International Lithium Corp. is a Canada based lithium and rare metals resource exploration and development company, currently focused on Canada, Zimbabwe and Ireland. Our major project is at Raleigh Lake near Ignace, Ontario where we have 48,500 hectare (485 square kilometres, 187 square miles) of claims, and in March 2023 we released a maiden resource estimate on the first part of that area. This project is wholly owned and royalty free. We also have 45% of the Avalonia project in Ireland. Our joint venture partner there is Ganfeng Lithium.
As well as substantial discoveries of lithium at Raleigh Lake we have discovered significant quantities of rubidium. Indeed in March 2023 we released a separate rubidium resource estimate. The world market for rubidium is much smaller than for lithium, but rubidium has many of the same uses as caesium, for example in precision atomic clocks. This is not a minor credit to our lithium resource. Rubidium's market price in late September 2023 was 50 times higher than that of lithium. The question is what the real world market demand is for rubidium - and this is a very opaque market.
Our key vision is that lithium is an integral and unstoppable part of the move away from a carbon based economy to a cleaner and greener world. This has huge political backing from the G7 countries and many other countries, and while there can be great debate on climate change there is no serious debate on the desirability of making air in big cities less polluted and improving health as a result. Electric cars and electric battery storage are an integral part of this, and lithium will remain the dominant component of batteries for many years to come. Globally there is also now very strong policy in North America and Europe not to substitute dependence on other countries for oil and gas with dependence on China for battery metals, and our Canadian properties are strategic in that respect.