Rock Tech Lithium Inc (V:RCK) recently commenced a preliminary economic assessment (PEA) at its wholly-owned Georgia Lake lithium project in Ontario, Canada. Exploration and drilling by RCK confirmed and expanded on historical resource estimates and the emphasis has now switched from exploration to development. Georgia Lake is a shallow pegmatite deposit, located close to infrastructure in Ontario, and RCK believes it can fast-track the deposit into production to coincide with positive lithium market fundamentals. Long-term optionality is provided by the recent acquisition of the Nogalito brine project.
Resource upgraded, PEA underway
RCK released an updated and vastly improved NI 43-101 resource estimate for Georgia Lake in June 2018, representing a 40% increase in tonnes and 47% increase in contained lithium over the previous estimate. 46% of the resource now sits within the higher confidence M&I categories. With the resource having reached critical mass and cognisant of the need to focus on shareholder returns, RCK ceased drilling and has commenced a PEA to scope out production and cost scenarios. The fully funded PEA is expected to be completed in September 2018.
Simple project, attractive low-risk jurisdiction
Along with Georgia Lake’s robust resource, the key investment point is that the project is a simple hard-rock pegmatite, with spodumene mineralisation outcropping at surface, which means simple open-pit mining and short lead times. The location in Ontario, one of the most attractive and supportive locations for mining, is excellent, being located close to infrastructure. Initial metallurgical testwork successfully produced spodumene concentrate, which, critically, was demonstrated to be suitable for the production of a high-grade 99.988% lithium carbonate product (battery grade is >99.5%).
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