Raleigh Lake

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The Raleigh Lake Lithium and Rubidium project is located near

Ignace, Ontario, Canada. The Raleigh Lake project consists of approximately

48,500 hectares (485 square kilometers) of mineral claims.

 

An initial Preliminary Economic Assessment (PEA) was published on

December 4, 2023- see here for our news release. This reported an

after-tax Net Present Value (NPV) of CAD$ 342.9 million (using a discount

rate of 8% p.a).and an after-tax Internal Rate of Return of 44.3% p.a.

These numbers considered lithium in Zone 1 only, and this version took no

account of the valuable rubidium which we have at Raleigh Lake. We

and the consultants need to do more work on the expected size of the

world market in relation to the amount of rubidium that we have.

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A maiden Mineral Resource Estimate on Raleigh Lake was produced on

March 1, 2023 - see here for our news release. This reported resources for

lithium, and separately for rubidium.

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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.

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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.

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Firesteel

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The Firesteel Copper project is located less than 10 km west of Upsala, Ontario along Highway 17 and stretches westward for 16 km to the Firesteel River.

The Project consists of 17 mining claims, making up 316 mining claim units covering an area of approximately 6,600 hectares (66 square kilometres).

ILC has applied for permits to conduct the first drilling program at Firesteel targeting copper mineralization within the 6,600 hectare property. The Company intends initially to test up to six distinct targets with up to 2,000 metres of core drilling. 

The six target areas were predominantly identified from the airborne geophysical survey conducted by the Company in late 2023 as part of the due diligence process. A number of the most promising anomalies (magnetic and conductive) correlate well, either directly or on trend, with surface samples returning anomalous copper and/or historic drill holes, of which there are four drilled by the Canadian Nickel Company that returned up to 30 metre intervals of massive pyrrhotite with chalcopyrite, pyrite and sphalerite also present. No assays were reported in the historic drill logs. 

The news release of May 21, 2024 relating to the completion of the acquisition of these claims can be read here

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Wolf Ridge

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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. The property is very close to ILC's copper claims at Firesteel.

    

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. More work is planned for 2024.

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Other Projects

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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.

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Mavis Lake​

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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.

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The sale consideration was AUD 1,500,000 paid in cash and CRR shares. ILC has received a further payment of AUD 750,000 on achieving a first exploration milestone and will receive a further payments of up to a total of AUD 750,000 (CAD 700,000 approx) from Critical Resources as follows if the following additional exploration milestones is achieved :

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• a further AUD 0.75 million 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. 

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Forgan Lake

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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.

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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.

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