Lithium Ionic Announces 26% Increase in Global Mineral Resources with an Updated Mineral Resource Estimate at its Bandeira Project, Minas Gerais, Brazil
Lithium Ionic Announces 26% Increase in Global Mineral Resources with an
Updated Mineral Resource Estimate at its Bandeira Project, Minas Gerais, Brazil
• Global Mineral Resources increase 26% to 60.1Mt:
o M&I: 32.51Mt grading 1.31% Li2O
o Inferred: 27.57Mt grading 1.24% Li2O
• Updated Bandeira Mineral Resources of 41.9 Mt grading 1.35% Li2O
o M&I: 23.68Mt grading 1.34% Li2O
o Inferred 18.25Mt grading 1.37% Li2O
TORONTO, ON, April 12, 2024 - Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N)
(“Lithium Ionic” or the “Company”), is pleased to report an updated NI 43-101 compliant mineral
resource estimate (“MRE”) for the Bandeira Lithium Project (“Bandeira” or the “Project”), located
within the Lithium Valley in Minas Gerais State, Brazil. The Lithium Valley is a unique geological
belt that hosts a significant concentration of lithium-bearing pegmatites, which has emerged as a
globally significant lithium producer . This new MRE increases the Company’s global mineral
resources by 26% to 60.1Mt.
The Bandeira property covers only approximately 158 hectares, or 1% of its large 14,182-hectare
land package. Two other NI 43-101 compliant lithium MREs have been outlined on the Company’s
other regional properties, Salinas and Outro Lado, however the majority of its properties remain
largely unexplored and represent significant future mineral growth potential for the Company.
Bandeira MRE Highlights:
• Measured and Indicated (“M&I”) MRE of 23.68 million tonnes (“Mt”) at an average grade
of 1.34% Li₂O, with an additional 18.25Mt of Inferred MRE grading 1.37% Li₂O, for a
total of 41.93Mt*.
• The updated Bandeira MRE significantly increases the Company’s consolidated, global
mineral resources to 60.1Mt.
• Significant mineral growth in only ~24months: The MRE estimate is based on 233 drill
holes, or 50,760 metres, drilled between April 2022 and March 2024.
• Planned exploration programs at its existing deposits, Bandeira, Salinas and Outro
Lado, as well as other regional targets, are expected to support continued mineral
resource growth.
*See press release dated April 4, 2024, for details related to the Salinas MRE (effective date of January 4, 2024; QP:
Leonardo Soares, P.Geo., M.Sc., of GE21), and the NI 43-101 compliant technical reports related to the Outro Lado
deposit titled “Mineral Resource Estimate for Lithium Ionic, Itinga Project” (effective date of June 24, 2023; authored
by Maxime Dupéré, B. Sc., P.Geo. and Faisal Sayeed, B. Sc., P.Geo).
Blake Hylands, P.Geo., CEO of Lithium Ionic, commented, “Following closely on the heels of our
initial resource at Salinas announced last week , this is yet another significant increase to our
global mineral resources, highlighting the impressive pace and scale at which we have been able
to delineate lithium deposits in this region. I commend our exploration team for their dedication
and exceptional effort, which have driven these excellent results . This latest MRE positions us
among the largest scale projects in the region , and with a largely untapped land package we
expect this growth momentum to continue, aligning with our goal of becoming a major contributor
to the global lithium supply chain.”
Carlos Costa, P.Geo., Lithium Ionic’s VP of Exploration, commented, “Reflecting on the past two
years since we started drilling at Bandeira, I am immensely proud of our team’s accomplishments.
Starting with just a few promising rock samples, we have now uncovered a significant mineral
deposit and look forward to advancing Bandeira to the next stages of development.”
Bandeira Lithium Project – Mineral Resource Update
The MRE update for Bandeira was prepared by GE21 Consultoria Mineral Ltda. (“GE21”) in
accordance with National Instrument 43 -101 - Standards of Disclosure for Mineral Projects (“NI
43-101”).
Bandeira is located in the lithium -rich Araçuaí Pegmatite District, in the northern part of the
Eastern Brazilian Pegmatite Province, which hosts the largest lithium reserves in Brazil.
The updated MRE contains M&I resources of 23.68Mt grading 1. 34% Li ₂O, containing 783.0
thousand tonnes (“kt”) of Lithium Carbonate Equivalent ( “LCE”), the benchmark equivalent raw
material used in the lithium industry, along with Inferred resources of 18.25Mt grading 1.37% Li₂O
in the Inferred category, or 618.4kt of LCE (see MRE results in Table 1). The MRE is based on
233 diamond drill holes comprising 50,760 metres of drilling completed between April 2022 and
March 2024.
GE21 collaborated closely with the Company’s geological team to confirm the presence of a
series of North-East trending moderately SE dipping pegmatite veins extending up to 1,000
meters along strike and from surface to a vertical depth of approximately 500 meters (see plan
view of Bandeira in Figure 1 and an isometric view of the Bandeira deposit in Figure 2).
As press released on April 4, 2024, a Feasibility Study for Bandeira is currently being finalized by
AtkinsRéalis (formerly SNC-Lavalin) and is scheduled for completion in May 2024. Furthermore,
the environmental license for Bandeira is expected to be granted in early Q3 2024.
The NI 43 -101 technical report related to the Bandeira MRE, will be accessible on SEDAR +
(www.sedarplus.ca) under the Company’s issuer profile and the Company’s website within 45 days
of this news release.
Table 1: Bandeira Mineral Resource Estimate Summary
Deposit /
Cut-Off Grade Category Resource
(Mt)
Grade
(% Li2O)
Contained LCE
(kt)
Bandeira
(0.5% cut-off)
Measured 3.32 1.38 113.1
Indicated 20.36 1.33 669.6
Measured + Indicated 23.68 1.34 783.0
Inferred 18.25 1.37 618.4
1. The spodumene pegmatite domains were modeled using composites with Li2O grades greater than
0.3%
2. The mineral resource estimates were prepared in accordance with the CIM Standards, and the CIM
Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters
appropriate to the deposit.
3. Mineral Resources are not ore reserves and are not demonstrably economically recoverable.
4. Grades reported using dry density.
5. The effective date of the MRE is January 10, 2024.
6. The QP responsible for the MRE is the geologist Carlos Silva (MAIG #7868).
7. The MRE numbers provided have been rounded to the estimate relative precision. Values cannot be
added due to rounding.
8. The MRE is delimited by Lithium Ionic Bandeira Target Claims (ANM).
9. The MRE was estimated using ordinary kriging in 12m x 12m x 4m blocks.
10. The MRE report table was produced in Leapfrog Geo software.
11. The reported MRE only contains fresh rock domains.
12. The MRE was restricted by RPEEE with grade shell using 0.5% Li2O cut-off.
Figure 1. Bandeira Project Location
Figure 2. Isometric View of the Bandeira Deposit
Details related to the calculation of the MRE
The MRE was prepared by Carlos Silva P.Geo., M.Sc., of GE21 (the “Author” or “QP”) with an
effective date of January 10, 2024.
The MRE was prepared using the following geological and resource block modeling parameters
which are based on geological interpretations, geostatistical studies, and best practices in mineral
estimation.
The QP is not aware of any factors or issues that materially affect the MRE other than normal
risks faced by mining projects in the province in terms of environmental, permitting, taxation,
socio-economic, marketing, and political factors, and additional risk factors regarding inferred
resources.
• The Project geology comprises Neoproterozoic age sedimentary rocks of Araçuaí Orogen
intruded by fertile Li -bearing pegmatites originated by fractionation of magmatic fluids from
the peraluminous S-type post-tectonic granitoids of Araçuaí Orogen. Lithium mineralization is
related to concordant and discordant swarms of spodumene -bearing tabular pegmatites
hosted by cordierite-biotite-quartz schists.
• Drilling conducted by Lithium Ionic included diamond core drilling of NTW (64.2mm diameter).
• Diamond core has been sampled in intervals of ~ 1 m where possible, otherwise intervals less
than 1 m have been selected based on geological boundaries. Geological boundaries have
not been crossed by sample intervals. ½ core samples have been collected and submitted for
analysis, with regular field duplicate samples collected and submitted for QA/QC analysis.
• Drill core samples were submitted to SGS Geosol laboratories in Brazil where they were
analyzed for a 31-element suite via ICP90A (fusion by sodium peroxide and finish with ICP -
MS/ICP-OES). Assay data were composited to 1 m.
• The MRE was estimated from the diamond drill holes completed by Lithium Ionic from April
2022 until March 2024. Data from a total of 233 drill holes comprising 8,693 assays were
included in the mineral resources model.
• The 3D modelling of lithium Mineral Resources was conducted using a minimum cut-off grade
of 0.3% Li2O within a preliminary lithological model.
• The interpolation was conducted using Krigging methodology with three interpolation passes.
• The block model was defined by a block size of 12 m long by 12m wide by 4 m thick and
covers a strike length of approximately 1 ,200 m to a maximal vertical depth of 300 m below
surface.
• The MRE was classified as Measured, Indicated and Inferred Mineral Resource based on data
quality, sample spacing, and pegmatite continuity. The Measured Mineral Resource was
defined using a search ellipsoid of 5 0 m by 5 0 m by 3 0 m, and where the continuity and
predictability of the mineralized units was reasonable. The Indicated Mineral Resource was
defined using a search ellipsoid 100 m by 100 m by 50 m. The Inferred Mineral Resource was
assigned to areas where drill hole spacing was greater than 1 00 m by 100 m by 50 m for all
remaining blocks.
• Classification focused on spatial relation using a minimum of five composites in at least three
different drill holes for the Measured and Indicated resources.
• Validation has proven that the block model fairly reflects the underlying data inputs. Variability
over distance is relatively moderate to low for this deposit type therefore the maximum
classification level is Indicated.
• Mineralization at the deposits extends to surface and is expected to be suitable for open cut
mining; no minimum mining width was applied; internal mining dilution is limited to internal
barren pegmatite and/or host rock intervals within the mineralized pegmatite intervals; based
on these assumptions, it is considered that there are no mining factors which are likely to affect
the assumption that the deposit has reasonable prospects for eventual economic extraction.
• It is the QP’s opinion that the current classification used is adequate and reliable for this type
of mineralization and MRE.
• The MRE reported is a global estimate with reasonable prospects of eventual economic
extraction.
On behalf of the Board of Directors of Lithium Ionic Corp.
Blake Hylands
Chief Executive Officer, Director
About Lithium Ionic Corp.
Lithium Ionic is a Canadian mining company exploring and developing its lithium properties in
Brazil. Its flagship Itinga and Salinas projects are located in the northeastern part of Minas Gerais
state, a mining -friendly jurisdiction that is quickly emerging as a world -class hard-rock lithium
district. The Itinga Project is situated in the same region as CBL’s Cachoeira lithium mine, which
has produced lithium for +30 years, as well as Sigma Lithium Corp.’s Grota do Cirilo project, which
hosts the largest hard-rock lithium deposit in the Americas.
Qualified Persons
Carlos José Evangelista Silva, MSc Geo. (MAIG membership number 7868 ), of GE21 is a
Qualified Person as defined by NI 43 -101 and has reviewed and approved the technical
information and data regarding the MRE included in this news release. Mr. Silva is independent
of Lithium Ionic. All other scientific and technical information in this news release has been
reviewed and approved 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:
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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
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officers and directors, current conditions and expected future developments and other factors that
have been considered app ropriate that the expectations reflected in this forward -looking
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statements and information in this press release include information relating to the prospectivity
of the Company’s mineral properties including Salinas and Bandeira , the Company’s ability to
produce a NI 43-101 compliant mineral resource estimate, PEA and/or Feasibility study and the
timing thereof, the Company’s ability to obtain the requisite licences and permits, the economic
viability of the Bandeira project, the Company’s ability to obtain adequate financing, the
mineralization and development of the Company’s mineral properties, the Company’s exploration
program and other mining projects and prospects thereof and the Company’s future plans. Such
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