Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE: H3N) (“Lithium
Ionic” or the “Company”) reports assay results from its 100%-owned
Bandeira property as part of a 30,000-metre drill program at the
Itinga Project, located within the lithium-rich Araçuaí district in
the state of Minas Gerais, Brazil. The results from this campaign
will culminate in an initial mineral resource estimate expected
this quarter.
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 Corp.’s
large Barreiro lithium deposit. (See Figure 1). The Company is
currently the second largest mineral rights holder in the region,
controlling 14,182 hectares in this emerging hard rock
lithium-producing district.
Bandeira Drill Intercept
Highlights
- 1.62% Li2O over 20m
(hole ITDD-23-062)
- Drilled in the northernmost extent
of the property, this hole intersected a new high-grade zone of
mineralization approximately 104 metres down hole (~80 metres from
surface) (see Figure 2).
- 1.42% Li2O over 15.8m and
1.73% Li2O over 11m (hole ITDD-23-078)
- Intersected 300 metres down-dip from
previously reported holes ITDD-23-054 and ITDD-23-058 which
intersected 1.84% Li2O over 6.45m and
1.44% Li2O over 6m, respectively (see March 21,
2023 press release and Figure 3).
- Extension to be confirmed with
pending holes ITDD-23-084 and ITDD-23-078.
- 1.24% Li2O over 18.1m, 1.99%
Li2O over 6.7m, 1.66% Li2O over 8m and 2.10% Li2O over 4m
(hole ITDD-23-073)
- Identified several well-mineralized
intersections, the thickest of which is located ~500 metres from
surface and 700 metres down-dip from previously reported holes
ITDD-22-024 (1.71% Li2O over 5.7m and 2.46% Li2O over
2m) and ITDD-22-025 (2.22% Li2O over
3.7m) (see Figure 4).
- 2.03% Li2O over 4.3m, 1.44%
Li2O over 5.1m and 1.79% Li2O over 2.8m (hole
ITDD-23-060)
- 1.62% Li2O over 8m
(hole ITDD-23-081)
- A highlight interval among a group
of positive results in the south end of the property, which
intersected a shallow (~80 metres from surface) mineralized
pegmatite zone, discordant to the regional foliation.
Blake Hylands, P.Geo., Chief Executive Officer
of Lithium Ionic, commented, “We are very encouraged by the ongoing
positive results across the Bandeira property. We continue to
encounter new zones of mineralization at surface and meaningful
extensions at depth, supporting the significant scale potential of
the pegmatite vein system on our property. While we approach the
point when we lock the data base to be included in the initial
mineral resource estimates for Bandeira and Galvani, on track for
completion this quarter, definition drilling will continue on both
properties to expand the resources that will be included in future
resource updates. Our team is working closely with SGS Canada as
they continue to analyze the database of results and construct the
resource model.” Only approximately
2,000 metres of drilling remains of the 30,000-metre drill program
commenced in 2022 prior to the database for the initial mineral
resource estimates at Bandeira and Galvani being closed for the
resource estimate, however additional infill and expansion drilling
will continue.
SGS Canada (“SGS”), a global leader in the
estimation and modelling of mineral deposits has been engaged to
complete the initial NI 43-101 mineral resource estimate, on track
for completion in Q2 2023. SGS has significant direct experience
with lithium deposits in the region, including Sigma Lithium Corp’s
nearby deposits. This initial mineral resource estimate will serve
as a foundation for further expansion as the Company continues to
identify and drill new targets, guided by ongoing results.
Previously announced drill highlights from
Bandeira include:
-
1.32% Li2O over 24m, incl. 2.12% Li2O over 8m; 2.53% Li2O over
6.09m and 1.88% Li2O over 7.72m (hole ITDD-23-065)
- 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)
The Bandeira and Galvani properties cover only
872 of the Company’s 14,182 hectares land package in this unique
hard-rock lithium district. The Company has begun exploratory
drilling with one rig at its Itira property, located less than a
kilometre West of Galvani. In addition, as announced on May 1,
2023, a 20,000-metre drilling program is underway on claims within
its newly acquired Salinas project, targeting lithium-rich
spodumene-bearing pegmatites which are directly adjacent to Latin
Resources’ 13.3Mt @ 1.2% Li2O Colina deposit.
Figure 1: Bandeira Drill Highlights,
Section Locations & Nearby Lithium Deposits
View Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/3024541d-c090-4bcc-bd1e-55f15f7c6083
Figure 2: Section LT800 Facing North-East; Holes
ITDD-23-062 and ITDD-23-070 Identify New Zone of
Mineralization
View Figure 2
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/42ea0deb-d02a-4cea-b133-cbdda66a522b
Figure 3: Section LT100 Facing
North-East; Holes ITDD-23-078
View Figure 3
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/44f2565a-5629-495a-b51b-6c8c61af9020
Figure 4: Section LT600 Facing
North-East; Holes ITDD-23-073
View Figure 4
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/8276c5e3-1e14-4cb4-a600-d29e268cd946
Table 1. Bandeira Drill
Results
Hole ID |
Az |
Dip |
From |
To |
Metres |
Li2O (%) |
ITDD-23-060 |
150 |
-78 |
225.23 |
229.50 |
4.3 |
2.03 |
|
283.30 |
284.48 |
1.2 |
2.16 |
|
315.98 |
316.93 |
0.9 |
2.25 |
|
319.40 |
321.20 |
1.8 |
0.99 |
|
332.62 |
334.00 |
1.4 |
2.04 |
|
399.67 |
402.45 |
2.8 |
1.79 |
|
405.94 |
408.44 |
2.5 |
0.81 |
|
444.29 |
449.43 |
5.1 |
1.44 |
ITDD-23-062 |
150 |
-77 |
104.43 |
124.43 |
20.0 |
1.62 |
incl. |
104.43 |
108.43 |
4.0 |
1.93 |
incl. |
119.43 |
124.43 |
5.0 |
2.03 |
|
349.56 |
353.47 |
3.9 |
1.05 |
|
384.50 |
388.68 |
4.2 |
1.01 |
ITDD-23-064 |
0 |
-90 |
187.46 |
189.33 |
1.9 |
1.17 |
|
192.60 |
198.98 |
6.4 |
1.68 |
|
218.58 |
221.58 |
3.0 |
2.12 |
ITDD-23-066 |
330 |
-86 |
31.16 |
36.16 |
5.0 |
0.98 |
|
53.35 |
58.48 |
5.1 |
1.38 |
|
63.61 |
65.61 |
2.0 |
1.34 |
|
107.59 |
113.23 |
5.6 |
1.06 |
ITDD-23-067 |
330 |
-50 |
86.96 |
103.96 |
17.0 |
1.21 |
incl. |
86.96 |
91.96 |
5.0 |
1.65 |
incl. |
96.96 |
102.96 |
6.0 |
1.47 |
ITDD-23-068 |
150 |
-50 |
92.23 |
93.97 |
1.7 |
1.03 |
ITDD-23-069 |
330 |
-75 |
60.55 |
75.48 |
14.9 |
1.44 |
incl. |
62.55 |
70.55 |
8.0 |
2.01 |
ITDD-23-070 |
150 |
-62 |
78.30 |
84.30 |
6.0 |
1.06 |
and |
89.30 |
97.30 |
8.0 |
1.32 |
and |
152.73 |
156.40 |
3.7 |
1.83 |
and |
332.74 |
336.36 |
3.6 |
2.15 |
and |
341.39 |
343.42 |
2.0 |
1.41 |
ITDD-23-071 |
330 |
-50 |
86.49 |
90.49 |
4.0 |
0.90 |
ITDD-23-072 |
150 |
-76 |
99.14 |
100.94 |
1.8 |
1.37 |
|
113.69 |
117.69 |
4.0 |
1.38 |
ITDD-23-073 |
150 |
-85 |
28.77 |
30.3 |
1.5 |
2.97 |
|
77.82 |
83.66 |
5.8 |
1.99 |
|
206.62 |
213.3 |
6.7 |
1.99 |
|
243.54 |
245.1 |
1.6 |
1.43 |
|
352.92 |
360.92 |
8.0 |
1.66 |
|
408.21 |
426.35 |
18.1 |
1.24 |
|
443.07 |
447.07 |
4.0 |
2.10 |
ITDD-23-074 |
150 |
-55 |
85.77 |
89.55 |
3.8 |
1.58 |
|
96.84 |
100.25 |
3.4 |
1.98 |
ITDD-23-075 |
330 |
-50 |
109.00 |
112.38 |
3.4 |
1.44 |
|
115.18 |
119.43 |
4.3 |
0.98 |
|
130.10 |
141.90 |
11.8 |
1.00 |
incl. |
130.10 |
136.10 |
6.0 |
1.23 |
ITDD-23-076 |
150 |
-50 |
82.64 |
86.84 |
4.2 |
1.41 |
|
165.53 |
168.98 |
3.4 |
1.39 |
ITDD-23-077 |
330 |
-85 |
nsv |
ITDD-23-078 |
150 |
-86 |
316.38 |
317.90 |
1.5 |
1.54 |
|
321.95 |
337.78 |
15.8 |
1.42 |
incl. |
324.44 |
335.44 |
11.0 |
1.73 |
ITDD-23-079 |
330 |
-70 |
nsv |
ITDD-23-080 |
150 |
-53 |
pending |
ITDD-23-081 |
0 |
-90 |
32.80 |
35.80 |
3.0 |
1.34 |
|
120.07 |
128.07 |
8.0 |
1.62 |
|
144.40 |
149.12 |
4.7 |
1.50 |
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
ControlDuring 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.
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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