Lithium Ionic Acquires Strategic Mining Claim in Minas Gerais, Brazil
13 February 2023 - 11:00PM
Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FRA: H3N)
(“
Lithium Ionic” or the
“
Company”) announces that its Brazilian-based
wholly owned subsidiary, MGLIT Empreendimentos Ltda. (“MGLIT”), has
entered into a binding asset purchase agreement (the “Agreement”)
with Clésio Alves Gonçalves Mineraçao E Comercio Ltda (“Clesio”)
pursuant to which MGLIT has acquired a strategic mining claim
covering 1,000 hectares (the “Clesio Claim”) in Minas Gerais state,
Brazil.
With the acquisition of the Clesio claim,
Lithium Ionic has increased its land position to approximately
7,700 hectares, a six-fold increase from the 1,300 hectares it
launched with in May 2022. The Company’s land holdings are all
located in the Jequitinhonha Valley, a prolific hard-rock lithium
district in the state of Minas Gerais, Brazil.
Blake Hylands, P. Geo., CEO of Lithium Ionic,
commented, “We continue to consolidate prospective lithium targets
in the prolific Eastern Brazilian Pegmatite Province known for its
large and high grade hard-rock lithium deposits. Our team believes
there’s excellent potential to identify mineralized pegmatites on
the Clesio claim, given it is on trend with nearby world-class
lithium deposits - among these are Sigma Lithium’s Xuxa and
Barreiro deposits, which form part of the largest hard-rock lithium
deposits in the Americas, as well as CBL’s Cachoeira Mine, which
has been producing lithium for 30 years.”
The Transaction
Pursuant to the terms of the Agreement, Lithium
Ionic has paid R$500,000 (approximately C$130,000) in cash to
Clesio to acquire the Clesio Claim.
If the Company establishes a NI 43-101 compliant
mineral resource estimate on the Clesio Claim of at least
two million tons with an average content greater than 1.30%
Li2O within 30 months of
acquiring the Clesio Claim, Lithium Ionic shall pay Clesio a cash
bonus of USD$1 million.
If the Company establishes a NI 43-101 compliant
mineral resource estimate on the Clesio Claim of at least
five million tons with an average content greater than
1.30% Li2O within 48
months of acquiring the Clesio Claim, Lithium Ionic shall pay
Clesio an additional cash bonus of USD$1 million.
The transaction is an arm’s length transaction
for the purposes of the policies of the TSX Venture Exchange
(“TSXV”) and qualifies as an “Exempt Transaction” under TSXV Policy
5.3. Lithium Ionic is not paying any finder fees in connection with
the transaction.
Figure 1 – Lithium Ionic Claims and New
Clesio Claim
View Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/b66e8264-55ee-4a5a-a4ab-0114602da240
About Lithium Ionic Corp.
Lithium Ionic is a Canadian-based
lithium-focused mining company with properties covering ~7,700
hectares located in the prolific Aracuai lithium province in Minas
Gerais State, Brazil, which boasts excellent infrastructure,
including highways, access to hydroelectrical grid power, water,
and nearby commercial ports. Its Itinga and Galvani claims are
located in the same district as the lithium-producing CBL mine and
construction-stage Sigma Lithium Corp.’s large Barreiro and Xuxa
lithium deposits.
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.
For more information please
contact:
Lithium Ionic Corp.
Investor Relations+1
647-316-2500info@lithiumionic.com
Blake Hylands, P.Geo.Chief Executive
Officerbhylands@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 Clesio Claim, the ability to produce an NI
43-101 compliant mineral resource estimate, the mineralization and
development of the Itinga Project and the Clesio Claim and other
mining projects and prospects thereof; the Clesio Claim transaction
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.
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.
Lithium Ionic (TSXV:LTH)
Historical Stock Chart
From Feb 2024 to Mar 2024
Lithium Ionic (TSXV:LTH)
Historical Stock Chart
From Mar 2023 to Mar 2024