Lithium Ionic drills 2.45% Li2O over 9.1m and 1.61% Li2O over 11.9m at Bandeira, Minas Gerais, Brazil
Lithium Ionic drills 2.45% Li2O over 9.1m and 1.61% Li2O over 11.9m at Bandeira,
Minas Gerais, Brazil
TORONTO, ON, November 15, 2023 – Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE:
H3N) (“Lithium Ionic” or the “Company ”) reports additional results from the 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 Feasibility
Study planned for completion in early 2024 , as well as grow the known mineralization at other
prospective regional targets.
Bandeira Drill Intercept Highlights (See Table 1 and Figure 1):
▪ 2.45% Li2O over 9.1m, 1.61% Li2O over 11.9m, 1.30% Li2O over 9.0m as well as
1.39% Li2O over 7.8m (hole ITDD-23-188) (See Figure 2 cross section)
▪ 1.92% Li2O over 6.9m and 1.42% Li2O over 8.2m (hole ITDD-23-175)
▪ 1.42% Li2O over 8.9m (hole ITDD-23-196)
▪ 1.12% Li2O over 10.6m, incl. 1.34% Li2O over 7.9m (hole ITDD-23-184)
▪ 1.59% Li2O over 5.6m (hole ITDD-23-199)
Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, “These latest drill
results continue to bolster our efforts to expand and enhance the Bandeira project for our
upcoming Feasibility Study. The growth trajectory of this deposit since we began drilling it in April
2022 is a testament to its significance within our large portfolio of properties in this belt and will
continue to be a key driver of our success. Bandeira represents just a fraction of our land holdings,
and our team strongly believes that our success at this property could be replicated at our other
properties in the region with the same effort.”
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 expected 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
Figure 2. Section_LT600NE Drill Results
Table 1. Bandeira Drill Results
Hole ID Az Dip From To Metres Li2O (%)
ITDD-23-175
150 -73
323.64 325.56 1.92 1.85
and 383.34 385.19 1.85 1.02
and 399.28 407.49 8.21 1.42
and 485.38 492.19 6.81 1.92
and 524.36 529.94 5.58 1.11
ITDD-23-179 150 -50 nsv
ITDD-23-183 150 -68 177.37 179.59 2.22 2.08
ITDD-23-184
150 -85
156.12 159.73 3.61 1.03
and 200.00 210.57 10.57 1.12
including 202.67 210.57 7.90 1.34
and 339.45 341.69 2.24 1.87
and 348.01 349.42 1.41 1.94
ITDD-23-186 150 -60 nsv
ITDD-23-188
0 -90
130.48 139.59 9.11 2.45
and 272.46 275.86 3.40 2.07
and 347.55 356.50 8.95 1.30
and 463.82 471.60 7.78 1.39
and 631.34 643.24 11.90 1.61
ITDD-23-194 150 -50 117.31 119.50 2.19 1.83
and 125.97 128.18 2.21 1.51
ITDD-23-196 0 -90 110.73 113.82 3.09 0.93
and 137.13 146.05 8.92 1.42
ITDD-23-199
150 -83
49.26 50.43 1.17 3.29
and 127.38 129.42 2.04 2.03
and 270.33 272.10 1.77 0.93
and 278.35 279.67 1.32 1.36
and 288.91 294.47 5.56 1.59
and 408.52 413.16 4.64 0.74
*Assays pending for holes ITDD-23-190 to ITDD-23-193, ITDD-23-195, ITDD-23-197 and ITDD-23-198
Stock Option Grant
Lithium Ionic’s Board of Directors has approved the grant of 1,460,000 incentive stock options to
various directors, officers, and consultants of the Company pursuant to its stock option plan. The
options may be exercised at a price of $1.44 per option for a period of five years from the date of
grant. The grant of options remains subject to the approval of the TSX Venture Exchange.
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 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
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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 . 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 change after such date. Readers should not place undue
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