Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF) (“
Lithium
Ionic” or the “
Company”) reports assay
results from drilling at its Galvani claims, as well as Bandeira
(formerly Area 1) of its Itinga claims. The 100%-owned properties
are located in the state of Minas Gerais, Brazil, neighbouring the
lithium-producing CBL mine and Sigma Lithium’s Grota do Cirilo
property, the largest lithium hardrock deposit in the Americas (see
Figure 1, location map).
Results Highlights
- 1.98%
Li2O over 25.63m (Galvani, hole ARDD-22-030)
- 1.99%
Li2O over 6.75m (Bandeira, hole ITDD-22-011)
- 1.56%
Li2O over 3.90m and 1.66 Li2O over 2.76 (Bandeira, hole
ITDD-22-013)
- 1.44%
Li2O over 8.33m (Bandeira, hole ITDD-22-012)
Blake Hylands, Chief Executive Officer of
Lithium Ionic, commented, “The strong assays from Bandeira are
providing confirmation of depth extensions near and below the
excellent results from the surface work and trenching program. We
continue to feel very confident in our ability to delineate a broad
system and look forward to progressing with our drill program.”
Galvani Claims Area Update
The Galvani claims were acquired in September
2022, following a due diligence review including a drilling program
initiated in June 2022. The results announced today of
1.98% Li2O over 25.63 metres are
the strongest grades in this area encountered since the Company
began drilling earlier this year and further reinforce the
potential of the area (See Figure 2). Other previously announced
assay highlights from Galvani include 1.68% Li2O over
20.7m, 1.77% Li2O over 10.85m, 1.94% Li2O over 19.78m and 1.30%
Li2O over 38.5m and have shown a continuous zone of
spodumene-bearing pegmatite over ~800m along a northwest-southeast
trend down to approximately 100m elevation below surface. While the
company works on better understanding the geology at the Galvani
claims and assesses the entire area with soil geochemistry and
trenching, the focus of drilling has moved to the Bandeira
area.
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 sourced from the same granitic intrusive, which
characterizes Lithium Ionic’s Bandeira Showing, CBL’s lithium
mining operation, and Sigma Lithium’s resources (Figure 2).
Strong Results from
Bandeira
The current drilling program targets near
surface mineralization at Bandeira associated with several lithium
soil anomalies over a 1.3 km trend with the aim of delineating an
inaugural mineral resource estimate in early 2023. Bandeira is
located 800 metres south of the operating CBL Lithium Mine and
directly north of Sigma Lithium’s Barreiro project. The strong
values announced today of 1.99% Li2O over 6.75m,
1.56% Li2O over 3.90m and 1.44% Li2O over 8.33m
are located within 50 metres from surface (See Figures 3 and
4).
Today’s results follow-up on the excellent
assays announced on May 31, 2022, including 1.93% Li2O over
5.66m and 1.55% Li2O over 5.2m, which confirmed high-grade
depth extensions of strong trenching results that returned
1.46% Li2O over 8.8m incl. 1.82% Li2O over 5.8m
(see press release dated May 24, 2022). The Company continues to
uncover several pegmatite showings across this area via trenching
and looks forward to updating results from several prospective
showings in the coming weeks. So far, the style of deposition in
this area is characterized by several stacked and intercalated
pegmatite vein sets that show significant combined meterage over
the length of drill holes. The potential to add significant
resources very quickly in this area is becoming more apparent as
new pegmatites are uncovered.
Lithium-bearing pegmatite/spodumene showings in
this prolific mining jurisdiction are characterized by high grade
and high-quality battery-grade lithium as demonstrated by the
production at CBL and published metallurgical work on adjacent
properties.
Table 1. Galvani Drill
Results
Hole ID |
Az |
Dip |
From |
To |
Metres |
Li2O (%) |
Nb(ppm) |
Sn(ppm) |
Ta(ppm) |
ARDD-22-030 |
0 |
-90 |
0 |
25.63 |
25.63 |
1.98 |
79 |
90 |
48 |
Table 2. Area 1 Drill
Results
Hole ID |
Az |
Dip |
From |
To |
Metres |
Li2O (%) |
Nb(ppm) |
Sn(ppm) |
Ta(ppm) |
ITDD-22-011 |
150 |
-65 |
53.14 |
59.89 |
6.75 |
1.99 |
222 |
185 |
75 |
ITDD-22-012 |
150 |
-65 |
33.70 |
42.03 |
8.33 |
1.44 |
177 |
248 |
102 |
ITDD-22-013 |
150 |
-65 |
53.18 |
57.08 |
3.90 |
1.56 |
163 |
366 |
115 |
and |
|
|
62.90 |
65.66 |
2.76 |
1.66 |
91 |
169 |
67 |
ITDD-22-014 |
150 |
-65 |
77.10 |
82.80 |
5.70 |
1.14 |
151 |
183 |
74 |
ITDD-22-015 |
150 |
-65 |
6.16 |
8.74 |
2.58 |
1.04 |
173 |
189 |
108 |
ITDD-22-016 |
150 |
-65 |
39.50 |
45.36 |
5.86 |
1.27 |
82 |
223 |
65 |
About Lithium Ionic Corp.
Lithium Ionic is a Canadian-based
lithium-focused mining company with properties covering ~2,000
hectares located in the prolific Aracuai lithium province in Minas
Gerais State, Brazil, which boasts excellent infrastructure,
including highways, access to hydroelectrical grid power, water,
and nearby commercial ports. Its Itinga and Galvani claims are
located in the same district as the lithium-producing CBL mine and
development-stage Sigma Lithium Corp.’s large Barreiro and Xuxa
lithium deposits.
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 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 Itinga Project and the Galvani claims, the
mineralization and development of the Itinga Project, Galvani
claims 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.
Photos accompanying this announcement are
available
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