Vancouver, British Columbia – May 11, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Imagine Lithium Inc. (TSXV: ILI) (OTCQB: ARXRF) (the “Company” or “Imagine”) is pleased to announce assay results from previously unsampled core that were drilled in 2018. The drillholes tested lithium-bearing granitic pegmatite dikes within the main dike swarm of the Jackpot project. Results include 8 m grading 1.28% lithium oxide (Li2O) (Hole J-18-M-04) and 8.8 m grading 1.02% Li2O (Hole J-18-M-03). See Table 1 below for detailed results.
J.C. St-Amour, President of Imagine Lithium commented, “Once we refocused on the Jackpot Lithium project our new geological team reviewed all the historical drill core from the 2018 drill program and immediately identified significant spodumene mineralization in unsampled core. I am pleased that the assay results confirm the visuals that we have been seeing at the Jackpot project. “We are looking forward to seeing results from our current drill program, which is designed to not only test the main dike swarm but also to expand on the known historical resource area and investigate the extents of the known dikes as well as previously undrilled lithium showings. The drill program is progressing well, with five holes completed with samples in the lab.”
Figure 1: Collar Locations for the 2018 and 2022 Drill Programs.
Further to our news release dated March 21, 2022, the Company announces that the issuance of 8,000 common shares for the purchase of additional ground within the Jackpot property are payable 50% to Gravel Ridge Resources Ltd. (controlled by Michael Frymire and Pamela Katie Misener) and 50% to 154423 Ontario Inc. (controlled by Julia English and Perry English). In addition, the agreement with the First Nations Groups was signed on March 18, 2022.
The Jackpot Lithium property, located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario, is approximately 12 km by air from the TransCanada Highway (Hwy 11) and the main railroad which connects to the port town of Nipigon, on Lake Superior. The property contains known lithium bearing granitic pegmatite dikes, of which two provided estimated historical resources of 2 million tons at 1.09% Li2O and 750,000 tons at 1.38% Li2O*. The Company recently acquired additional claims with identified lithium showings located on strike to the main historical resources.
The technical content of this news release was approved by Michel Boily, PhD, P.Geo, an Independent Qualified Person as defined by the National Instrument 43-101.
* The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of NI-43-101 such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.
About Infinite Ore Corp.
Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company holds the Jackpot lithium property located near Nipigon, Ont., which contains known pegmatite showings including two historical resources of 2 million tons grading 1.09% Li2O and 750,000 tons at 1.38% Li2O.
ON BEHALF OF THE BOARD
J.C. St-Amour, President
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FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
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