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 an ongoing 30,000 metre drill program
at the Itinga Project, located within the Araçuaí district in the
state of Minas Gerais, Brazil. The Company has drilled over 20,000
metres to date, recently discovering multiple thicker and
higher-grade intercepts that have extended several well-mineralized
lithium-bearing pegmatite veins to over 400 metres down dip. The
highlights reported herein represent the widest and strongest
lithium intercepts encountered at Bandeira to date.
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). The Company is currently
the second largest mineral rights holder in the region, controlling
14,182 hectares with the option to acquire an additional 3,300
hectares, in this important developing lithium-producing district
(see Neolit acquisition press release dated March 13, 2023).
Bandeira Drill Intercept
Highlights
- Newly
identified, thick, well-mineralized, sub-horizontal, pegmatite dike
intersected at a depth of approximately 50 metres (see Figure 2
section, and core photos in Figure 3):
- 1.43%
Li2O over 17.1m (hole ITDD-23-061)
- 1.73%
Li2O over 13.6m (hole ITDD-23-063)
- Newly identified mineralized
pegmatite dike intersected near eastern side of Bandeira property:
- 1.47%
Li2O over 15m from 242 metres depth (hole
ITDD-23-057)
- Confirmation
that mineralization extends a further 100 meters down dip from
previously reported holes ITDD-22-07, ITDD-22-11 and ITDD-22-14
(see press release from November 10, 2022). Continuous
mineralization confirmed for over 300 metres and remains open at
depth (see Figure 4).
- 1.84%
Li2O over 6.5m (hole ITDD-23-058)
- 1.44%
Li2O over 6m, incl. 1.93% Li2O over 4m (hole
ITDD-23-054)
Blake Hylands, P.Geo., Chief Executive Officer
of Lithium Ionic, commented, “These results are the widest and most
significant intercepts we have seen to date at Bandeira. We’re very
encouraged to have identified several new, well mineralized
pegmatites and extensions. The greater thickness of these newly
discovered mineralized dikes will positively impact the resource
inventory we are delineating on the property. We continue to
aggressively drill Bandeira with the objective of delivering an
initial NI 43-101 resource estimate in the next quarter, which will
form the basis for the development of a feasibility study in the
second half of the year. The Bandeira property is evolving rapidly
as we continue to systematically test and delineate spodumene
mineralization in 12 separate pegmatites that extend up to 1
kilometre along strike and individual mineralized dikes up to 17
metres wide. Five diamond drills are operating at Bandeira, with a
sixth to be mobilized soon, while two continue to drill at Galvani,
targeting mineralization that remains open for expansion at shallow
depths.”
Drill holes ITDD-23-061 and ITDD-23-063
intersected well-mineralized intervals of 1.43% Li2O over
17.1m and 1.73% Li2O over 13.6m, respectively, in a newly
identified sub horizontal zone approximately 50 metres below
surface. The Company is presently drilling extensions of this new
spodumene rich pegmatite to the northeast.
Drill holes ITDD-23-057 intersected
1.47% Li2O over 15m in a new mineralized zone at
the eastern boundary of the Bandeira property. An additional three
step-out holes are being drilled in this area to test for the
extensions of this pegmatite.
Drill holes ITDD-23-054 and hole ITDD-23-058
extended high-grade mineralization a further 100 metres down dip
from holes ITDD-22-07, ITDD-22-11 and ITDD-22-14 reported on
November 10, 2022, with intercepts of 1.84% Li2O over
6.5m and 1.44% Li2O over 6m, incl. 1.93% Li2O over
4m (see Figure 4). Previously reported up dip intercepts
include: 1.99% Li2O over 6.75m (ITDD-22-11),
1.33% Li2O over 5.96m (ITDD-22-07) and
1.14% Li2O over 5.70m (ITDD-22-14). This
continuous mineralized zone is confirmed for over 300 metres down
dip, remains open, and will be further drill tested.
The new wider zones of mineralization discovered
at Bandeira are interpreted to represent important conduits for the
extensive intrusive package of pegmatites that have been observed
in drilling to date. Important structural features have been
observed, such as fold patterns and extensional structures that
created the space for the late, lithium-bearing fluids that are
unique and important to this prolific belt. The high grades and
potential for significant scale are ideal for defining large
resources quickly (see Figure 2 section), and as such the Company
considers the discovery of these thicker pegmatites an important
result for the Project.
The Company has identified at least 12 different
NE-SW trending LCT (Lithium – Cesium – Tantalum) pegmatites. These
mineralized bodies range from 1 to 17 meters in width and can be
traced over a 1-kilometre strike length. The average depth of the
mineralized zones intersected to date is approximately 150 metres,
however the Company has intersected strong lithium grades and
thicknesses up to 400 metres down dip. Mineralization found to date
is characterized by numerous stacked pegmatite vein sets,
consistent with other nearby lithium deposits and the CBL Mine ore
body.
The Company is drilling nearly 4,000 metres per
month and has to date completed more than 20,000 metres (126 drill
holes) of a budgeted 30,000 metre drill program, focused primarily
on the Bandeira and Galvani targets. Approximately 13,000 metres
(85 drillholes) have been drilled at Bandeira and approximately
7,000 metres (60 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
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:
- 1.59% 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)
- 1.22% Li2O over 9.2m, incl. 1.71%
Li2O over 5.7m (hole ITDD-22-024)
- 1.44% Li2O over 8.33m (hole
ITDD-22-012)
- 1.93% Li2O over 5.66m (hole
ITDD-22-002)
- 1.49% Li2O over 6.7m (hole
ITDD-22-030)
- 2.22% Li2O over 3.7m (hole
ITDD-22-025)
- 1.55% Li2O over 5.2m (hole
ITDD-22-001)
Figure 1: Bandeira Drill Highlights,
Section Locations & Nearby Lithium Deposits
View Figure 1
here:https://www.globenewswire.com/NewsRoom/AttachmentNg/c895db78-acef-4c16-a918-9e4922a437d3
Figure 2: Section LT300 Facing
North-East; New Sub-Horizontal Mineralized Zone
View Figure 2
here:https://www.globenewswire.com/NewsRoom/AttachmentNg/81421b28-c310-45af-a1c0-f0a6355bf145
Figure 3: Core Photo of Hole ITDD-23-061
from section LT 300
View Figure 3
here:https://www.globenewswire.com/NewsRoom/AttachmentNg/22cf3bfd-227b-413c-9215-eacd54578a06
Figure 4: Section LT100 Facing
North-East; Holes ITDD-23-054 and
ITDD-23-058
View Figure 4
here:https://www.globenewswire.com/NewsRoom/AttachmentNg/337beafd-3a6a-4108-a439-2772b86e33e0
Table 1. Bandeira Drill
Results
Hole ID |
Az |
Dip |
From |
To |
Metres |
Li2O (%) |
ITDD-22-046 |
330 |
-65 |
63.00 |
68.00 |
5.00 |
1.17 |
incl |
63.00 |
65.00 |
2.00 |
1.82 |
ITDD-22-048 |
330 |
-65 |
69.39 |
74.20 |
4.81 |
1.08 |
incl |
71.39 |
73.39 |
2.00 |
1.44 |
ITDD-22-049 |
310 |
-65 |
64.87 |
67.87 |
3.00 |
0.86 |
ITDD-22-050 |
150 |
-65 |
96.60 |
99.31 |
2.71 |
0.81 |
ITDD-23-051 |
330 |
-50 |
56.98 |
57.98 |
1.00 |
1.18 |
ITDD-23-052 |
150 |
-50 |
108.25 |
109.28 |
1.03 |
1.32 |
and |
205.44 |
209.44 |
4.00 |
1.79 |
and |
223.63 |
225.63 |
2.00 |
2.33 |
ITDD-23-053 |
150 |
-65 |
74.65 |
77.19 |
2.54 |
1.95 |
ITDD-23-054 |
150 |
-50 |
118.00 |
124.00 |
6.00 |
1.44 |
incl |
119.00 |
123.00 |
4.00 |
1.93 |
ITDD-23-055 |
330 |
-81 |
37.97 |
38.95 |
0.98 |
0.53 |
ITDD-23-056 |
330 |
-50 |
37.75 |
43.93 |
6.18 |
0.99 |
and |
47.02 |
49.02 |
2.00 |
1.29 |
ITDD-23-057 |
0 |
-90 |
241.95 |
256.95 |
15.00 |
1.47 |
ITDD-23-058 |
150 |
-72 |
122.1 |
128.55 |
6.45 |
1.84 |
ITDD-23-059 |
330 |
-90 |
28.72 |
32.96 |
4.24 |
1.32 |
ITDD-23-061 |
330 |
-50 |
61.5 |
78.58 |
17.08 |
1.43 |
ITDD-23-063 |
330 |
-85 |
41.67 |
55.24 |
13.57 |
1.73 |
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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