Expansion of Critical Minerals Portfolio with the Highly Prospective Firesteel Copper-Cobalt Project near Upsala, Ontario

Newsfile Corp.
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Vancouver, British Columbia--(Newsfile Corp. - February 20, 2024) - International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce it has entered into a Purchase and Sale Agreement (the "Agreement") to acquire a 90% interest in a highly prospective grass roots copper and cobalt property in Northwestern Ontario.

The Firesteel project ("Firesteel" or the "Project" or "Property"), previously referred to as the Honeyjack project, is located less than 10 km directly west of Upsala along Highway 17 and stretches for 16 km to the Firesteel River (Figure 1 and 2).

Under the terms of the Agreement, the Company will acquire an undivided 90% right, title, and interest in Firesteel by:

  • Paying on the Effective Date CAD $55,000 in cash to the Vendor (paid);

  • Within 15 calendar days of Exchange approval of the Agreement:

    • at the discretion of ILC, either (a) paying CAD $110,000 in cash, or (b) paying CAD $65,000 in cash and issuing common shares with an aggregate value of CAD $45,000 to the Vendor; and

  • Granting the right to receive the following milestone payments:

    • if ILC establishes a Resource Calculation equal to or exceeding 10,000,000 metric tonnes at 1% Copper (the "First Resource Bonus Threshold"), ILC shall pay, at its sole discretion, any one of (i) CAD $1,000,000 in cash or (ii) such number of Common Shares having an aggregate value of CAD $1,000,000 or (iii) a combination of cash and Common Shares having an aggregate value of CAD $1,000,000;

    • if ILC establishes a Resource Calculation equal to or exceeding 15,000,000 metric tonnes at 1% Copper (the "Second Resource Bonus Threshold"), ILC shall pay, at its sole discretion, any one of (i) a further CAD $1,000,000 in cash, or (ii) such number of Common Shares having an aggregate value of CAD $1,000,000, or (iii) a combination of cash and Common Shares having an aggregate value of CAD $1,000,000.

The Agreement was signed on February 16, 2024. No finder's fees were paid to facilitate this transaction.

Project Highlights

  • Resident Geologist Program site visit confirms*:

    • up to 2.8% Cu at the Roadside 1 occurrence on Highway 17; and

    • 5802 ppm Cu with 217.5 ppm Co and 1728 ppm Cu with 309 ppm Co at the Roadside 2, approximately 2.8 km west (along strike) from the Roadside 1 occurrence.

  • 2.6% Cu in a historical sample* at the Roadside 2 occurrence;

  • 316 mining claim units covering an area of approximately 6,600 hectares;

  • Excellent infrastructure and access to technical and logistical support services; and

  • 16 km of strike potential for VMS style Cu-Co mineral deposits in parallel structures.

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