- Rock Tech Enters into an Option Agreement for a 100%
Acquisition of the "Boston Lake Claims" in the Thunder Bay Mining
District, Ontario
- Claims will Expand Rock Tech's Footprint in the District, as
well as Provide Additional Exploration Potential
- CIBC Capital Markets ("CIBC") Mandated to Assist in
Selection of a Strategic Partner to Jointly Advance the Georgia
Lake Project
VANCOUVER, BC, May 25, 2023
/CNW/ - Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF)
(FWB: RJIB) (WKN: A1XF0V) (the "Company" or "Rock Tech") is
pleased to announce that it has entered into an option agreement
(the "Agreement") to acquire a 100% undivided interest in a total
of 6,150 hectares in the Thunder Bay Mining District of
Ontario (the "Boston Lake
Claims"). Adding to the Company's Georgia Lake Project, these
claims will expand Rock Tech's footprint in the District, as well
as provide additional lithium exploration potential in a region
that is already historically well-studied.
Robert MacDonald, General Manager
at Rock Tech's mining entity, noted: "As leaders in lithium
exploration in the Thunder Bay
Area, Rock Tech is keen to add to its land position with
perspective properties. The Georgia Lake Project contains over 50%
of the published Mineral Resources in the Thunder Bay District and the Boston Lake
mining claims offer an exciting opportunity to expand our
exploration footprint."
Pursuant to the terms of the Agreement, Rock Tech has made an
initial deposit and will make additional annual cash payments
totaling CAD 175,000 until the third
anniversary of this agreement. Concurrent with the cash payments,
the Company will additionally issue in total CAD 175,000 in shares.
This Agreement and the Georgia Lake Project which has
successfully completed Pre-Feasibility
stage1 demonstrate Rock Tech's continued ambition
and growth path in its home market. Additionally, the Company is
excited to announce the appointment of CIBC as Strategic Advisor.
CIBC, a longstanding participant in the mining industry, will
assist in the selection of a strategic partner to jointly advance
the 100%-owned Georgia Lake Project.
"We are delighted to have partnered with CIBC and their strong,
globally networked Capital Markets team. CIBC will work closely
with Rock Tech to ensure we find the strongest strategic
partnership to develop our Georgia Lake asset. With the PFS
successfully completed, and the latest exploration drilling
programs progressing, the project is now significantly de-risked
and represents a unique opportunity to invest in a high-quality
hard rock lithium project in Canada," Sonja
Rossteuscher, Rock Tech's Chief Financial Officer,
stated.
_____________________________________
1 Pre-Feasibility Study (PFS); ref. press release "Rock
Tech Lithium completes Pre-Feasibility Study for its Georgia Lake
Project", issued November 15,
2022
On behalf of the Board of Directors,
Dirk
Harbecke
Chairman & CEO
ABOUT ROCK TECH
Rock Tech is a cleantech company with operations in Canada and Germany on a mission to produce lithium
hydroxide for electric vehicle batteries. The Company plans to
build lithium converters at the door-step of its customers, to
guarantee supply-chain transparency and just-in-time delivery,
beginning with the Company's proposed lithium hydroxide merchant
converter and refinery facility in Guben, Germany. To close the most pressing gap in the
clean mobility story, Rock Tech has gathered one of the strongest
teams in the industry. The Company has adopted strict
environmental, social and governance standards and is developing a
proprietary refining process aimed at further increasing efficiency
and sustainability. Rock Tech plans to source raw material from its
wholly-owned Georgia Lake spodumene project located in the Thunder
Bay Mining District of Ontario,
Canada, as well as procuring it from other responsibly
producing mines. In the years to come, the Company expects to also
source raw material from discarded batteries. Rock Tech's goal: to
create a closed-loop lithium production system.
www.rocktechlithium.com
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING
INFORMATION
Certain statements contained in this news release constitute
"forward-looking information" under applicable securities laws and
are referred to herein as "forward-looking statements". All
statements, other than statements of historical fact, which address
events, results, outcomes or developments that the Company expects
to occur are forward-looking statements. When used in this news
release, words such as "expects", "anticipates", "plans",
"predicts", "believes", "estimates", "intends", "targets",
"projects", "forecasts", "may", "will", "should", "would", "could"
or negative versions thereof and other similar expressions are
intended to identify forward-looking statements. In particular,
forward-looking statements contained in this news release include:
estimations or predictions about the Mineral Resource or Reserve
therein; the further potential of the Boston Lake Claims; and the
Company's future plans and expectations as described in the section
"About Rock Tech".
Forward-looking statements by their nature are based on
assumptions and involve known and unknown risks, uncertainties and
other factors which may cause the actual results to differ
materially from the forward-looking statements. The material
factors or assumptions used to develop the forward-looking
statements include: the Exploration Expenditures, the existence of
certain spodumene pegmatites, the possible type of mining and
concentration of lithium; the distance required for transportation
of concentrate; the Company's ability to procure equipment
necessary for its business; that all required regulatory approvals
and permits can be obtained on the necessary terms in a timely
manner; and that financing will be available to the Company on
commercial terms. There may also be other factors that cause actual
results to differ materially from the forward-looking statements,
including the risks, uncertainties and other factors discussed in
the Company's most recent management's discussion and analysis and
annual information form filed with the applicable securities
regulators.
No assurances can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, and the
Company cautions the reader not to place undue reliance upon any
such forward-looking statements. The Company does not intend, nor
does it assume any obligation to update or revise any of the
forward-looking statements, whether as a result of new information,
changes in assumptions, future events or otherwise, except to the
extent required by applicable law.
ATTACHMENT
Map 1 | Rock Tech's
Georgia Lake Project and the Boston Lake Claims in the Thunder Bay
Mining District of Ontario.
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SOURCE Rock Tech Lithium Inc.