International Lithium Corp. announced 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.

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. The Company completed a 1,392 line-km airborne magnetic and electromagnetic survey utilizing the RESOLVE frequency domain electromagnetic system.

The data will be interpreted to identify near-surface highly conductive zones that may represent massive sulphide mineralization consisting of pyrrhotite, chalcopyrite, pyrite and bornite as witnessed at the Roadside 1 occurrence. Several conductive zones, including one coincident with the Roadside 1 and 2 occurrences, are evident in the raw data. Final products from the airborne data are expected in the next month.

Following the review of this data, the Company will follow up with prospecting and ground geophysics in preparation for drill testing later in 2024. Project Overview: The Project consists of 73 mining claims, making up 316 mining claim units covering an area of approximately 6,600 hectares in Northwestern Ontario. The property is adjacent to Highway 17, less tha 10 km west of Upsala, Ontario.

It stretches westward to the Firesteel River for approximately 16 km. The Trans Canada natural gas pipeline and CP Rail corridor transects the project making for easy access to existing infrastructure (Figure 2). The Project is located within the central Wabigoon Sub-province at the eastern limit of the Lumby Lake Greenstone Belt.

The Lumby North assemblage in the vicinity of Upsala is described in "Stone, D. 2010. Precambrian geology of the central Wabigoon Subprovince area, northwestern Ontario; Ontario Geological Survey, Open File Report 5422, 130p," as mafic sequences interlayered with iron formation and quartz arenite adjacent to the Marmion batholith. It contains massive mafic flows or gabbro interspersed with thin felsic meta volcanics and rare pillowed mafic units.