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Vancouver, British Columbia--(Newsfile Corp. - June 20, 2023) - IMAGINE LITHIUM INC. (TSXV: ILI) (OTCQB: ARXRF) (the "Company" or "Imagine") is pleased to announce the start of its 2023 summer drill program at the Jackpot lithium project following the recent closing of a $9.1 million private placement (April 28, 2023 press release).The program will consist of a minimum of 10,000 metres of diamond drilling on the Jackpot lithium property. The Jackpot property is located within the rapidly emerging lithium camp in the Georgia Lake Area, approximately 140 km north-east of Thunder Bay, Ontario (Figure 1).
The initial drill target is a newly identified lithium bearing pegmatite that has been traced at surface for more than 500 m of strike. This target has been sampled but not drilled to date and the Company intends to drill a minimum of 8 holes to confirm its depth and strike extension. Once complete, Imagine Lithium will focus on expansion of the Jackpot Main Zone to the east, plus several new lithium bearing pegmatite targets to the west, northwest, and northeast, covering a trend of more than 3 km (Figure 2).
J.C. St-Amour, President of Imagine, commented, "With a bolstered treasury and great drill results from our winter program, I am excited to implement our extensive exploration plans on Jackpot; testing new lithium pegmatites that have not been drilled as well as expanding our Main Zone at Jackpot. In addition to drilling, we have also deployed a team of geologists to prospect the entirety of the vast Jackpot land package."
Figure 1: Jackpot Property located next to Trans Canada Highway, power, port, railroad, and workforce.
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Figure 2: Map of drill target areas to be investigated in 2023 near the Main Jackpot Zone.
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Qualified Person
The technical content of this news release was approved by Michel Boily, PhD, P.Geo, an Independent Qualified Person as defined by the National Instrument 43-101.
About Imagine Lithium Inc.
Imagine is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company holds the Jackpot lithium property located in the Georgia Lake area about 140 km NNE of Thunder Bay, Ontario, is approximately 12 km by road from the TransCanada Highway (Hwy 11), and is in proximity to sources of power, railroads, and ports. The property contains known lithium-bearing granitic pegmatite dikes, of which two provided estimated historical resources of 2 million tons at 1.09% Li2O and 750,000 tons at 1.38% Li2O*.