DGAP-News

International Lithium Corp. Announces Strategic Changes - Seite 3

Ganfeng Lithium Strategic Partner

In joint venture partnership with Ganfeng Lithium, the Company is advancing two projects, the Mariana lithium-potassium brine project in Argentina (Ganfeng owns 80%) and the Avalonia hard rock lithium rare metals pegmatite project in Ireland (Ganfeng owns 55%).

Last year (Company news release dated July 18, 2016) Ganfeng Lithium and ILC approved an aggressive US$12 million budget over an 18 month period at Mariana to advance the project through an anticipated maiden resource estimate, short and long term pump tests and complete all pertinent definitive technical studies to satisfy the requirements for the filing of environmental permit applications in order to initiate pilot scale operations.

"Definition drilling for the initial resource is completed and we have started drilling in preparation for the commencement of pump tests anticipated near the end of the month. Pump tests are a crucial step in advancing the Project by characterizing potential flow rates in the basin's aquifers", states International Lithium Vice President of Exploration, John Harrop.

This past year, US$800,000 was allocated to exploration by Ganfeng Lithium at the Avalonia lithium pegmatite project in Ireland. To date, the strategic partnership has expended US$2.1 million in exploration that has significantly added to the understanding and has wholly reinforced the exploration potential of the 42 km long Avalonia lithium pegmatite belt. The Company's objective is to continue to develop the better known occurrences while systematically testing the multitude of targets previously identified, but yet to have a concerted exploration effort applied to them. As such, the Company is working with Ganfeng Lithium to secure an effective long-term exploration and development plan for Avalonia.

Currently the Company is awaiting permits to conduct a geophysical survey at the Moylisha target area at Avalonia. The Moylisha target area contains extensive pegmatite boulder trains with visually identifiable spodumene. In 2012, five grab samples of spodumene bearing pegmatite at Moylisha returned values from 1.31 to 4.59% Li2O*, the highest grade representing a spodumene content of greater than 50%. These high grade lithium boulders have yet to be traced back to source. Using the results of the geophysics program, the Company intends to apply for focussed drilling and/or trenching permits to test this high priority area.