Lithium Ionic Corp. (TSXV: LTH; OTC: LTHCF) (“
Lithium
Ionic” or the “
Company”) reports
additional excellent drilling results from the Galvani claims, on
which it is currently conducting a due diligence review following
the recently announced binding asset purchase agreement (see press
releases dated June 14 and June 28, 2022). The Galvani claims, as
well as its neighboring 100%-owned Itinga Lithium Project (Areas
1-5) are located in the state of Minas Gerais, Brazil, in the same
district as the lithium producing CBL mine and Sigma Lithium’s
Groto do Cirilo project (73.6Mt M&I grading 1.43% Li2O) (see
Figure 1, location map).
New Galvani Drill Results
Highlights (See Figures 2 and 3)
- Drill intercept
of 1.17% Li2O over 42.05m, incl. 1.95% Li2O over 11.72m
(ARDD-22-002) confirms a widening extension of mineralization to
surface from historic hole OLDD-003
Previously Reported Exploration
Highlights from Galvani Target
- Drill intercept
of 1.57% Li2O over 24.93m, incl. 2.10% Li2O over 7.45m
(ARDD-22-001)
Blake Hylands, Chief Executive Officer of
Lithium Ionic, comments, “the Outro Lado showing at the Galvani
claims continues to show the potential for a significant deposit to
be outlined very quickly. The team is gaining a better
understanding of the geology and mineralization controls in the
area and we are very excited about the opportunity.”
Galvani Claims Due Diligence Update –
Excellent Initial Exploration Results
The Company is currently undertaking a 900 metre
(7 hole) drill program as well as an extensive trenching program in
proximity to an approximately 700 meter strike extent of pegmatite
on the Galvani claims, as part of its 90-day due diligence review
following the purchase agreement announced on June 14, 2022 (see
Figures 2 and 3). The exploration program was designed to confirm
historic drilling and determine the structural controls of the
mineralized pegmatites, including its orientation with up and down
dip testing.
The excellent drill results reported today of
1.17% Li2O over 42.05m, incl. 1.95% Li2O over
11.72m, as well as the previously reported results of
1.57% Li2O over 24.93m, incl. 2.10% Li2O over
7.45m (See press release from July 26, 2022), are
consistent with some of the significant historic drill results
which cover roughly one-kilometre along strike
including 1.62% Li2O over 20.25m and 1.78% Li2O
over 12m.
The Galvani property is located less than 4
kilometres from Sigma Lithium’s Xuxa deposit (over 17Mt grading
1.55% Li2O M+I). The high grade and large widths of the intercepts
to date demonstrate excellent potential to outline a significant
mineral resource estimate very quickly. Mineralization is hosted in
spodumene bearing pegmatites sourced from the same granitic
intrusive, which characterizes Lithium Ionic’s Project Area 1,
CBL’s lithium mining operation, and Sigma Lithium’s resources
(Figure 2).
Table 1. Initial Drill Results from
Galvani
|
From |
To |
Metres |
Li2O (%) |
Nb (ppm) |
Sn (ppm) |
Ta (ppm) |
ARDD-22-002 |
|
11.30 |
53.35 |
42.05 |
1.17 |
87 |
141 |
42 |
incl. |
25.33 |
37.05 |
11.72 |
1.95 |
88 |
157 |
38 |
Figure 1: Itinga Project (Areas 1-5) and
Galvani claims location and geology map. Note the surface
expression of Sigma Lithium’s Xuxa deposit directly to east of
Galvani
claims.https://www.globenewswire.com/NewsRoom/AttachmentNg/eca569cf-bf78-4aff-a8ef-1857070d92cd
Figure 2: Galvani Pegmatite and Drill
Hole
Locations https://www.globenewswire.com/NewsRoom/AttachmentNg/1fa02bea-0877-4c21-917c-c720db194427
Figure 3: Cross Section Showing New Hole
ARDD-22-002 and Historic hole
OLDD-003https://www.globenewswire.com/NewsRoom/AttachmentNg/dabdcf22-ee2b-4a65-bf8c-893bad9f3bfa
About Lithium Ionic Corp.
Lithium Ionic is a publicly-traded company which
owns a 100% ownership interest in the Itinga lithium project in
Brazil (the “Itinga Project” or the
“Project”).
The Itinga Project is located in Minas Gerais
State (MG), Brazil. The Project comprises five mineral licenses
covering more than 1,300 hectares in the prolific Aracuai lithium
province. A portion of the Project occurs immediately south of the
CBL lithium mine and plant, Brazil’s only lithium producer, and
immediately north of the large Barreiro and Xuxa lithium deposits
of Sigma Lithium Corp. (TSXV: SGML) (NASDAQ: SGML).
The Project area has excellent infrastructure,
including access to hydroelectrical grid power, water, a commercial
port, highways and communities. Lithium mineralization (spodumene,
lepidolite, petalite) occurs within a halo of pegmatite dikes and
apophyses that occur within the rocks surrounding Neoproterozoic
granitic intrusions. Mineralization within the mineralized province
and the distribution of the mineralized pegmatites is controlled by
a complex and crosscutting system of northeast and northwest
oriented faults that were exploited by the dikes. Mineralized
structures have been identified in two areas within the Project and
the remainder of the Project area remains to be explored.
Quality Assurance and
Control
During the drill program, assay samples were
taken from NQ core and sawed in half. One-half was sent for
assaying at SGS Laboratory, a certified commercial laboratory, and
the other half was retained for results, cross checks, and future
reference. A strict QA/QC program was applied to all samples. Every
sample was processed with Drying, crushing from 75% to 3 mm,
homogenization, quartering in Jones, spraying 250 to 300 g of
sample in steel mill 95% to 150. SGS laboratory carried out
multi-element analysis for ICP90A analysis.
Qualified Persons
The technical information in this news release
has been prepared by Carlos Costa, Vice President Exploration of
Lithium Ionic and David Gower, a director of Lithium Ionic, and
both are “qualified persons” as defined in NI 43-101.
For more information please
contact:
Lithium Ionic Corp. Blake
Hylands, P.Geo.Chief Executive OfficerEmail:
bhylands@lithiumionic.com
Cautionary Note Regarding
Forward-Looking Statements
This press release contains statements that
constitute “forward-statements.” Such forward looking statements
involve known and unknown risks, uncertainties and other factors
that may cause the Company’s actual results, performance or
achievements, or developments to differ materially from the
anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Although the Company
believes, in light of the experience of its officers and directors,
current conditions and expected future developments and other
factors that have been considered appropriate that the expectations
reflected in this forward-looking information are reasonable, undue
reliance should not be placed on them because the Company can give
no assurance that they will prove to be correct. When used in this
press release, the words “estimate”, “project”, “belief”,
“anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or
“should” and the negative of these words or such variations thereon
or comparable terminology are intended to identify forward-looking
statements and information. The forward-looking statements and
information in this press release include information relating to
the prospectivity of the Project and the Galvani claims, the
mineralization and development of the Itinga Project, Galvani
claims, the Company’s ability to complete the acquisition of the
Galvani claims, the Company’s ability to produce a mineral resource
estimate and other mining projects and prospects thereof. Such
statements and information reflect the current view of the Company.
Risks and uncertainties that may cause actual results to differ
materially from those contemplated in those forward-looking
statements and information. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or other future events, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. The forward-looking
information contained in this news release represents the
expectations of the Company as of the date of this news release
and, accordingly, is subject to change after such date. Readers
should not place undue importance on forward-looking information
and should not rely upon this information as of any other date. The
Company undertakes no obligation to update these forward-looking
statements in the event that management’s beliefs, estimates or
opinions, or other factors, should change.
Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
press release.
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