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Overview of Canadian Projects
 

The Company is primarily focused in Canada on the Raleigh Lake lithium and rubidium project in Canada and on identifying additional properties.

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Raleigh

Raleigh Lake

The Raleigh Lake Lithium project is located near Ignace, Ontario, Canada.

 

The Raleigh Lake project consists of approximately 48,500 hectares

(485 square kilometers) of mineral claims in Ontario, Canada.

A maiden Mineral Resource Estimate on Raleigh Lake was produced on

March 1, 2023 - see here for our news release. In 2022 ILC completed

around 10,000 metres of drilling at Raleigh Lake. See also

our news release of February 6, 2023.

    

The Raleigh Lake project area is located within a 25-kilometer (km) radius

of the town of Ignace, Ontario.

Access to infrastructure is excellent. Ignace is on the Trans Canada highway,

235 kilometres west of Thunder Bay, Ontario on Lake Superior.

There is a power line running through our claims. These factors are a great 

plus to the economics of the Raleigh Lake project compared with many other

lithium projects in remote locations with poor infrastructure.

 

                                                                                        .                       * Patrick McLaughlin, P.Geo, a “Qualified Person” as defined by National Instrument 43-101 –

                                                                                                                                                                                         Standards of Disclosure for Mineral Projects has reviewed and approved the technical

                                                                                                                                                                                         information contained herein.

Wolf Ridge

 

The Wolf Ridge property is comprised of 275

claim units (approximately 5,700 hectares)

located 20 km southwest of the town of Upsala,

and 125 km northwest of Thunder Bay, Ontario.             

                                                                                                                                                                              Wolf Ridge, Ontario

The property is a grass roots lithium prospect recently highlighted in the “Ontario Geological Survey Resident Geologist Program Recommendations for Exploration 2021–2022.” The report highlights lithium potential in the Bedivere–Lac des Mille Lacs Lakes Area based on results from a lake sediment geochemical survey. An excerpt from page 54 of the report states:

 

“The Ontario Geological Survey (OGS) completed a lake sediment geochemical survey covering the Atikokan area (Dyer 1999a). A cluster of lake sediment lithium anomalies located on the north arm of Bedivere Lake returned the 6 highest lithium values, and the 9th highest value in the survey. These high lithium values range from 20.806 to 27.728 ppm Li,” (see Figure 1).

 

In the conclusions on page 57 provide justification for further lithium exploration: 

 

“There is very little to no known exploration for LCT pegmatites in the Bedivere–Lac des Mille Lacs lakes area. Exploration for LCT pegmatites in the Bedivere Lake area is recommended based on the cluster of lake sediment lithium anomalies located along a regional fault system and the occurrences of biotite granitic pegmatites mapped nearby. On a regional scale, the lake sediment lithium anomalies at Bedivere Lake are located approximately 10 km from a biotite granite intrusion and are situated near the Wabigoon–Quetico subprovince boundary.”

 

The project is located only a few kilometres from the Trans Canada Highway (Highway 17) and is easily accessible through a network of forest service roads. Like the Raleigh Lake project approximately 125 kilometres to the northwest, the Wolf Ridge project is host to excellent infrastructure with electrical power, road and rail networks and mining friendly communities all nearby.

 

ILC conducted an aeromagnetic survey  during the summer of 2022 as a first stage of exploration on the prospect.

Other Projects

Although ILC has sold the Mavis Lake and Forgan Lake projects in Ontario, it still maintains a financial interest in their success with upside for ILC. In the case of Mavis Lake this derives from resource estimate milestones, for Forgan Lake there is a royalty.

Mavis Lake

This project is near Dryden, Ontario and was previously a joint venture with Essential Metals Ltd (ASX:ESS). ILC and Essential sold it to Critical Resources Ltd. (ASX:CRR) in January 2022. The area at the time of sale was around 2,600 hectares.

The sale consideration was AUD 1,500,000 paid in cash and CRR shares. ILC will receive further payments of up to a total of AUD 1,500,000 (CAD1,400,000 approx) from Critical Resources as follows if certain exploration milestones are hit

  • AUD 0.75m in cash following the definition of a Mineral Resource Estimate (as defined in the JORC Code 2012) for the Project with a volume of not less than 5.0 million tonnes containing not less than 50,000 tonnes of Li2O using a cut-off grade of not less than 0.4% Li2O. This milestone was met in May 2023 and ILC received AUD 750,000 in Aiugust 2023.

  • a further AUD 0.75m in cash following the definition of a Mineral Resource Estimate (as defined in the JORC Code 2012) for the Project with a volume of not less than 10.0 million tonnes containing not less than 100,000 tonnes of Li2O using a cut-off grade of not less than 0.4% Li2O. 

Forgan Lake

This project in Ontario was sold to Ultra Lithium Inc. (TSX.V:ULI) in 2018 with final completion in 2022. The area is under 500 hectares.

ILC will receive a 1.5% Net Smelter Royalty on any future receipts on the Forgan Lake property and on the adjoining Lucky Lake property.

More...

In our current mining exploration projects except that in Ireland, we either have 100% ownership or a majority share or the ability to take a majority share plus management control. This is our preferred model.

When projects are taken to the next stage requiring refining capacity, we are very open to discussing collaborative arrangements with other firms or in cooperation with government.

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