Rock Tech Lithium (CVE:RCK) late Wednesday posted first-quarter earnings for the period that ended March 31.
The company is involved in mineral exploration and has positioned
itself to become a near-term producer, supporting the increasing global
demand for lithium products.
It has one of the largest lithium land packages in North America,
holding a 100 per cent interest in the Georgia Lake project in the
Thunder Bay Mining District of north-west Ontario, the Kapiwak project
in the James Bay region of northern Quebec and the Lacorne project in
the Val d’Or Mining District of eastern Quebec.
In addition to its lithium properties, Rock Tech has a 100 per cent
interest in a titanium-iron-vanadium property in the Saint-Urbain area
near the St. Lawrence Seaway in eastern Quebec and a
nickel-copper-platinum group elements-uranium property in the Sibley
Basin area near Nipigon, Ontario.
The company continues to actively evaluate other lithium properties in an effort to strengthen its portfolio of lithium assets.
As at March 31, the company had $1.8 million in cash.
"Management is of the opinion that the company has sufficient working
capital for currently anticipated activities and commitments; however,
additional funds will need to be raised in 2012 to fund additional
exploration activities," the company said in a regulatory filing.
Rock Tech said net loss for the quarter narrowed to $472,724 from $495,090. Loss per share was unchanged at $0.01.
The company said it expects losses to continue "unless and until it
finds a commercially viable ore body or deposit and commences commercial
production thereon and further expects that its loss will be greater in
succeeding quarters as it expends significant funds on exploration and
development of its properties."
Rock Tech's management believes the demand for lithium will continue
to increase driven by the electrification of the transportation sector, a
growing consumer appetite for mobile devices and the need for
industrial energy storage units.
Lithium has been described by many governments and stakeholders as a
strategic and critical metal for its varied industrial applications,
namely in the advanced battery technology category, Rock Tech added.
In October 2011, the company unveiled a maiden NI 43-101 resource of
2.36 million tonnes indicated and 4.36 million tonnes inferred from an
area that represented 5.5 million tonnes of the 9.8 million historic
tonnes at its Georgia Lake property.
The promising characteristics of the Georgia Lake deposit include a
spodumene concentrate of 6.2% lithium oxide, a 76% recovery rate using
heavy liquid separation, and the ability to produce lithium carbonate
with a purity of 99.95% without any process optimization.
The purity was increased to 99.988% with bicarbonate scrubbing.
Looking ahead, the company said its phase II drill program has been
completed, and an updated NI 43-101 resource estimate would be released
Rock Tech also said it was planning to confirm the remaining historic
resource at Georgia Lake in 2012 and is also targeting the start of a
preliminary economic assessment or preliminary feasibility study this
The company said it continues to actively develop the Georgia Lake
project and, as a result, a steady stream of news releases is expected
over the next six months.
Full details of the company and its exploration activities can be found at: http://www.rocktechlithium.com