Lithium Ionic Advances Environmental & Social Permitting Process with Submission of LAC License Application for the Construction and Development of the Bandeira Lithium Project, Minas Gerais, Brazil
November 21 2023 - 8:07AM
Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) (“Lithium
Ionic” or the “Company”), a lithium exploration and development
company focused on becoming Brazil’s next significant lithium
producer, is pleased to report a major milestone with the
application of a Concomitant Environmental and Installation License
(“LAC”, or Licença Ambiental Concomitante in Portuguese) submitted
to the State of Minas Gerais for the construction and development
of its Bandeira lithium Project (“Bandeira”).
The Preliminary Economic Assessment (“PEA”) for
Bandeira announced last month defined an underground mining
operation which provides a reduced environmental footprint relative
to other development options. This development approach qualifies
the Bandeira project as a candidate for the accelerated LAC license
that would result in the environmental and social license, together
with an authorization to begin construction.
As part of the application, the Company
submitted both an RCA (Environmental Control Report) and PCA
(Environmental Control Plan) which have been underway since March
2023 by local environmental consultancy group, NEO Agroambiental
Ltda., with assistance from Lithium Ionic’s technical team.
All of the Company’s properties and projects,
including Bandeira, have been recognized as “priority projects”
within the state of Minas Gerais government, which is expected to
accelerate the licensing review process for project construction
and operations (see press release dated July 19, 2023).
Blake Hylands, P.Geo., CEO of Lithium Ionic,
commented, “The submission of the LAC permit application marks a
major milestone on our development path towards becoming a
near-term producer of high-quality lithium concentrate. We are
pleased that Minas Gerais state officials recognize the importance
of supporting the development of the battery materials sector in
the region and we are confident that having our project on their
priority business development list will result in our application
being evaluated accordingly, without delay.”
The Bandeira project covers 175 hectares, or
approximately 1% of its large 14,182-hectare land package in the
northern part of Minas Gerais State within a region recently coined
“Lithium Valley” by state officials, which is emerging as a
globally significant producer of high-quality lithium concentrate.
Two lithium producers currently operate in the region, located
between 800 metres and 4 kilometres from the Bandeira project.
The Company is currently undertaking an
independent NI 43-101 compliant Feasibility Study (“FS”), including
an updated MRE, expected to be completed in early 2024. The FS
follows a Preliminary Economic Assessment (“PEA”), which showcased
a viable and highly economic mining project. The PEA, which had a
drill data cut-off of August 30, 2023 with respect to the MRE,
supported 20-years of low-cost spodumene concentrate production
with a post-tax Net Present Value (“NPV”)8% of US$1.6 billion
(~C$2.2 billion) and an Internal Rate of Return (“IRR”) of 121%
(see details of the PEA in the press release dated October 19,
2023).
About Lithium Ionic Corp.
Lithium Ionic is a Canadian mining company
exploring and developing its lithium properties in Brazil. Its
Itinga and Salinas group of properties 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. Its Feasibility-stage Bandeira 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.
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,
who are both “qualified persons” as defined in NI 43-101. Mr. Costa
and Mr. Hylands have both read and approved the content in this
news release.
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 economic
viability of the Bandeira, the mineralization and development of
the Company’s mineral properties, the Company’s exploration program
and other mining projects and prospects thereof, the Company’s
ability to complete a Feasibility Study, the Company’s ability to
complete an environmental impact assessment and obtain the
requisite permitting and approvals 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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