(TheNewswire)
Vancouver, BC, Canada - TheNewswire - April 21, 2021 - Rock Tech Lithium Inc. (the"Company" or “Rock Tech”) (TSXV:RCK )(OTC:RCKTF) ( Frankfurt:RJIB) announces that, further toprevious news releases on November 4, December 10 and December 18,2020, the Company has filed a revised Technical Report on SEDAR.
The Technical Report titled, “Preliminary Economic Assessment for anIntegrated Lithium Hydroxide Operation from the Georgia Lake LithiumProject, Northwest Ontario, Canada” has an effective date of March15, 2021, and is a revision of the Technical Report, with an effectivedate of October 30, 2020, previously filed on November 9, 2020.
A comparison of the March 15, 2021, Preliminary Economic Assessment(“PEA”) and the previously filed Technical Report is presented inthe following table:
Technical Reports | ||
October 30, 2020 | March 15, 2021 | |
Resource Estimate: | ||
Measured Resources | 1.89 MT @ 1.04% Li2O | 2.31 MT @ 1.04% Li2O |
Indicated Resources | 4.68 MT @ 1.00% Li2O | 4.31 MT @ 0.99% Li2O |
M+I Resources | 6.57 MT @ 1.01% Li2O | 6.62 MT @ 1.01% Li2O |
Inferred Resources | 6.72 MT @ 1.16% Li2O | 6.68 MT @ 1.16% Li2O |
Preliminary Economic Assessment: | ||
Operating expenses (USD/tonneLiOH) | $5,956 | $6,266 |
IRR (%) | 24.2% | 21.9% |
IRR (% - after tax) | 21.7% | 19.6% |
NPV (USD) | $335m | $289m |
NPV (USD - after tax) | $270m | $230m |
The PEA is preliminary in nature, includesInferred Mineral Resources that are considered too speculativegeologically to have the economic considerations applied to them thatwould enable them to be categorized as Mineral Reserves and there isno certainty that the PEA will be realized. Mineral Resources that arenot Mineral Reserves do not have demonstrated economic viability.
As part of the revised PEA, P&E Mining ConsultantsInc. (“P&E”) recommended and reviewed contemporary approachesto geostatistical Mineral Resource classification, the compliantcut-off grade determination from PEA parameters, recommended flatteropen pit slopes and executable mine designs, and suggested minormodifications to the process plant flowsheet. These changes resultedin modest increases in both the confidence of the Mineral Resource atGeorgia Lake and the estimated operating expenses per tonne of lithiumhydroxide. While the revised operating expenses demonstrate thepotential for Georgia Lake to be among the lowest cost producers oflithium hydroxide, the Company plans further optimization work as partof the planned Pre-Feasibility Study (“PFS”) and is optimisticfurther improvements in operating expenses can be achieved.
The scientific and technical disclosure included inthis news release has been reviewed and approved by Eugene Puritch,P.Eng, FEC, CET president of P&E and an independent QualifiedPerson under National Instrument 43-101 Standards of Disclosure ofMineral Projects ("NI 43-101").
On behalf of the Board of Directors,
"DirkHarbecke "
Dirk Harbecke
Chairman of the Board of Directors
For further information, pleasecontact:
Brad Barnett
Chief Financial Officer
Rock Tech Lithium Inc.
777 Hornby Street, Suite 600
Vancouver, B.C., V6Z 1S4
Telephone: (778) 358-5200
Facsimile: (604) 670-0033
Email: bbarnett@rocktechlithium.com
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Statements included in this announcement, includingstatements concerning our plans, intentions and expectations, whichare not historical in nature are intended to be, and are herebyidentified as, "forward ? looking statements". Forward ? looking statements may be identifiedby words including "anticipates", "believes","intends", "estimates", "expects" andsimilar expressions. The Company cautions readers thatforward ? lookingstatements, including without limitation those relating to theCompany's future operations and business prospects, are subject tocertain risks and uncertainties that could cause actual results todiffer materially from those indicated in the forward ? looking statements.
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