Georgia Lake Project
Rock Tech Lithium owns 100% of the Georgia Lake Project.
It is a Lithium hard-rock deposit that is strategically positioned
within the Thunder Bay Mining District of Ontario, Canada, approximately 160km north of Thunder Bay.
Situated 16km south of Beardmore and 66km north of Nipigon,
with convenient access from the Nama Creek access road off the TransCanada Highway 11.
Pre-Feasibility Study
In November 2022, a Prefeasibility Study was completed on the project.
Highlights of the study are:
- Estimated pre-tax net present value at 8% discount rate („NPV“) of USD 223 million at an average life of mine („LOM“) price of USD 1,500/t, 6% spodumene concentrate („SC6“).
- Estimated pre-tax internal rate of return („IRR“) of 47.8% at an average LOM price of USD 1,500/t, SC6.
- LOM of 9 years, with low-cost open pit mining for the first 4 years and underground mining for the last 5 years.
- Pre-tax payback of 2.9 years.
- Total Indicated Mineral Resources of 10.6mt at grading 0.88% Li2O and total Inferred Mineral Resources of 4.2mt at grading of 1.00% Li2O.
- Declaration of Mineral Reserves: Total Probable Mineral Reserves of 7.33mt at grading of 0.82% Li2O.
- Pre-production costs estimated at USD 192.2 million and sustaining capital costs of USD 98.5 million (including closure costs).
- Average annual spodumene concentrate production of approximately 100,000 t of SC6.
- Total LOM average cash costs of USD 719/t concentrate.
Infrastructure
Situated close to Thunder Bay with convenient access via port and rail facilities,
as well as the TransCanada Highway 11 and existing road networks,
our project site offers seamless transportation logistics.
In terms of power infrastructure, the property includes an electrical transmission line for
green power crossing the eastern section of the property,
with connection approvals in process, alongside a nearby natural gas transmission line west of the property.
Water and environmental sustainability are key considerations, and the project features
abundant groundwater and surface water resources to support operations.
Geology, Exploration, and Mineral Resource
The project area is characterized by two distinct spodumene pegmatite zones,
situated within metasedimentary host rocks:
North Spodumene Pegmatite Area and South Spodumene Pegmatite Area.
These pegmatites, predominantly of Albite-Spodumene type,
are accompanied by diabase and granitic formations,
forming a geologically diverse landscape conducive to lithium mineralization.
The Project is comprised of 215 unpatented mining claims and
42 leases over a 5,686 ha land package.
To date, only ~10% of the land position has been explored with
potential upside across Georgia Lake’s 22 identified dikes.
RCK acquired the Property in 2010 and began a phased approach to exploration,
consisting of outcrop sampling, channel sampling, and drilling.
In total, the company has executed five channel programs and five drilling programs.
Since 2021, the company has drilled over 27,000 meters across both spodumene pegmatite zones,
using the data to update and grow the Mineral Resource.
Future Mining Operations
The mining operations at Georgia Lake incorporate a blend of standard open-pit techniques
and underground ramp access mining from five deposits:
Main Zone North, Main Zone South West, Line 60, Harricana, and Conway.
The planned underground mining method will be Long Hole Open Stoping (LHOS),
using conventional drill-blast cycles, while maximizing resource recovery.
The underground mining will be sequenced after the depletion of the open pits.
