Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE: H3N) (“Lithium
Ionic” or the “Company”) reports assay results from its Galvani
claims as part of an ongoing 30,000 metre drill program, which is
expected to culminate with an initial mineral resource estimate,
expected in Q2 2023. The Company has to date completed 23,000
metres of drilling at the Bandeira and Galvani properties, which
together cover only 872 of the 14,182 hectares it controls in this
lithium-producing district.
The Galvani claims, acquired in late 2022 (see
Sept. 12, 2022 press release), are located approximately 5
kilometres northwest of its Bandeira property and Companhia
Brasileira de Lítio’s (CBL) Cachoeira lithium mine, and
approximately 4 kilometres West of Sigma Lithium’s large Xuxa
lithium deposit (see Figure 1).
Galvani Drill Intercept
Highlights (See complete results in Table 1)
- 1.87% Li2O over 45m, incl.
2.27% Li2O over 4m, 2.87% Li2O over 7m,2.14% Li2O
over 10m (hole ARDD-23-48), intersected at
approximately 30 to 75 metres down-hole and only 20 metres from
surface represents the best hole drilled to date at Galvani (see
figures 2 and 3)
- 2.10%
Li2O over 19.4m, incl. 3.15% Li2O over 6m (hole
ARDD-23-51)
- 1.48% Li2O over
16.7m (hole ARDD-23-050)
- 1.23% Li2O over 17m
(hole ARDD-23-045)
Blake Hylands, P.Geo., Chief Executive Officer
of Lithium Ionic, commented, “The Galvani target, and our
properties extending from it, show huge exploration potential and
remain a key focus for our future campaigns. As we work towards
completing the infill and definition drilling program at Galvani,
the latest results reaffirm the continuity and scale of the large
mineralized pegmatites at this target. With the results from the
Galvani and Bandeira properties, we are very optimistic about
delivering a sizable and high-grade mineral resource estimate in
the near-term, as an initial step to delineating much larger
resources for significant future growth.”
The intercepts reported in Table 1 form part of
an infill drilling program to achieve 50-metre spacing between
holes at Galvani, where high-grade mineralization has been shown to
continue over an 850-metre strike length. The results announced
today have confirmed continuity of mineralization along strike and
this improved drill density is designed to achieve a higher level
of confidence in the mineral resource classification for the
mineral resource estimate expected in Q2 2023.
Previously Reported Drill Intercept
Highlights from Galvani
- 1.53% Li2O over 46.21m,
incl. 2.22% Li2O over 12.49m and 1.14% Li2O over
12.88m, incl. 1.66% Li2O over 5.43m (Hole
ARDD-22-021)
- 1.98%
Li2O over 25m (Hole
ARDD-22-030)
- 1.30%
Li2O over 38.5m (Hole
ARDD-22-014)
- 1.17%
Li2O over 42.05m, incl. 1.95% Li2O over 11.72m
(Hole ARDD-22-002)
- 1.57%
Li2O over 24.93m, incl. 2.10% Li2O over 7.45m
(Hole ARDD-22-001)
- 1.94%
Li2O over 19.78m, incl. 2.33% Li2O over 7.35m
(Hole ARDD-22-007)
- 1.71%
Li2O over 21.9m (Hole
ARDD-22-025)
The Company has completed approximately 23,000
metres (161 drill holes) of a budgeted 30,000 metre drill program,
with seven drills operating at the Bandeira and Galvani targets.
Approximately 15,000 metres (94 drillholes) have been drilled at
Bandeira and approximately 8,000 metres (67 drillholes) have been
drilled at Galvani. The remaining ~7,000 metres of the initial
resource delineation drill program are expected to be completed by
the end of April 2023.
The Company recently mobilized an 8th drill rig
to the Itira property, located less than a kilometre West of
Galvani, to initiate exploratory drilling at this target.
Figure 1: Galvani and Bandeira Properties, Forming Part
of the Itinga Project
View Figure 1
here:https://www.globenewswire.com/NewsRoom/AttachmentNg/f68b27b8-c95e-4712-8a36-8ddc2cad3a40
Figure 2: Galvani Pegmatite Plan Map
with Drill Highlights and Section Locations
View Figure 2
here:https://www.globenewswire.com/NewsRoom/AttachmentNg/2696c757-ee45-4aa1-a854-32bba88afb2c
Figure 3: Section LT250 Facing
North-West; Holes ARDD-23-048
View Figure 3
here:https://www.globenewswire.com/NewsRoom/AttachmentNg/0d749143-c1dd-4e8b-8ff9-94dfb974c961
Table 1. Galvani Drill
Results
Hole ID |
Az |
Dip |
From |
To |
Metres |
Li2O (%) |
ARDD-23-45 |
210 |
-60 |
10.22 |
11.23 |
1.01 |
1.29 |
and |
22.85 |
39.85 |
17.00 |
1.23 |
ARDD-23-46 |
210 |
-45 |
74.67 |
88.25 |
13.58 |
1.10 |
incl |
78.67 |
88.25 |
9.58 |
1.31 |
ARDD-23-47 |
210 |
-60 |
20.22 |
32.22 |
12.00 |
1.23 |
ARDD-23-48 |
210 |
-60 |
29.83 |
74.83 |
45.00 |
1.87 |
incl |
29.83 |
33.83 |
4.00 |
2.27 |
incl |
44.83 |
51.83 |
7.00 |
2.87 |
incl |
60.83 |
70.83 |
10.00 |
2.14 |
ARDD-23-49 |
210 |
-45 |
86.16 |
98.16 |
12.00 |
1.44 |
incl |
92.16 |
97.16 |
5.00 |
2.27 |
ARDD-23-50 |
210 |
-45 |
49.62 |
54.96 |
5.34 |
1.32 |
and |
65.45 |
82.17 |
16.72 |
1.48 |
incl |
75.45 |
82.17 |
6.72 |
1.61 |
ARDD-23-51 |
210 |
-45 |
59.25 |
67.15 |
7.90 |
1.80 |
and |
73.15 |
92.55 |
19.40 |
2.10 |
incl |
83.55 |
89.55 |
6.00 |
3.15 |
About Lithium Ionic Corp.
Lithium Ionic is a Canadian-based
lithium-focused mining company with properties covering 14,182
hectares located in the prolific Araçuaí province in Minas Gerais
State, Brazil, which boasts excellent infrastructure, including
highways, access to hydroelectrical grid power, water, and nearby
commercial ports. Its Itinga Project neighbours CBL’s Cachoeira
lithium mine and Sigma Lithium Corp.’s construction-stage Grota do
Cirilo project.
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 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.
Investor and Media
Inquiries:
+1 647.316.2500info@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 Company’s mineral properties, the
Company’s ability to produce a NI 43-101 compliant mineral resource
estimate, the mineralization and development of the Company’s
mineral properties, the Company’s exploration program 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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