Lithium Ionic drills 1.43% Li2O over 17.1m, 1.73% Li2O over 13.6m and 1.47% Li2O over 15m; 20,000m drilled to date with multiple thicker and higher-grade intercepts extending several well-mineralized veins to +400m down dip at the
Lithium Ionic drills 1.43% Li2O over 17.1m, 1.73% Li2O over 13.6m and 1.47%
Li2O over 15m; 20,000m drilled to date with multiple thicker and higher-grade
intercepts extending several well-mineralized veins to +400m down dip at the
Bandeira Property, Minas Gerais, Brazil
TORONTO, ON, March 21, 2023 – 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):
o 1.43% Li2O over 17.1m (hole ITDD-23-061)
o 1.73% Li2O over 13.6m (hole ITDD-23-063)
▪ Newly identified mineralized pegmatite dike intersected near eastern side of Bandeira
property:
o 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).
o 1.84% Li2O over 6.5m (hole ITDD-23-058)
o 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 miner alized 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
Figure 2: Section LT300 Facing North-East; New Sub-Horizontal Mineralized Zone
Figure 3: Core Photo of Hole ITDD-23-061 from section LT 300
Figure 4: Section LT100 Facing North-East; Holes ITDD-23-054 and ITDD-23-058
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:
+1 647.316.2500
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 s uch 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 c hange 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.