Vancouver, British Columbia--(Newsfile Corp. - June 20, 2023) - IMAGINE LITHIUM INC. (TSXV: ILI) (OTCQB: ARXRF) (the "Company" or "Imagine") is pleased to announce the start of its 2023 summer drill program at the Jackpot lithium project following the recent closing of a $9.1 million private placement (April 28, 2023 press release).The program will consist of a minimum of 10,000 metres of diamond drilling on the Jackpot lithium property. The Jackpot property is located within the rapidly emerging lithium camp in the Georgia Lake Area, approximately 140 km north-east of Thunder Bay, Ontario (Figure 1).
The initial drill target is a newly identified lithium bearing pegmatite that has been traced at surface for more than 500 m of strike. This target has been sampled but not drilled to date and the Company intends to drill a minimum of 8 holes to confirm its depth and strike extension. Once complete, Imagine Lithium will focus on expansion of the Jackpot Main Zone to the east, plus several new lithium bearing pegmatite targets to the west, northwest, and northeast, covering a trend of more than 3 km (Figure 2).
J.C. St-Amour, President of Imagine, commented, "With a bolstered treasury and great drill results from our winter program, I am excited to implement our extensive exploration plans on Jackpot; testing new lithium pegmatites that have not been drilled as well as expanding our Main Zone at Jackpot. In addition to drilling, we have also deployed a team of geologists to prospect the entirety of the vast Jackpot land package."
Figure 1: Jackpot Property located next to Trans Canada Highway, power, port, railroad, and workforce.
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Figure 2: Map of drill target areas to be investigated in 2023 near the Main Jackpot Zone.
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Qualified Person
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.
About Imagine Lithium Inc.
Imagine is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company holds the Jackpot lithium property located in the Georgia Lake area about 140 km NNE of Thunder Bay, Ontario, is approximately 12 km by road from the TransCanada Highway (Hwy 11), and is in proximity to sources of power, railroads, and ports. 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 estimates presented above are treated as historical 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.
ON BEHALF OF THE BOARD
"J.C. St-Amour"
J.C. St-Amour, President
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: +1-604-683-3995
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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