Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE: H3N) (“Lithium
Ionic” or the “Company”) reports assay results from hole
ITDD-23-065 drilled at its 100%-owned Bandeira property as part of
an ongoing 30,000 metre drill program at the Itinga Project,
located within the Araçuaí district in the state of Minas Gerais,
Brazil. ITDD-23-065 represents the best hole drilled to date at
Bandeira, intersecting 13 well-mineralized individual pegmatite
veins with high grade lithium content over widths of up to 24
metres (see complete results in Table 1).
The Company has completed 22,000 metres of the
drill program to date between the Bandeira and Galvani properties,
which together cover only 872 of the 14,182 hectares it controls in
this lithium-producing district. Bandeira is located approximately
500 metres south of Companhia Brasileira de Lítio’s (CBL) Cachoeira
lithium mine, and approximately 700 metres North of Sigma Lithium’s
large Barreiro lithium deposit (see Figure 1).
Hole ITDD-23-065
Highlights:
- Hole
drilled to a depth of approximately 500m, intersected 13 individual
well-mineralized stacked pegmatite veins from 160m to 485m down
hole (see Figure 2 cross section), consistent with
other large lithium deposits nearby.
- Best
intersections drilled to date at Bandeira, with high lithium
content over significant widths, including:
- 1.32%
Li20 over 24m, incl. 2.12% Li2O over 8m (See core photo, Figure
3)
- 2.53%
Li20 over 6.09m
- 1.88%
Li20 over 7.72m
- The
hole successfully extended high-grade mineralization a further 200
metres down dip from previously reported hole ITDD-23-52
(see Figure 2), exceeding expectations with a continuous
mineralized zone extending 500m from surface which significantly
widens at depth.
- Two
150m step-out holes planned to test mineral continuity to the
North-West, while assays are pending for drilled holes ITDD-23-060
and ITDD-23-052 to confirm up dip mineral continuity.
Blake Hylands, P.Geo., Chief Executive Officer
of Lithium Ionic, commented, “Hole 65 returned exceptional results,
which from a grade and thickness perspective is by far the best
hole ever drilled at the Bandeira property. Although this zone of
multiple new mineralized pegmatites requires further definition, we
are very encouraged by the prospect of a high-grade vein system
which remains completely open to expansion up dip and at depth. We
believe there is strong potential to expand on this extensive body
of mineralization with the ongoing drilling. Our initial 30,000
metre drill program is nearing completion with five drills now
turning at Bandeira and an additional two at Galvani. We look
forward to continuing to report on the remaining results, which is
expected to culminate into a mineral resource estimate in Q2
2023.”
The new hole ITDD-23-065, along with holes
ITDD-23-061 and ITDD-23-063 announced on March 21, 2023, which
returned well-mineralized intervals of 1.43% Li2O over
17.1m and 1.73% Li2O over 13.6m represent much thicker
pegmatites than previous results and point to the scale potential
of the project as 12 separate NE-SW trending LCT (Lithium – Cesium
– Tantalum) pegmatites continue to be defined.
The Company continues to drill nearly 4,000
metres per month and has completed approximately 22,000 metres (158
drill holes) of a budgeted 30,000 metre drill program, focused
primarily on the Bandeira and Galvani targets. Approximately 14,000
metres (94 drillholes) have been drilled at Bandeira and
approximately 8,000 metres (64 drillholes) have been drilled at
Galvani. Seven drills are turning at the Bandeira and Galvani
targets, with an 8th rig being prepared for mobilization, as the
Company continues to define the extent of the lithium deposits in
preparation for a NI 43-101 mineral resource estimate expected in
Q2 2023. The drill campaign at the Itinga Project was designed to
deliver an initial mineral resource estimate by targeting
near-surface mineralization associated with extensive lithium soil
anomalies and trenches identified in 2022.
Previously announced drill highlights from
Bandeira include:
- 1.43% Li2O over
17.1m (hole ITDD-23-061)
- 1.73% Li2O over
13.6m (hole ITDD-23-063)
- 1.47% Li2O over 15m from 242 metres
depth (hole ITDD-23-057)
- 1.59% Li2O over 9.62m, incl. 2.39
Li2O over 5m (hole ITDD-22-039)
- 1.27% Li2O over 10.09m, incl. 2.13%
Li2O over 5.06m (hole ITDD-22-023)
- 1.99% Li2O over
6.75m (hole ITDD-22-011)
- 1.44% Li2O over
8.33m (hole ITDD-22-012)
- 1.22% Li2O over 9.2m, incl. 1.71%
Li2O over 5.7m (hole ITDD-22-024)
- 1.49% Li2O over
6.7m (hole ITDD-22-030)
- 2.22% Li2O over
3.7m (hole ITDD-22-025)
- 1.93% Li2O over
5.66m (hole ITDD-22-002)
- 1.55% Li2O over
5.2m (hole ITDD-22-001)
Figure 1: Plan Map of Bandeira Property
with Drill Highlights, Section Locations & Nearby Lithium
DepositsView Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/67146f53-ca08-41b9-b551-53a60e37f524
Figure 2: Section LT700 Facing
North-East; Holes ITDD-23-065View Figure 2
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/ef4aa8a6-7dfd-467e-8f9a-3f2f9474db1a
Figure 3: Core Photo of Hole ITDD-23-065
from section LT700View Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/5705c76f-2d3c-41c5-9b8d-c49280e3a83b
Table 1. Bandeira Drill
Results
Hole ID |
Az |
Dip |
From |
To |
Metres |
Li2O (%) |
ITDD-23-065 |
|
|
|
159.6 |
164.6 |
4.98 |
1.12 |
and |
|
|
203.9 |
208.2 |
4.23 |
1.53 |
and |
|
|
271.2 |
277.3 |
6.09 |
2.53 |
and |
|
|
321.2 |
324.2 |
3.00 |
1.25 |
and |
|
|
336.7 |
339.4 |
2.74 |
1.32 |
and |
|
|
344.5 |
346.5 |
2.00 |
1.9 |
and |
150 |
-83 |
354.2 |
378.2 |
24.00 |
1.32 |
incl. |
|
|
356.2 |
364.2 |
8.00 |
2.12 |
and |
|
|
390.1 |
397.8 |
7.72 |
1.88 |
and |
|
|
400.7 |
403.1 |
2.34 |
1.3 |
and |
|
|
441.9 |
445.4 |
3.49 |
2.04 |
and |
|
|
449.8 |
451.3 |
1.50 |
1.23 |
and |
|
|
456.3 |
461.9 |
5.60 |
0.89 |
and |
|
|
478.8 |
485.1 |
6.34 |
0.62 |
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.
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 produce a NI 43-101 compliant mineral resource
estimate, 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.
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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