Home / News / Rock Tech Lithium Announces First Batch of Assays from Georgia Lake Drill Program and Field Exploration Agreement

Rock Tech Lithium Announces First Batch of Assays from Georgia Lake Drill Program and Field Exploration Agreement

Vancouver, Canada

Rock Tech Lithium Inc. is pleased to announce the initial batch of assay results from the Company’s ongoing drill program at its 100%-owned Georgia Lake lithium project in the Thunder Bay Mining District of Ontario.

The drill program, being carried out by Niigaani Drilling, is designed to confirm the delineated mineral resource, which is intended to form the basis for a Pre-Feasibility Study. Targeting a total of 22,000 metres, the program is focused on five (5) deposits within the Georgia Lake lithium property: Main Zone North (“MZN”), Main Zone Southwest, Conway, Harricana and Line 60. To date, the Company has completed approximately 9,500 metres of drilling with additional samples at the lab pending analysis.

Drill holes NC-21-06 and NC-21-07 were drilled from the same setup, targeting the down-dip extension of known mineralization. The results from these holes confirms that mineralization extends down-dip.

Drill hole NC-21-09 was drilled on the eastern periphery of the MZN. The results from this drill hole confirm the extension of mineralization along strike at shallow depths.

“We are pleased with the progress being made on all aspects of the Georgia Lake Project including the diamond drill programme. We anticipate concluding the current drill programme during the winter of 2022 and remain focused on realizing the potential of the property.”

Robert MacDonald
General Manager of the Georgia Lake Lithium Project

Sample lengths were around 1m, though individual sample length was determined based on internal zoning of the dykes and the locations of their contacts. Core to be sampled was cut in half with one half being sent for analysis and the other half remaining in the box for reference. All core is stored at Rock Tech’s core facility in Beardmore, Ontario. Each sample was put into its own plastic sample bag with a sample tag and closed with zip ties. About 12.5% of samples submitted to ActLabs for analysis are QAQC samples that were inserted into the sample stream and consist a high- and low-grade Lithium standards, blank material, and duplicates.

Samples were sent to ActLabs preparation laboratory in Geraldton, Ontario for crushing and pulverizing and were subsequently sent to ActLabs geochemistry laboratory in Ancaster, Ontario for analysis of 41 elements using fusion plus ICP-OES or ICP-MS. Analysis for lithium was completed using a sodium peroxide fusion plus ICP-OES.

ActLabs is independent of the Company.

Field Exploration Agreement

Furthermore, Rock Tech announces that it has entered into a field exploration agreement with Bingwi Neyaashi Anishinaabek, Biinjitiwaabik Zaaging Anishinaabek and Red Rock Indian Band setting out a framework for Rock Tech’s consultation and accommodation activities with the First Nations Groups in connection with exploration activities at the Georgia Lake Project.

Under the terms of the Agreement, Rock Tech has agreed to, among other things, grant an aggregate of 750,000 common share purchase warrants to the First Nations Groups, with each First Nations Group receiving 250,000 Warrants. Each Warrant will entitle the holder thereof to purchase one common share in the capital of Rock Tech at an exercise price of $6.08 per Warrant Share for a period of 5 years following the date of issuance of such Warrant.

The grant of the Warrants remains subject to, among other things, acceptance of the TSX Venture Exchange.

Stock Options

Additionally, the Company announces that is has granted an aggregate of 1,196,000 stock options to directors, officers, employees and consultants of the Company pursuant to the Company’s stock option plan.

Of the total, 846,000 stock options granted to directors and consultants will vest over a twenty-four-month period with 50% vesting on the date that is twelve months after the grant date with the remaining 50% vesting monthly thereafter. Each stock option granted has an exercise price of $6.08 per share and an expiry date of January 12, 2026.

The remaining 350,000 stock options granted to employees will vest over a forty-eight-month period with 25% vesting on the date that is twelve months after the grant date with the remaining 75% vesting monthly thereafter. Each stock option granted has an exercise price of $6.08 per share and an expiry date of January 12, 2028.

Management Changes

The Company also announces the appointment of Ms. Monique Hutchins to the position of Corporate Secretary, replacing Mr. Brad Barnett. Furthermore, the Company announces the resignation of Stephan Egle from the position of Chief Operating Officer due to health reasons.

Scientific and Technical Disclosure

The scientific and technical disclosure included in this news release has been reviewed and approved by Robert MacDonald, P.Eng., General Manager of the Georgia Lake Project, a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects. Exploration data was collected and verified following the guidelines outlined in CIM Mineral Exploration Best Practice Guidelines.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.