Lithium Ionic drills 1.62% Li2O over 20m in new zone at its Bandeira Property, Minas Gerais, Brazil; Mineral resource definition drill program at Bandeira and Galvani nears completion
Lithium Ionic drills 1.62% Li2O over 20m in new zone at its Bandeira Property,
Minas Gerais, Brazil; Mineral resource definition drill program at Bandeira and
Galvani nears completion
TORONTO, ON, May 9, 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 a 30,000-metre drill program at the Itinga Project, located within the lithium-rich Araçuaí
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 Lítio’s (CBL)
Cachoeira lithium mine, and approximately 700 metres north of Sigma Lithium Corp.’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 in this emerging hard rock lithium -
producing district.
Bandeira Drill Intercept Highlights
▪ 1.62% Li2O over 20m (hole ITDD-23-062)
o 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) (see Figure 2).
▪ 1.42% Li2O over 15.8m and 1.73% Li2O over 11m (hole ITDD-23-078)
o Intersected 300 metres down-dip from previously reported holes ITDD-23-054
and ITDD-23-058 which intersected 1.84% Li2O over 6.45m and 1.44% Li2O
over 6m, respectively (see March 21, 2023 press release and Figure 3).
o Extension to be confirmed with pending holes ITDD-23-084 and ITDD-23-078.
▪ 1.24% Li2O over 18.1m, 1.99% Li2O over 6.7m, 1.66% Li2O over 8m and 2.10%
Li2O over 4m (hole ITDD-23-073)
o 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 5.7m and 2.46% Li2O over 2m) and
ITDD-22-025 (2.22% Li2O over 3.7m) (see Figure 4).
▪ 2.03% Li2O over 4.3m, 1.44% Li2O over 5.1m and 1.79% Li2O over 2.8m (hole ITDD-
23-060)
▪ 1.62% Li2O over 8m (hole ITDD-23-081)
o 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., Chief Executive Officer of Lithium Ionic, commented, “ We are very
encouraged by the ongoing positive results across the Bandeira property . W e 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.
Previously announced drill highlights from Bandeira include:
1.32% Li2O over 24m, incl. 2.12% Li2O over 8m; 2.53% Li2O over 6.09m and 1.88% Li2O
over 7.72m (hole ITDD-23-065)
1.43% Li2O over 17.1m (hole ITDD-23-061)
1.73% Li2O over 13.6m (hole ITDD-23-063)
1.47% Li2O over 15m from 242 metres depth (hole ITDD-23-057)
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)
1.44% Li2O over 8.33m (hole ITDD-22-012)
1.22% Li2O over 9.2m, incl. 1.71% Li2O over 5.7m (hole ITDD-22-024)
1.49% Li2O over 6.7m (hole ITDD-22-030)
2. 22% Li2O over 3.7m (hole ITDD-22-025)
1.93% Li2O over 5.66m (hole ITDD-22-002)
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 @ 1.2% Li2O Colina deposit.
Figure 1: Bandeira Drill Highlights, Section Locations & Nearby Lithium Deposits
Figure 2: Section LT800 Facing North-East; Holes ITDD-23-062 and ITDD-23-070 Identify
New Zone of Mineralization
Figure 3: Section LT100 Facing North-East; Holes ITDD-23-078
Figure 4: Section LT600 Facing North-East; Holes ITDD-23-073
Table 1. Bandeira Drill Results
Hole ID Az Dip From To Metres Li2O (%)
ITDD-23-060
150 -78
225.23 229.50 4.3 2.03
283.30 284.48 1.2 2.16
315.98 316.93 0.9 2.25
319.40 321.20 1.8 0.99
332.62 334.00 1.4 2.04
399.67 402.45 2.8 1.79
405.94 408.44 2.5 0.81
444.29 449.43 5.1 1.44
ITDD-23-062
150 -77
104.43 124.43 20.0 1.62
incl. 104.43 108.43 4.0 1.93
incl. 119.43 124.43 5.0 2.03
349.56 353.47 3.9 1.05
384.50 388.68 4.2 1.01
ITDD-23-064 0 -90 187.46 189.33 1.9 1.17
192.60 198.98 6.4 1.68
218.58 221.58 3.0 2.12
ITDD-23-066
330 -86
31.16 36.16 5.0 0.98
53.35 58.48 5.1 1.38
63.61 65.61 2.0 1.34
107.59 113.23 5.6 1.06
ITDD-23-067
330 -50
86.96 103.96 17.0 1.21
incl. 86.96 91.96 5.0 1.65
incl. 96.96 102.96 6.0 1.47
ITDD-23-068 150 -50 92.23 93.97 1.7 1.03
ITDD-23-069 330 -75 60.55 75.48 14.9 1.44
incl. 62.55 70.55 8.0 2.01
ITDD-23-070
150 -62
78.30 84.30 6.0 1.06
and 89.30 97.30 8.0 1.32
and 152.73 156.40 3.7 1.83
and 332.74 336.36 3.6 2.15
and 341.39 343.42 2.0 1.41
ITDD-23-071 330 -50 86.49 90.49 4.0 0.90
ITDD-23-072 150 -76 99.14 100.94 1.8 1.37
113.69 117.69 4.0 1.38
ITDD-23-073
150 -85
28.77 30.3 1.5 2.97
77.82 83.66 5.8 1.99
206.62 213.3 6.7 1.99
243.54 245.1 1.6 1.43
352.92 360.92 8.0 1.66
408.21 426.35 18.1 1.24
443.07 447.07 4.0 2.10
ITDD-23-074 150 -55 85.77 89.55 3.8 1.58
96.84 100.25 3.4 1.98
ITDD-23-075
330 -50
109.00 112.38 3.4 1.44
115.18 119.43 4.3 0.98
130.10 141.90 11.8 1.00
incl. 130.10 136.10 6.0 1.23
ITDD-23-076 150 -50 82.64 86.84 4.2 1.41
165.53 168.98 3.4 1.39
ITDD-23-077 330 -85 nsv
ITDD-23-078
150 -86
316.38 317.90 1.5 1.54
321.95 337.78 15.8 1.42
incl. 324.44 335.44 11.0 1.73
ITDD-23-079 330 -70 nsv
ITDD-23-080 150 -53 pending
ITDD-23-081 0 -90 32.80 35.80 3.0 1.34
120.07 128.07 8.0 1.62
144.40 149.12 4.7 1.50
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 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 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 t erminology
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