As part of the new business model ILC will continue to focus its efforts on the advancement of the Mariana lithium brine project in Argentina and the Avalonia lithium pegmatite project in Ireland together with strategic joint venture partner Ganfeng Lithium Co (GFL) in a manner that best suits the interests of both parties. Discussions are currently underway to identify the most effective structure in which to move these projects forward and to add value to both GFL and ILC.
ILC will also continue to focus on the advancement of the Mavis and Raleigh lithium pegmatite projects in Ontario, Canada with strategic partner Pioneer Resources Ltd where the first hole of a recently announced drilling campaign has reported an intersection of spodumene bearing pegmatite.
In addition to these ongoing value generators, ILC intends to build on the expertise it has gained in acquiring and advancing worldclass lithium prospects and will seek to extend its portfolio of strategic assets that are not restricted to early stage exploration prospects. The company will now begin to pursue lithium (and possibly other strategic mineral interests related to the battery sector) projects, investments and royalties in partnerships with worldwide leaders in the battery making, electric car, energy and utilities industries.
ILC has begun building a team that will give it a significant advantage in assessing and acquiring the highest quality projects while maintaining a significant core strength of experienced and talented individuals possessing extensive experience in corporate governance and international finance.
“I am very pleased with how our strategic transition is moving forward at ILC,” states Kirill Klip, Chairman, President and CEO. “We are switching from a relatively low profit base of only managing exploration operations for the development of our J/V projects with our strategic partners to building a sizeable portfolio of strategic assets. Examples of our successful past record include the Mariana and Avalonia lithium projects which are being developed in conjunction with lithium industry leaders like Ganfeng Lithium, our strategic partner. Expanding our focus to include investments in opportunities on a broader scale that may see mine production in the near term and seek financing in creative manners that restrict shareholder dilution to fund these acquisitions will be in alignment with our current partners and shareholders and give us an edge over other companies that are closely tied to specific exploration prospects. This new business model will allow ILC to capitalise on the growth of our industry which is providing the material base for the ongoing Green Energy rEVolution. Lithium based energy storage technology is at the centre of the exponential growth in the markets for electric cars and energy storage systems, which are providing the necessary technical solutions for solar and wind power generation that are intermittent in their nature.”
ILC’s primary focus is the strategic stake in the Mariana lithium-potash brine project (including 10% back-in right), a joint venture with GFL within the renowned South American “Lithium Belt” that is the host to the vast majority of global lithium resources, reserves and production. The Mariana project strategically encompasses an entire mineral rich evaporate basin, totalling 160 km2, that ranks as one of the more prospective salars or ‘salt lakes’ in the region.
Complementing the company’s lithium brine project are three rare metals pegmatite properties in Canada known as the Mavis, Raleigh, and Forgan projects; and one project in Ireland (Avalonia project) that encompasses an extensive 50km long pegmatite belt. The Avalonia project is under option to strategic partner GFL and the Mavis and Raleigh projects with strategic partner Pioneer Resources. The Mavis, Raleigh and Forgan projects together form the basis of the company’s newly created Upper Canada Lithium Pool designated to focus on acquiring numerous prospects with previously reported high concentrations of lithium in close proximity to existing infrastructure.
With the increasing demand for high tech rechargeable batteries used in vehicle propulsion technologies and portable electronics, lithium is paramount to tomorrow’s “green-tech”, sustainable economy, the company says. “By positioning itself with solid development partners and acquiring high quality grass roots projects at an early stage of exploration, ILC aims to be the resource explorer of choice for investors in green tech and build value for its shareholders.”
