Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) (“Lithium
Ionic” or the “Company”) reports assay results from the Salinas
Lithium Project (“Salinas”), located approximately 100 kilometres
north of its Itinga group of properties which hosts the
Feasibility-stage Bandeira lithium project and the Outro Lado
lithium deposit (see press releases dated October 19, 2023 and June
27, 2023) (See location map and drill highlights in Figure 1).
With properties covering 14,182 hectares, the
Company is the second largest landholder in Brazil’s “Lithium
Valley”, in northern Minas Gerais State, Brazil, where two lithium
producers currently operate.
Salinas Drill Intercept
Highlights:
- 1.59% Li2O over 15.0m,
directly at surface from 42 metres (hole BGDD-23-095)
- 1.58% Li2O over
9.0m (hole BGDD-23-098)
- 1.13% Li2O over 9.1m,
including 1.61% Li2O over 4.0m (hole BGDD-23-100)
- 0.96% Li2O over 11.0m,
including 1.21% Li2O over 5.0m (hole BGDD-23-102)
Blake Hylands, P.Geo., Chief Executive Officer
of Lithium Ionic, commented, “Our drilling efforts at Salinas have
proved very successful, with assay results that continue to
demonstrate high grades over significant widths that reinforce this
target’s potential. We look forward to seeing the results from the
last 9 months of drilling at Salinas materialize into an initial
mineral resource, which we expect to deliver in the coming months.
While our focus remains on getting Bandeira to production, the
advancement of our other regional targets, including Salinas
underscores the scalability of our projects in this prolific
lithium district.”
The Company is actively drilling at Salinas, one
of its main targets of the 50,000-metre drill program planned for
2024, where it is testing and delineating multiple outcropping
spodumene-rich pegmatite bodies. Approximately 25,000 metres (105
holes) have been completed at Salinas since the Company began
drilling in May 2023.
Lithium Ionic acquired the Salinas group of
properties in early 2023 from Neolit Minerals Participações Ltda.
(“Neolit”; see press release dated March 13, 2023) and began
selectively drilling the area in May 2023, following up on a
4,000-metre, 24-hole, drill program completed by the previous owner
in 2022, which yielded excellent results, including highlights of
1.53% Li2O over 11.4m, 1.22% Li2O over 13.8m, 1.71% Li2O
over 9.8m and 1.19% Li2O over 13.4m. On July 25, 2023, the
Company reported initial results from its drilling program at
Salinas, including highlights of 1.38% Li2O over 16m, 1.60%
Li2O over 12m, 1.55% Li2O over 9m, 1.26% Li2O over 11m and 1.34%
Li2O over 10m. On December 7, 2023, the Company reported
the widest and highest-grade lithium intercept to date at this
target, including 1.13% Li2O over 27.6m, including 1.34%
Li2O over 9m.
Figure 1. Salinas Lithium Project
Location & Drill Intercept Highlights
View Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/efad2631-1c25-4fd2-9ca7-2f285c6d56e9
Table 1. Salinas Drill
Results
Hole ID |
Az |
Dip |
From |
To |
Metres |
Li2O (%) |
BGDD-23-094 |
310 |
-79 |
206.50 |
208.50 |
2.00 |
0.58 |
and |
223.17 |
226.40 |
3.23 |
0.48 |
and |
279.34 |
282.39 |
3.05 |
1.41 |
BGDD-23-095 |
310 |
-70 |
42.16 |
57.16 |
15.00 |
1.59 |
BGDD-23-098 |
260 |
-75 |
199.70 |
208.70 |
9.00 |
1.58 |
BGDD-23-099 |
0 |
-90 |
63.06 |
66.10 |
3.04 |
0.95 |
and |
109.22 |
114.22 |
5.00 |
0.93 |
including |
109.22 |
112.22 |
3.00 |
1.24 |
BGDD-23-100 |
310 |
-60 |
120.18 |
129.25 |
9.07 |
1.13 |
including |
120.18 |
124.18 |
4.00 |
1.61 |
BGDD-23-101 |
310 |
-60 |
nsv |
BGDD-23-102 |
310 |
-60 |
65.94 |
70.98 |
5.04 |
1.29 |
and |
75.43 |
86.40 |
10.97 |
0.96 |
including |
76.43 |
81.43 |
5.00 |
1.21 |
*No significant results/values (nsv) for holes
BGDD-23-101**Assays pending for holes: BGDD-23-096 and BGDD-23-103
to BGDD-23-107***Hole BGDD-23-097 reported on December 7, 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.
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 reviewed and approved 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.
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 Salinas and the Company’s other 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 a NI 43-101 mineral
resource estimate for Salinas, 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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