Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE: H3N) (“Lithium
Ionic” or the “Company”) is pleased to report the initiation of a
planned 20,000 metre drilling program on claims within its newly
acquired Salinas Project (the “Project” or “Salinas”) (see March
13, 2023, press release), located in the northern region of Minas
Gerais State, Brazil, in the lithium-rich Araçuaí Pegmatite
District (See Figure 1).
The Company has engaged Brazil’s largest
drilling company, Geosol, to complete the program, which aims to
define and expand multiple lithium-bearing spodumene-rich pegmatite
veins identified with surface sampling and drilling in 2022. Two
drill rigs are currently operating on the property, with an
additional two expected to be mobilized in the coming weeks.
Highlights:
- Initiation of a
20,000-metre diamond drilling program
- Two drills operating, with
an additional two being mobilized in the coming weeks
- The drill program is
designed to test, define, and expand multiple lithium-bearing
spodumene-rich pegmatites identified in 2022, which returned drill
intercept highlights of:
- 1.53% Li2O over 11.36m from
43.8m
- 1.22% Li2O over 13.76m from
36.6m
- 1.71% Li2O over 9.82m from
97.7m
- 1.19% Li2O over 13.35m from
239.7m
Blake Hylands, P.Geo., Chief Executive Officer
of Lithium Ionic, commented, “While we are focused on delivering
our maiden mineral resource estimates at Bandeira and Galvani in Q2
of this year, we are very excited to kick off drilling at this
promising target. 2022 drilling showed strong grade and widths from
well-formed, coarse-grained spodumene in pegmatites, extending
directly northeast of Latin Resources’ ~13Mt @ 1.2% Li2O Colina
deposit. Our current drill pads are only 500 metres from Colina and
the potential to expand much further to the east is evidenced by
surface pegmatite showings and nearby historical artisanal workings
that have been active for decades. We believe this new target will
be an important addition to our growing story and likely contribute
to a significant project update later this year.”
The Project is located in the lithium-rich
Araçuaí Pegmatite District (“APD”), the northern part of the
Eastern Brazilian Pegmatite Province, which hosts the largest
lithium reserves in Brazil. Salinas is situated approximately 100
kilometres north of Lithium Ionic’s Itinga claims (see Figure
1).
Salinas is located directly adjacent to Latin
Resources’ Colina lithium deposit, which currently contains an
estimated 13.3Mt @ 1.2% Li2O. It also surrounds a large outcropping
pegmatite that has been mined for spodumene intermittently for
several decades called “lavra do Zoe”. This pegmatite body, located
only 40 metres away from the Company’s tenement, has a footprint of
at least 15 metres by 210 metres.
The 4,000-metre, 24-hole, drill program
completed in 2022 by Neolit Minerals Participações Ltda. (“Neolit”)
yielded excellent results, which returned highlights of
1.53% Li2O over 11.36m, 1.22% Li2O over 13.76m, 1.71% Li2O
over 9.82m and 1.19% Li2O over 13.35m. Since acquiring the
Salinas Project in March 2023 from Neolit, Lithium ionic has
completed soil geochemistry on select areas of the property,
collecting a total of 540 samples, to help identify priority drill
targets.
The highly evolved LCT (Lithium – Cesium –
Tantalum) pegmatites have been identified over a 3.5-kilometre
area, with the largest and highest-grade mineralized vein mapped
over a strike length of 500 metres by up to 13 metres wide. All
pegmatite veins identified to date are under drilled and remain
open for expansion in all directions.
Figure 1 – Salinas Project Location,
Drilling Highlights and 20,000m Planned Holes
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ab9758c-4c86-4a0d-b1b8-4222decf7dce
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.
The technical information relating to the
historical exploration conducted by Neolit is historical in nature
and has not been independently verified by Lithium Ionic. A
qualified person, as defined in National Instrument 43-101, has not
done sufficient work on behalf of Lithium Ionic to classify the
historical drilling reported above as current mineral resources or
mineral reserves and Lithium Ionic is not treating the historical
drill results as current mineral resources or mineral reserves.
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, including
the Project, 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.
Information and links in this press release
relating to other mineral resource companies are from their sources
believed to be reliable, but that have not been independently
verified by the Company.
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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