Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE: H3N) (“Lithium
Ionic” or the “Company”) reports initial assay results from Itira,
as well as infill drilling results from Bandeira. These are two
targets presently being drilled within the Company’s large
portfolio of properties which cover 14,182 hectares in the
emerging, prolific lithium-producing region in northern Minas
Gerais State, Brazil. Bandeira and Itira are located approximately
8 kilometres from each other in the same district where CBL’s
Cachoeira mine has been producing lithium for +30 years, and recent
producer Sigma Lithium operates the Grota do Cirillo project, which
hosts the largest hard rock lithium deposit in the Americas (see
Figure 1 location map).
Itira Exploration Drilling Intercept
Highlights (see Figure 2 and Table 1):
- 1.19% Li2O over
8.9m (hole EXDD-23-011)
- 1.64% Li2O over
5.9m (hole EXDD-23-010)
Bandeira Infill Drill Intercept
Highlights (see Figure 3 and Table 2):
- 1.44% Li2O over
6.9m (hole ITDD-23-137)
- 1.59% Li2O over
5.9m (hole ITDD-23-132)
- 1.85% Li2O over 5m
(hole ITDD-23-144)
- 2.24% Li2O over
3.1m (hole ITDD-23-134)
- 1.01% Li2O over
7.1m (hole ITDD-23-138)
Blake Hylands, P.Geo., Chief Executive Officer
of Lithium Ionic, commented, “Itira is a large property covering
over 3,100 hectares and located just a few kilometres from our
Outro Lado deposit. While we are encouraged by the few strong
intersections obtained so far, there are several other planned
drill targets which show very strong potential, including the
northern portion of the property which returned soil anomalies with
the highest lithium values. Numerous outcropping spodumene-bearing
pegmatites have been identified on the property and further
confirmed by sampling trenches, and these will methodically be
drill tested in the coming months. Itira drilling is progressing on
a similar track to the start at Bandeira, whereby the technical
team is developing the geological model with the early drill holes,
and this will guide the exploration program as the project
progresses. Our drill program at Bandeira is progressing well as we
continue to improve drill spacing to upgrade the classification of
our mineral resources in an updated mineral resource estimate we
plan to deliver along with a Preliminary Economic Assessment in the
coming months.”
The results announced today are part of a
50,000-metre expansion and definition drilling program underway for
H2 2023, following the release of an initial mineral resource
estimate (“MRE”) in late June 2023 at the Bandeira and Outro Lado
deposits of 7.57 million tonnes (“Mt”) grading 1.40% lithium oxide
(“Li2O”) of Measured and Indicated (“M&I”) and 11.86Mt grading
1.44% Li2O of Inferred resources (see press release dated June 27,
2023). The Company is focused on rapidly advancing its Bandeira and
Outro Lado lithium deposits (Itinga Project) towards production,
while it continues to define and expand regional targets. 13 drills
are currently operating at four different drill sites. Project
engineering is underway by independent Brazilian consultant, GE21
Consultoria Mineral Ltda., with a PEA expected in the coming
months. Concurrently, WSP (formerly Golder) is expected to complete
an Environmental Impact Assessment for the Itinga Project by
year-end, which will enable the Company to initiate the
environmental licensing process.
Figure 1. Location Map Showing Lithium
Ionic’s 14,182 Land PackageView Figure 1
here:https://www.globenewswire.com/NewsRoom/AttachmentNg/f8953e56-b6d9-43f1-ab06-3b6f7a6aca88
Figure 2: Itira Drill Result
HighlightsView Figure 2
here:https://www.globenewswire.com/NewsRoom/AttachmentNg/cef79cc2-2ae2-4ac0-bd71-2df3dd9b5c26
Figure 3. Bandeira Drill Result
Highlights and Nearby Lithium Mines/DepositsView Figure 3
here:https://www.globenewswire.com/NewsRoom/AttachmentNg/cc2b1753-8441-450c-b1f7-c3edd80a0124
Table 1. Itira Drill
Results
Hole ID |
Az |
Dip |
From |
To |
Metres |
Li2O (%) |
EXDD-23-001 |
0 |
-90 |
nsv |
EXDD-23-002 |
100 |
-50 |
39.98 |
45.53 |
5.55 |
1.09 |
incl. |
|
|
39.98 |
43.98 |
4.00 |
1.29 |
EXDD-23-003 |
120 |
-50 |
nsv |
EXDD-23-004 |
120 |
-50 |
nsv |
EXDD-23-005 |
120 |
-50 |
126.84 |
129.98 |
3.14 |
1.60 |
EXDD-23-006 |
0 |
-90 |
89.82 |
92.84 |
3.02 |
1.41 |
EXDD-23-007 |
0 |
-90 |
nsv |
EXDD-23-008 |
120 |
-50 |
89.78 |
92.78 |
3.00 |
0.69 |
EXDD-23-009 |
0 |
-90 |
47.49 |
48.29 |
0.80 |
2.90 |
and |
150 |
-84 |
109.07 |
110.15 |
1.08 |
0.77 |
EXDD-23-010 |
120 |
-50 |
164.43 |
169.00 |
4.57 |
1.02 |
and |
|
|
191.40 |
196.10 |
4.70 |
1.64 |
and |
|
|
205.04 |
207.04 |
2.00 |
1.30 |
EXDD-23-011 |
120 |
-50 |
184.93 |
193.80 |
8.87 |
1.19 |
EXDD-23-012 |
120 |
-50 |
114.59 |
115.72 |
1.13 |
0.66 |
EXDD-23-013 |
120 |
-50 |
Assays Pending |
EXDD-23-014 |
120 |
-50 |
nsv |
EXDD-23-015 |
0 |
-90 |
nsv |
EXDD-23-016 |
120 |
-65 |
nsv |
EXDD-23-017 |
0 |
-90 |
nsv |
EXDD-23-018 |
100 |
-55 |
132.46 |
134.71 |
2.25 |
0.94 |
EXDD-23-019 |
100 |
-75 |
nsv |
EXDD-23-020 |
0 |
-90 |
nsv |
Table 2. Bandeira Drill
Results
Hole ID |
Az |
Dip |
From |
To |
Metres |
Li2O (%) |
ITDD-23-130 |
150 |
-72 |
88.49 |
91.08 |
2.59 |
1.15 |
and |
150 |
-68 |
240.32 |
242.41 |
2.09 |
1.46 |
ITDD-23-131 |
150 |
-85 |
99.48 |
101.88 |
2.40 |
1.67 |
and |
150 |
-80 |
274.94 |
278.00 |
3.06 |
1.33 |
ITDD-23-132 |
150 |
-77 |
69.51 |
72.73 |
3.22 |
1.66 |
and |
0 |
-90 |
166.14 |
169.88 |
3.74 |
1.36 |
and |
150 |
-50 |
172.68 |
178.59 |
5.91 |
1.59 |
ITDD-23-133 |
150 |
-54 |
150.20 |
154.79 |
4.59 |
1.20 |
ITDD-23-134 |
150 |
-76 |
32.45 |
34.95 |
2.50 |
2.43 |
and |
|
|
138.85 |
141.96 |
3.11 |
2.24 |
ITDD-23-135 |
150 |
-65 |
121.85 |
123.46 |
1.61 |
1.74 |
and |
|
|
136.02 |
137.59 |
1.57 |
2.96 |
ITDD-23-136 |
150 |
-50 |
Pending |
ITDD-23-137 |
150 |
-90 |
81.68 |
85.18 |
3.5 |
1.48 |
and |
182.18 |
183.7 |
1.52 |
0.92 |
and |
185.16 |
187.28 |
2.12 |
1.35 |
and |
189.8 |
196.65 |
6.85 |
1.44 |
ITDD-23-138 |
150 |
-79 |
289.52 |
296.62 |
7.10 |
1.01 |
ITDD-23-139 |
150 |
-82 |
Pending |
ITDD-23-140 |
0 |
-90 |
28.83 |
30.62 |
1.79 |
1.22 |
ITDD-23-141 |
0 |
-90 |
39.98 |
43.98 |
4.00 |
1.36 |
and |
|
|
47.25 |
51.61 |
4.36 |
0.63 |
ITDD-23-142 |
150 |
-68 |
Pending |
ITDD-23-143 |
150 |
-66 |
Pending |
ITDD-23-144 |
150 |
-79 |
82.50 |
82.98 |
0.48 |
2.34 |
and |
94.46 |
99.42 |
4.96 |
1.85 |
About Lithium Ionic Corp.
Lithium Ionic is a Canadian mining company
exploring and developing its lithium properties in Brazil. Its
flagship Itinga and Salinas projects cover 14,182 hectares in the
northeastern part of Minas Gerais state, a mining-friendly
jurisdiction that is quickly emerging as a world-class hard-rock
lithium district. The Itinga Project is situated in the same region
as CBL’s Cachoeira lithium mine, which has produced lithium for +30
years, as well as Sigma Lithium Corp.’s Grota do Cirilo project,
which hosts the largest hard-rock lithium deposit in the
Americas.
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 complete a PEA, the Company’s ability to
produce a NI 43-101 compliant mineral resource and reserve
estimate, the mineralization and development of the Company’s
mineral properties, the Company’s ability to complete an
Environmental Impact Assessment, the Company’s ability to obtain
the requisite permits, the Company’s exploration program and other
mining projects and prospects thereof, the economic viability of
the Company’s properties, and the Company’s future plans. 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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