🕐28.10.10 - 17:27 Uhr
CANADA LITHIUM CONFIRMS THAT THE PROVINCE OF QUEBEC HOSTS ONE OF WORLDS LARGEST
KNOWN HARD-ROCK LITHIUM DEPOSITS
CANADA LITHIUM CONFIRMS THAT THE PROVINCE OF QUEBEC HOSTS ONE OF WORLDS
LARGEST KNOWN HARD-ROCK LITHIUM DEPOSITS
TSX: CLQ; U.S.
OTCQX: CLQMF
TORONTO, Oct.
28 /CNW/ - Canada Lithium Corp.
(TSX: CLQ; U.S.
OTCQX: CLQMF)
announced today that, following the latest drill program, total measured and
indicated mineral resources at the Quebec Lithium Project near Val dOr,
Quebec, have increased by approximately 48% to 46.7 million tonnes grading
1.19% Li2O (at a 0.80% Li2O cut-off).
It also represents a 7% increase in
grade from previous estimates.
The total inferred mineral resource has also
been expanded to an approximate 57.6 million tonnes grading 1.18% Li2O, a
rise of about 48% in tonnage and 6% in grade compared to the previous
estimate announced March 4, 2010.
"We have now confirmed that this project ranks, in terms of size, among the
top two or three known hard-rock lithium deposits in the world," said
President and CEO Peter Secker.
"We clearly have the flexibility to expand
production significantly in the future if markets warrant."
He also noted that the higher grade in all mineral resource categories may
result in higher economic returns as the mine and processing plant commence
operations in late 2012.
A summary of the Quebec Lithium Deposit mineral resource estimate1 is as
follows:
Classification2
Cut-off
(%Li2O)3
Tonnes4
Grade
(%Li2O)5
Measured (M)
0.80
5,654,000
1.15
Indicated (I)
0.80
41,015,000
1.20
Total M + I
0.80
46,669,000
1.19
Total Inferred
0.80
57,581,000
1.18
The revised resource estimate reported above resulted from a 45-hole program
comprising 6,938m of drilling initiated in August of this year.
The program
focused on drill targets that extended the strike length of the known
deposit (as of a March 4, 2010 release) and on infill drilling to increase
the level of confidence in the resource within the measured and indicated
categories.
The resource comprises a series of steeply dipping spodumene-bearing
pegmatite dykes that bifurcate and coalesce.
Dyke true thicknesses range up
to tens of metres.
The composite body extends more than 1.5 km in
approximately a NW-SE direction over a width of approximately 500m.
There is
one main persistent dyke that strikes obliquely to this main orientation.
The project development timetable is on schedule, with the final Feasibility
Study (FS) expected in January 2011.
Subject to financing and final
permitting, a positive FS is expected to lead to construction start-up by
May 2011, with project commissioning in the fourth quarter of 2012 and full
production in 2013.
Resource Estimation Methodology
The mineral resource estimate for the Quebec Lithium deposit was completed
by Michelle Stone, P.Geo.
(Special Authorization # 171), Geologist, Canada
Lithium Corp., using accepted, industry-standard methods that conform with
National Instrument 43-101.
The resource model was developed using Gemcom
Surpac (v6.1.4).
Core samples from the 2010 drilling program were analyzed
for Li2O at ALS Chemex in Vancouver.
Duplicate pulps samples were sent to
Agat Laboratory in Mississauga for check analyses.
All sample results are
monitored with an appropriate QA/QC program and passed the quality checks.
The resource models for the Quebec Lithium Deposit have been generated from
a database containing confirmed historic and recent drill hole results from
both underground and surface diamond drilling.
Detailed solid shapes
representing the spodumene-mineralization were constructed in addition to a
larger envelope that contained thinner and/or less persistent or
drill-tested dykes.
The Li2O grade for these solid shapes was estimated into
a 5m x 5m x 5m block model using inverse distance squared methodology with
search ellipses oriented parallel with the strike and dip of the two main
geological trends, and a polygonal estimate based on the historic mineral
resource cross sections in the area of the close-spaced underground
drilling.
Blocks were classified based as follows:
Measured - in spodumene-bearing pegmatite within stopes and within 20m of
the historic underground workings.
Detailed pegmatite dykes in which the
average distance between sample pairs used to estimate the grade is < 20m
were also classified as measured mineral resources.
Indicated - detailed dyke blocks with the average distance between sample
pairs used in the grade estimation of < 80m, in addition to blocks within
the boundary of the historic resources confirmed by the 2009 drill program
(dykes intersected within approximately 60m of the workings, underground
drilling and surface drilling, and to a vertical depth of approximately 200m
from surface); and blocks in the envelopes with < 40m average distance
between sample pairs used in the grade estimate.
Inferred - detailed dyke blocks with < 160m average distance between sample
pairs used in the grade estimate and envelope blocks with < 80m average
distance between sample pairs used in the grade estimate.
The specific gravity used to calculate the tonnage was 2.73, based on the
results of metallurgical testwork completed by SGS Canada.
The mineral resource estimate above has been prepared by Michelle Stone,
Ph.D., P.
Geo., Geologist, Canada Lithium Corp., a Qualified Person as
defined by NI 43-101.
Ms.
Stone has read and approved the contents of this
release.
A Technical Report compliant with National Instrument 43-101
standards describing the resource estimation and providing details of the
2010 drill program, as well as the associated QA/QC review, will be filed on
SEDAR (www.sedar.com) within 45 days of this release.
Mitch Lavery, P.Geo., is the Qualified Person for the Quebec Lithium Project
in accordance with NI 43-101.
Mr.
Lavery has read and approved the contents
of this news release.
Accompanying notes to Mineral Resource Table (shown above):
1.
Prepared by Michelle Stone, Geologist, Canada Lithium Corp., a
Qualified Person within the meaning of NI 43-101.
2.
Mineral resources which are not mineral reserves do not have
demonstrated economic viability.
Inferred mineral resources are exclusive of total measured and indicated
mineral resources.
3.
0.80% Li2O is the reported base-case scenario.
4.
Tonnes are rounded to the nearest 1,000.
5.
Percent Li2O is reported to two decimal places.
*The mineral resource estimates in this press release were prepared in
accordance with the CIM "Definition Standards on Mineral Resources and
Mineral Reserves" adopted by the CIM Council on December 11, 2005, and the
CIM "Estimation of Mineral Resources and Mineral Reserves Best Practice
Guidelines," adopted by CIM Council on November 23, 2003, in compliance with
NI 43-101 guidelines, using the polygonal method.
About Canada Lithium
Canada Lithium Corp.
is a Canadian-based "clean tech" mine developer trading
under the symbol CLQ on the TSX and on the U.S.
OTCQX market under the
symbol CLQMF.
The Company is nearing completion of a definitive Feasibility
Study (FS) by engineering firm BBA Inc.
of Montreal on its Quebec Lithium
Project near Val dOr, the geographical heart of the Quebec mining industry.
A positive FS would lead to construction of an open pit mine and processing
plant capable of producing by late 2012 approximately 43 million pounds per
year of battery-grade lithium carbonate to meet the growing needs of the
emerging global market for electric and hybrid electric vehicles.
It has an
agreement with Japanese metals trading firm, Mitsui and Co.
Ltd., to market
a portion of Canada Lithium Corp.s product in China, Korea and Japan.
Metallurgical tests from deposit samples have produced battery-grade
lithium.
For up-to-the-minute news on the latest developments from car and battery
manufacturers around the globe committed to lithium-powered electric
vehicles and hybrids, please visit our Home Page and click on "Latest News
on Electric Vehicles."
Neither the TSX Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-looking Information
The statements made in this press release may contain certain
forward-looking statements concerning potential developments affecting the
business, prospects, financial condition and other aspects of Canada Lithium
Corp.
The actual results of the specific items described in this release,
and the companys operations generally, may differ materially from what is
projected in such forward-looking statements.
Although such statements are
based upon the best judgments of Canada Lithium Corp.
management as of the
date of this release, significant deviations in magnitude, timing and other
factors may result from business risks and uncertainties including, without
limitation, the Companys dependence on third parties, general market and
economic conditions, technical factors, the availability of outside capital,
receipt of revenues and other factors, many of which are beyond the control
of the Company.
Canada Lithium Corp.
disclaims any obligation to update
information contained in any forward-looking statement.
%SEDAR: 00007891EF
For further information:
Peter Secker, President, CEO and Director (416) 361-2821
Olav Svela, Director, Investor Relations (416) 361-2821; (cell) (905)
442-8663 or email
Christine Stewart, Renmark Financial Communications Inc.
(416) 644-2020 or
email
Please visit the Canada Lithium website at www.canadalithium.com.
Corporate Office: 401 Bay St., Suite 2010, P.O.
Box 118, Toronto, ON.
M5H
2Y4