Lithium Ionic Corp. (TSXV: LTH; OTCQB: 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 the Company’s neighbouring 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 Barreiro deposit (20.4Mt grading 1.4% Li2O) (see
Figure 1, location map).
New Galvani Drill Results
Highlights (See Figure 2)
- Drill intercept
of 1.94% Li2O over 19.78m, incl. 2.33% Li2O over 7.35m
(ARDD-22-007)
- Drill intercept
of 1.27% Li2O over 10.77m, incl. 1.72% Li2O over 2m and 1.70% Li2O
over 3.53m (ARDD-22-008)
Previously Reported Drill Result
Highlights from Galvani Target
- Drill intercept
of 1.57% Li2O over 24.93m, incl. 2.10% Li2O over 7.45m (July 26,
2022)
- Drill intercept
of 1.17% Li2O over 42.05m, incl. 1.95% Li2O over 11.72m (August 9,
2022)
Blake Hylands, Chief Executive Officer of
Lithium Ionic, commented, “The latest drill results at the Outro
Lado showing at the Galvani claims are very encouraging and further
demonstrates the potential for us to define a significant deposit
in this area. We continue to improve our understanding of the
geology and mineralization controls, which will enable us to define
new targets.”
Galvani Claims Due Diligence Update –
Excellent Initial Exploration Results
The Company is currently undertaking an
extensive drill program as well as trenching on and in proximity to
a ~0.7km strike 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 as
well as the previously reported results drilled since the mid-June
are consistent with some of the significant historic drill results
which cover a roughly one-kilometre trend
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
resource very quickly. Mineralization is hosted in spodumene
bearing pegmatites, likely 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).
Figure 1: Itinga Project (Areas 1-5) and
Galvani Claims location and geology map. Note the surface
expression of the CBL lithium mine in the northeast corner of
Project Area 1 and Sigma Lithium’s Barreiro deposit to the
southeast. https://www.globenewswire.com/NewsRoom/AttachmentNg/7169911e-69b6-400c-9f62-d07d94fcbb6d
Figure 2: Galvani Pegmatite and Drill
Hole
Locationshttps://www.globenewswire.com/NewsRoom/AttachmentNg/dbd82fca-f667-4496-95c2-c3ba6b60d0dd
Table 1. Initial Drill Results from
Galvani
|
From |
To |
Metres |
Li2O (%) |
Nb (ppm) |
Sn (ppm) |
Ta (ppm) |
ARDD-22-007 |
|
63.94 |
83.72 |
19.78 |
1.94 |
20.00 |
89.00 |
16.00 |
incl. |
73.20 |
80.55 |
7.35 |
2.33 |
36.00 |
103.00 |
17.00 |
ARDD-22-008 |
|
80.43 |
91.20 |
10.77 |
1.27 |
58.57 |
98.36 |
31.89 |
incl. |
82.43 |
84.43 |
2.00 |
1.72 |
78.50 |
68.00 |
31.50 |
incl. |
87.67 |
91.20 |
3.53 |
1.70 |
44.92 |
116.01 |
21.29 |
ARDD-22-010 |
|
128.70 |
133.31 |
4.61 |
1.27 |
47.00 |
61.00 |
33.00 |
About Lithium Ionic Corp.
Lithium Ionic owns a 100% ownership interest in
the Itinga lithium project in Brazil (the “Itinga
Project” or the “Project”), 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/HQ core and sawed in half. One-half was sent for
assaying at SGS Laboratory, a certified independent 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 Blake Hylands, CEO and 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 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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