Lithium Ionic drills 1.62% Li2O over 20 metres at Bandeira, Brazil

Lithium Ionic Corp. [LTH-TSXV; LTHCF-OTCQB; H3N-FSE] reported 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 Aracuai 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 Litio’s (CBL) Cachoeira lithium mine, and approximately 700 metres north of Sigma Lithium Corp.’s large Barreiro lithium deposit. 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 20 metres (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); 1.42% Li₂O over 15.8 metres and 1.73% Li₂O over 11 metres (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 6.45 metres and 1.44% Li₂O over 6 metres, respectively.

Extension to be confirmed with pending holes ITDD-23-084 and ITDD-23-078; 1.24% Li₂O over 18.1 metres, 1.99% Li₂O over 6.7 metres, 1.66% Li₂O over 8 metres and 2.10% Li₂O over 4 metres (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 5.7 metres and 2.46% Li₂O over 2 metres) and ITDD-22-025 (2.22% Li₂O over 3.7 metres); 2.03% Li₂O over 4.3 metres, 1.44% Li₂O over 5.1 metres and 1.79% Li₂O over 2.8 metres (hole ITDD-23-060); 1.62% Li₂O over 8 metres (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., CEO, 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.

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 of 1.2% Li₂O Colina deposit.

Lithium Ionic Corp. is a Canadian-based lithium-focused mining company with properties in the prolific Aracuai province in Minas Gerais State, Brazil, which boasts excellent infrastructure, including highways, access to hydroelectrical grid power, water, and nearby commercial ports.

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