Rock Tech Conducting Trade-off Study of Electricity Supply Options for Georgia Lake
TSX VENTURE: RCK
VANCOUVER, British Columbia, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Rock Tech Lithium Inc. (the "Company" or “Rock Tech”) (TSX-V: RCK; Frankfurt: RJIB) announces that it is conducting a trade-off study of the electricity supply options at its 100%-owned Georgia Lake lithium project in Ontario, Canada.
The Province of Ontario is home to a robust and reliable electricity system that is powered by very clean energy. In 2018, Ontario’s electricity system was over 93% carbon-free with 61% of electricity coming from nuclear power plants. In addition, hydro power contributed 25% of Ontario’s electricity needs with the remainder coming from wind, gas, solar and biomass.
“The location of our Georgia Lake lithium project provides us with many options for electricity supply,” said Dirk Harbecke, Rock Tech’s chairman. “This lithium project has best-in-class infrastructure with an existing 115 kilovolt transmission line less than 5 kilometres from the preliminary site of spodumene concentration. Furthermore, the project is endowed with access roads and in very close proximity to professional services and exploration personnel, railyards, lines and the Port of Thunder Bay. The outlines of a transmission corridor established in the late 1950’s, when a production decision was made, remains. Both the transportation and transmission corridors have already been secured and are part of our land package at Georgia Lake.”
The trade-off study will include a comparison of capital and operating expenses of connecting to the existing grid, managed by the Independent Electricity Supply Operator (“IESO”) and Hydro One Networks Inc. (“Hydro One”), or purchasing from an Independent Power Producer (“IPP) in conjunction with on-site power generation.
All scientific and technical information in this news release concerning the Georgia Lake lithium property was reviewed and approved by Karl-Stephan Peters, EurGeol 787, a qualified person (QP) as defined under National Instrument 43-101.
Georgia Lake Lithium Project Infrastructure
The Georgia Lake lithium project has best-in-class infrastructure. The main resource zone is just 5 kilometres from the Trans Canada Highway with a series of logging roads providing year-round access to all areas of the property. Furthermore, just 5 kilometres to the east is an existing 115 kV transmission line providing a grid connection. The neighbouring towns of Beardmore and Nipigon provide ample housing, personnel and supplies. The world-class mining hub of Thunder Bay, less than two hours by car, provides access to the Port of Thunder Bay, the Thunder Bay International Airport and all needed exploration, engineering and mining professionals.
About the Georgia Lake Lithium Project
The Georgia Lake lithium project is a lithium-rich pegmatite vein deposit with measured and indicated resources of 6.57 million tonnes grading 1.01% Li2O in addition to inferred resources of 6.72 million tonnes grading 1.16% Li2O. The first PEA for the project, focused exclusively on the main resource area which hosts less than 80% of total defined resources to date, was published in October 2018. Highlights from the PEA included an NPV of $312 million and an IRR of 62.2%. While the Georgia Lake lithium project has received extensive exploration and development investment over the years, there remains extensive areas for future exploration and discovery located both within and adjacent to the main resource area.
On behalf of the Board of Directors,
Director, Chief Executive Officer
For further information, please contact:
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.