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Infinity Lithium Corporation Ltd.

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Summary

Project:

Banio

Deposit:Banio
Location:Gabon
Commodities:Potash
Date:11/5/2018
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Pursuing Resources Definition
Report details:5-11-2018: Infinity Lithium Corporation Ltd. announces a Resource Estimation report for its Banio deposit at the Banio project. Initial mineral resource for Banio potash. Infinity Lithium Corporation (ASX:INF) is pleased to announce the maiden potash Mine
Resources:(Resource, Inf.): 1.67Bt @ 16.1% KCl
CP/QP:[Resources]: Adrian Byass (Internal)
ABSTRACT:Infinity Lithium Corporation (ASX:INF) is pleased to announce the maiden potash Mineral Resource at the Banio Potash project; located in southern Gabon. Infinity remains focused on the San Jose Lithium-Tin Project in Spain and expects to shortly release a Scoping Study on the production of lithium hydroxide on site at San Jose. This Project has the potential to be a fully integrated lithium hydroxide production project and hosts the second largest lithium JORC Resource in Europe. The price of potash has enjoyed a strong resurgence over the past year and as per Infinity’s September Quarterly report (ASX release dated 30 October 2018), the Company believes it is the right time to seek strategic partnerships or transactions on the potash assets in Gabon. Maiden Potash Resource The Inferred Mineral Resource estimate reported according to JORC 2012 guidelines, totals 1.67 billion tonnes at an overall grade of 16.1% KCl, including multiple seams ranging from 4.8 m to 12.8 m in thickness and grades ranging from 12.5% KCl to 25.3% KCl (Table 1). The Mineral Resource varies in depth from 230 meters to 520 meters below surface. Managing Director, Ryan Parkin stated “The delivery of this very large resource of sylvinite and carnallite at a relatively shallow depth validates acquisition and the work done previously. Infinity is seeking partnership with this asset to continue development or divestment.” “Based on a large amount of historical oil exploration drilling, the success in testing a small portion of the 2016 Exploration Target and converting it into JORC resources bodes well for further work.” “At a Project level it is a very significant step in the development of the project at such an early stage. More importantly, this resource is based on just two exploration holes in the Alpha Section of the project demonstrating that a JORC resource could be estimated by testing only a small portion of the area covered in the previously reported Exploration Target. This resource has the potential to increase in size significantly with the next phase of drilling on the property. Currently, although no technical studies have been completed, management is of the view that this resource will be highly amenable to the lower-cost, In-Situ Leach mining extraction method.”

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