Lithium Ionic Drills 1.31% Li2O over 24.0m, incl. 1.67% Li2O over 10.0m; and 2.12% Li2O Over 7.2m at Bandeira, Minas Gerais, Brazil
Lithium Ionic Drills 1.31% Li2O over 24.0m, incl. 1.67% Li2O over 10.0m; and
2.12% Li2O Over 7.2m at Bandeira, Minas Gerais, Brazil
TORONTO, ON, January 23, 2024 – Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE:
H3N) (“Lithium Ionic” or the “Company”) is pleased to report new assay results for 16 drill holes
from its Feasibility-stage Bandeira Lithium Project (“Bandeira”), situated in northern Minas Gerais
State, Brazil, in a world-class hard rock lithium district known as the “Lithium Valley”, where two
lithium producers currently operate (see location map and drill highlights in Figure 1) . These
results were completed as part of the 50,000-metre drill program completed in H2 2023 at its
Itinga and Salinas group of properties. Drilling is ongoing at Bandeira, as well as other high priority
regional targets as part of an expanded ~50,000-metre drill program planned for 2024.
An updated NI 43-101 mineral resource estimate for Bandeira, which will capture drill data beyond
the August 2023 cut-off from the mineral resource estimate announced on October 19, 2023 , is
currently underway as part a Feasibility Study, which is on track for completion this quarter.
Significant drill intercepts from the most recent Bandeira results, include:
1.31% Li2O over 24.0m, incl. 1.86% Li2O over 6.0m and 1.67% Li2O over 10.0m;
intersected from ~100 metres down hole (hole ITDD-23-228)
2.12% Li2O over 7.2m and 1.53% Li2O over 8.0m (hole ITDD-23-226)
1.96% Li2O over 5.9m and 1.73% Li2O over 6.0m (hole ITDD-23-224)
1.33% Li2O over 10.4m, including 1.65% Li2O over 8.0m, intersected from ~44
metres down hole (hole ITDD-23-243)
1.35% Li2O over 7.3m (hole ITDD-23-232)
1.81% Li2O over 5.0m (hole ITDD-23-210)
1.65% Li2O over 5.5m (hole ITDD-23-230)
Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, “Results from
Bandeira continue to impress us with consistently high grades over meaningful widths. Our drilling
efforts at Bandeira are primarily focused on expanding and upgrading the deposit, however
geotechnical and condemnation drilling are also underway in preparation for mine development.
We look forward to delivering some significant milestones in the near-term, including a Feasibility
Study for Bandeira as well as an initial mineral resource estimate at our Salinas Project.”
Bandeira is a 175 -hectare property, currently representing around 90% of the Company’s total
resource tonnage but only ~1% of the Company’s 14,182-hectare land package. The property
hosts a NI 43-101 compliant mineral resource estimate (“MRE”) of 13.72Mt grading 1.40% Li2O
(474,892t LCE) in the Measured and Indicated category, in addition to 15.79Mt grading 1.34%
Li2O (523,118t LCE) in the Inferred category, which formed the basis of a Preliminary Economic
Assessment (“PEA”) that supported a long- life and low -cost spodumene concentrate mining
project with a post -tax Net Present Value (“NPV”) 8% of US$1.6 billion (~C$2.2 billion) and an
Internal Rate of Return (“IRR”) of 121% (see press release dated October 19, 2023 or Technical
Report HERE).
The Company is rapidly advancing Bandeira towards a production decision, while it continues to
define and grow lithium mineralization at other regional targets. A NI 43-101 compliant Feasibility
Study (“FS”) for Bandeira, including an updated MRE, is progressing well and on track for
completion this quarter. On November 21, 2023 , the Company submitted its application for a
Concomitant Environmental and Installation License (“LAC”, or Licença Ambiental Concomitante
in Portuguese) to the State of Minas Gerais , who have recognized its properties as “priority
projects” (see press release dated July 19, 2023). The LAC approval, anticipated in mid-2024,
would result in the environmental and social license together with an authorization to begin
construction.
Figure 1. Drill Collars, Traces and Intercept Highlights for New Bandeira Results
Figure 2. Section LT400 NE Showing New Drill Holes ITDD-23-211, ITDD-23-228 and ITDD-
23-234
Figure 3. Core Photo, Drill Hole ITDD-23-228
Table 1. Bandeira Drill Results
Hole ID Az Dip From To Metres Li2O (%)
ITDD-23-193 330 -53 65.08 68.85 3.77 1.39
ITDD-23-210
150 -65
139.91 143.25 3.34 1.62
and 219.57 223.51 3.94 1.98
and 256.99 259.01 2.02 1.75
and 276.43 278.98 2.55 0.65
and 285.60 287.94 2.34 1.22
and 298.00 302.98 4.98 0.83
and 565.09 570.08 4.99 1.81
and 584.29 587.82 3.53 0.80
ITDD-23-211 150 -57 16.51 17.51 1.00 1.04
and 188.35 189.32 0.97 1.06
and 197.53 198.63 1.10 1.54
ITDD-23-223 150 -50 94.04 98.19 4.15 1.49
ITDD-23-224 150 -63 28.43 34.32 5.89 1.96
and 166.46 172.45 5.99 1.73
ITDD-23-225 150 -54 78.99 81.13 2.14 1.85
and 83.80 85.97 2.17 0.72
ITDD-23-226 150 -67 35.27 42.50 7.23 2.12
and 171.61 179.57 7.96 1.53
ITDD-23-228
0 -90
98.93 122.94 24.01 1.31
including 99.93 105.93 6.00 1.86
including 110.13 120.13 10.00 1.67
ITDD-23-230 150 -65 161.98 167.49 5.51 1.65
ITDD-23-231 150 -60 129.79 136.35 6.56 1.12
ITDD-23-232 150 -49 138.70 145.95 7.25 1.35
ITDD-23-233 150 -50 146.75 148.90 2.15 1.27
ITDD-23-234 0 -90 95.12 97.53 2.41 1.44
ITDD-23-235 0 -90 104.46 111.29 6.83 1.20
and 167.04 171.57 4.53 1.17
ITDD-23-236 0 -90 101.89 104.89 3.00 1.39
ITDD-23-243 0 -90 44.06 54.42 10.36 1.33
including 45.06 53.06 8.00 1.65
About Lithium Ionic Corp.
Lithium Ionic is a Canadian mining company exploring and developing its lithium properties in
Brazil. Its Itinga and Salinas group of properties cover 14,182 hectares in the northeastern part of
Minas Gerais state, a mining-friendly jurisdiction that is quickly emerging as a world- class hard-
rock lithium district. Its Feasibility-stage Bandeira 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.
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, who are both
“qualified persons” as defined in NI 43- 101. Mr. Costa and Mr. Hylands have both read and
approved the content in this news release.
Investor and Media Inquiries:
+1 647.316.2500
On behalf of the Board of Directors of Lithium Ionic Corp.
Blake Hylands
Chief Executive Officer, Director
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 devel opments 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 t hat 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 economic viability of the Bandeira, the mineralization
and development of the Company’s mineral properties, the Company’s exploration program and
other mining projects and prospects thereof, the Company’s ability to complete a Feasibility Study,
the Company’s ability to c omplete a MRE for Salinas, the Company’s ability to complete an
environmental impact assessment and obtain the requisite permitting and approvals and the
Company’s future plans . 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, perfor mance 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.
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policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press
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