Lithium Ionic drills 1.64% Li2O over 13.5m, 2.18% Li2O over 5.8m and 1.95% Li2O over 5.7m at Bandeira, Minas Gerais, Brazil
Lithium Ionic drills 1.64% Li2O over 13.5m, 2.18% Li2O over 5.8m and 1.95% Li2O
over 5.7m at Bandeira, Minas Gerais, Brazil
TORONTO, ON, November 6, 2023 – Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE:
H3N) (“Lithium Ionic” or the “Company ”) reports additional results from an ongoing drilling
program at the Bandeira Project (“Bandeira”), located in northern Minas Gerais State, Brazil. The
Company is rapidly advancing Bandeira, situated within the emerging “Lithium Valley”, where two
lithium producers currently operate.
These results form part of a large 50,000 -metre drill program underway for H2 2023 , which is
focused on expanding and upgrading existing mineral resource estimates to support a planned
Feasibility Study, as well as grow the known mineralization at other prospective regional targets.
Bandeira Drill Intercept Highlights (See Figure 1):
▪ 1.64% Li2O over 13.5m, including 2.06% Li2O over 7.8m, as well as 1.78% Li2O
over 5.8m (hole ITDD-23-180)
▪ 1.37% Li2O over 10.4m and 1.65% Li2O over 4.3m (hole ITDD-23-174)
▪ 2.18% Li2O over 5.8m (hole ITDD-23-177)
▪ 1.95% Li2O over 5.7m (hole ITDD-23-171)
▪ 1.50% Li2O over 6.7m (hole ITDD-23-173)
▪ 3.57% Li2O over 2.4m, 1.54% Li2O over 4.7m and 1.84% Li2O over 3.3m
(hole ITDD-23-185)
▪ 1.57% Li2O over 5.0m (hole ITDD-23-176)
▪ 1.32% Li2O over 5.2m (hole ITDD-23-182)
▪ 1.69% Li2O over 4.0m and 1.78% Li2O over 3.8m (hole ITDD-23-172)
▪ 1.46% Li2O over 4.4m (hole ITDD-23-170)
Blake Hylands, P.Geo ., Chief Executive Officer of Lithium Ionic, commented, "The multiple
intercepts of significant widths, and above our resource grade, announced today demonstrates
the potential for the mineral resources at Bandeira to quickly keep expanding and improving. We
believe this additional infill drill data will support significant resource conversion, ultimately
reinforcing and potentially enhancing the excellent results from our PEA.”
The Company began drilling Bandeira in April 2022, reporting an initial mineral resource estimate
(“MRE”) in June 2023. In October 2023, an updated MRE at Bandeira showcased a near-doubling
of the MRE, which formed the basis of a Preliminary Economic Assessment (“PEA”). This study
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).
The Company is currently undertaking an independent NI 43 -101 compliant Feasibility Study
(“FS”), including an updated MRE, expected to be completed in early 2024.
The Bandeira Project is located in the same district where Companhia Brasileira de Litio (CBL)’s
Cachoeira mine has been producing lithium for +30 years, and recent producer Sigma Lithium
operates the Grota do Cirillo project, which hosts the largest hard rock lithium deposit in the
Americas (See Figure 1).
The Company is rapidly advancing Bandeira towards a production decision, while it continues to
explore and define regional targets. Permitting activities are progressing well, in parallel with the
advancement of p roject engineering . NEO Agroambiental Ltda is completing the RCA
(Environmental Control Report) and PCA (Environmental Control Plan) to support the application
of a Concomitant Environmental and Installation License (“LAC”, or Licença Ambiental
Concomitante) for the Bandeira operation, which is exp ected to be submitted by the end of the
year. The LAC is an accelerated permitting scenario available to projects such as Bandeira,
whose mine infrastructure covers a small footprint where deforestation is not required. The LAC
replaces the first two steps of the environmental licensing process: the Preliminary License (LP -
Licença Prévia) and the Installation License (LI – Licença de Instalação); which precede the final
Operating License (LO - Licença de Operação).
Figure 1. Bandeira Drill Collars and Traces with Intercept Highlights
Table 1. Bandeira Drill Results
Hole ID Az Dip From To Metres Li2O (%)
ITDD-23-169 150 -68 241.60 243.89 2.29 1.27
and 359.01 360.46 1.45 2.26
ITDD-23-170 150 -50 101.62 106.04 4.42 1.46
and 123.18 124.66 1.48 1.22
ITDD-23-171 150 -55 51.37 53.69 2.32 1.00
and 222.83 228.56 5.73 1.95
ITDD-23-172
150 -66
136.38 140.13 3.75 1.78
and 180.94 184.94 4.00 1.69
and 317.72 320.13 2.41 2.05
and 368.65 371.88 3.23 1.43
ITDD-23-173 0 -90 122.48 129.13 6.65 1.50
ITDD-23-174
150 -54
55.70 57.78 2.08 0.74
and 211.36 221.72 10.36 1.37
and 342.54 346.82 4.28 1.65
ITDD-23-176
150 -80
56.11 57.66 1.55 1.54
and 60.09 61.88 1.79 1.24
and 230.14 235.14 5.00 1.57
ITDD-23-177
150 -85
110.89 113.89 3.00 1.12
and 204.16 209.98 5.82 2.18
and 354.96 359.59 4.63 1.23
ITDD-23-178 150 -50 171.00 173.18 2.18 0.67
ITDD-23-180
150 -85
171.59 177.38 5.79 1.78
and 265.35 269.35 4.00 1.43
and 387.85 401.35 13.50 1.64
incl. 393.51 401.35 7.84 2.06
ITDD-23-181 150 -73 203.14 205.32 2.18 1.26
and 223.00 229.00 6.00 1.02
ITDD-23-182 150 -55 201.09 202.74 1.65 1.21
and 226.06 231.25 5.19 1.32
ITDD-23-185
150 -87
240.77 244.06 3.29 1.84
and 360.36 365.03 4.67 1.54
and 417.41 419.50 2.09 1.16
and 434.34 437.34 3.00 1.22
and 443.78 447.25 3.47 1.10
and 529.52 531.92 2.40 3.57
and 567.15 569.57 2.42 2.00
ITDD-23-187 150 -83 196.58 198.86 2.28 1.85
ITDD-23-189 330 -62 70.07 71.93 1.86 1.25
*Assays pending for holes ITDD-23-175, ITDD-23-179, ITDD-23-183, ITDD-23-184, ITDD-23-186 and ITDD-23-188.
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, 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 fo rward-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”, “i ntend”, “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 complete an environmental impact assessment and obtain the requisite
permitting and approvals and the Company’s future plans . Su ch 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 change after such date. Readers sho uld 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.
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.