Rock Tech Lithium (TSXV: RCK; OTC: RCKTF) has released new assay results from ongoing drilling at its 100%-owned Georgia Lake lithium project in Ontario. Located between Nipigon and Beardmore, the Georgia Lake property comprises 1,042 hectares of mineral leases and 56.9 sq. km of mineral claims within the Thunder Bay mining district.
Rock Tech began the drill program in 2021 in support of an ongoing pre-feasibility study (PFS) being conducted on the Georgia Lake project. The objective of the program is to increase the confidence in the current mineral resource at Georgia Lake and to upgrade the resource classification from predominantly inferred resources to indicated resources, as well as test potential expansions of the resource.
Early exploration at the Georgia Lake lithium property in northern Ontario. Credit: Rock Tech Lithium
Since the start of drilling, the company has completed approximately 21,000 metres of diamond drilling focusing on five known spodumene deposits on the property (Main Zone North (MZN), Conway, Main Zone Southwest (MZSW), Harricana and Line 60).
The Georgia Lake spodumene deposits currently have a combined measured and indicated resource of 6.6 million tonnes grading 1.16% lithium oxide (Li2O). The inferred resource is 6.7 million tonnes grading 1.16% Li2O.
The current drilling results are from test drilling completed during the fall 2021 and winter 2022 portions of the program, and will be included in the Georgia Lake PFS. These results comprise the second of three batches of results from the winter 2021 and spring 2022 phase of drilling. Results for the initial batch of core samples were released in January.
Included in the new results are 36 diamond drill holes totalling 11,604 metres completed at the MZN deposit, highlighted by assays of 11.4 metres at 1.09% Li2O starting at 284.1 metres, 13.2 metres at 1.37% Li2O starting at 195.5 metres, and 9 metres at 1.17% Li2O starting at 284.4 metres. Drilling at the Conway deposit also returned 7.0 metres at 1.36% Li2O starting at 96.3 metres and 8.2 metres at 1.16% Li2O starting at 47 metres.
Commenting on the assay results, Robert MacDonald, general manager of the Georgia Lake project, said: “Rock Tech is pleased with the progress of our drill program at our Georgia Lake project. We are continuing to focus on completing a pre-feasibility study in respect of the Georgia Lake project while concurrently pursuing project permitting.”
The Georgia Lake project is being developed as an open-pit and underground lithium mining operation with an initial mine life of 11 years. An updated preliminary economic assessment in March 2021 gave the project a post-tax net present value of US$289 million and an internal rate of return of 19.6%.
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