of Thunder Bay, Ontario, were discovered in 1955. Subsequent to the discovery, the area was subjected to a staking rush and significant exploration work by various operators until 1958.
The principal means of access to the area is Ontario Provincial Highway No. 11. From the Provincial Highway, an extensive network of gravel and tertiary bush roads provide access to all of the claim groups.
Geologically, the area is underlain by metasediments and metavolcanics of Archean age, trending east-northeast to west-southwest, in steeply dipping beds along the south flank of a regional syncline. These metasediments were invaded by large masses of Algoman granitic rocks and by numerous sills and dykes of genetically related porphyry, pegmatite and aplite.
These Archean metasediments are overlain by a thin cover of Sibley sediments which were subsequently intruded by diabase dykes and sills of Proterozoic age.
The Georgia Lake pegmatites contain lithium- and rare metals-bearing spodumene at many places in the area. In addition to spodumene, historical work also identified beryl, columbite, molybdnite, amblygonite, apatite, and bityite, enhancing the lithium and rare metals potential of the area.
Preliminary Economic Assessment
On October 2, 2018, the Company released the results of a Preliminary Economic Assessment that included the following:
• NPV: $312 million
• IRR: 62.2% (pre-tax)
• Discount rate: 8%
• Focused on just 73% of total resource delineated in the resource estimate released on June 27, 2018
The Independent Technical Report was posted to SEDAR on November 12, 2018, and can be downloaded here: NI 43-101 Technical Report with Preliminary Economic Assessment
On June 27, 2018, the Company released an NI 43-101 compliant resource estimate that included the following:
• Measured resource: 1.89 million tonnes grading 1.04% Li2O
• Indicated resource: 4.68 million tonnes grading 1.00% Li2O
• Inferred resource: 6.72 million tonnes grading 1.16% Li2O
The Independent Technical Report was posted to SEDAR on August 10, 2018, and can be downloaded here: NI 43-101 Technical Report with Resource Estimation
Metallurgical and Hydrometallurgical Tests
Metallurgical tests show:
• Concentration of high-grade spodumene from high and low grade mineralized material;
• Recovery rate of 75.5% utilizing heavy liquid separation; and
• Recovery rate of 81.1% utilizing floatation.
Hydrometallurgical tests show:
• Production of Li2CO3 with a purity of 99.96% without any process optimization; and
• Production of Li2CO3 with a purity of 99.98% with bicarbonate scrubbing.
First Nations Support
After several months of consultation, Rock Tech secured a joint memorandum of understanding with three First Nations in the vicinity of the Georgia Lake property: Bingwi Neyasshi Anishinaabek (“BNA”), Biinjitiwaabik Zaaging Anishinaabek (“BZA”), and Animbiigoo Zaagi’igan Anishinaabek (“AZA”).
The MOU outlines the framework upon which the Georgia Lake project, which lies in the First Nations’ traditional territories, will be developed, ensuring that development is conducted in a manner that provides mutual benefits to all parties. The MOU establishes the foundation upon which a future Impacts and Benefits Agreement will be developed. The MOU provides for greater certainty, definition of benefits to the parties and mitigates any adverse impacts of project development.