Lithium Ionic Enters Option Agreement to Acquire Up to 90% Interest in New Itinga Properties totaling 2,983 ha in the Lithium Valley, Minas Gerais, Brazil
Lithium Ionic Enters Option Agreement to Acquire Up to 90% Interest in New
Itinga Properties totaling 2,983 ha in the Lithium Valley, Minas Gerais, Brazil
TORONTO, ON, July 3, 2024 – Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N )
(“Lithium Ionic” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Neolit
Minerals Participações Ltda (“Neolit”), has entered into an option agreement (the “Agreement”)
with K2 Mineração e Exportação EIRELI , Super Clássico Comércio, Importação e Exportação
Ltda. and Minerales Empreendimentos, Mineração e Participações Ltda. to acquire up to a 90%
interest in select properties located in Itinga, within the Curralinho Pegmatite Field of the Araçuaí
Pegmatite District, Minas Gerais, Brazil (the “Transaction”).
Transaction Details:
The Agreement grants Neolit the option to acquire up to a 90% interest in each of three newly
formed special purpose vehicles domiciled in Brazil (the “SPVs”), which collectively hold five
mineral claims encompassing a total area of 2,983.22 hectares. Neolit shall initially hold a minority
stake in each that can increase up to 90% upon fulfilling the terms of the Agreement.
Key Terms of the Agreement:
• Neolit, at its option, has the right to conduct an exploration program and deliver a feasibility
study for each SPV to acquire up to a 90% interest in the applicable SPV.
• To achieve a 90% interest in each SPV , Neolit will be required to invest a minimum of
R$21.3 million (~C$5.5 million) by Q1 2030.
• The properties are strategically located within the lithium -rich Araçuaí Pegmatite District,
known for its significant spodumene deposits.
Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, “This transaction
marks a significant milestone in our growth strategy, allowing us to expand our presence in Brazil’s
premier lithium district. We are excited about the potential these properties hold and are
committed to advancing them responsibly to create value for our shareholders and stakeholders.”
The Transaction aligns with the Company’s strategy to expand its footprint in one of the most
promising lithium districts globally. The properties under option have demonstrated potential for
significant lithium mineralization, which the Company aims to further explore and develop.
Next Steps:
Neolit will commence an extensive exploration program, including geological mapping,
geochemical surveys, and drilling, to delineate potential resources within these properties. The
Company will also engage with local communities and stakeholders to ensure the sustainable
development of these projects.
Figure 1. Lithium Ionic Properties in the Lithium Valley and the Agreement Properties
On behalf of the Board of Directors of Lithium Ionic Corp.
Blake Hylands
Chief Executive Officer, Director
About Lithium Ionic Corp.
Lithium Ionic is a Canadian mining company exploring and developing its lithium properties in
Brazil. Its flagship Itinga and Salinas projects cover ~17,000 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. The Itinga 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.
Qualified Persons
The scientific and technical information in this news release has been reviewed and approved 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 ac hievements 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
and development of the Company’s mineral properties, the timing and results of the Agreement,
the Transaction, the Company’s ability to complete the Transaction, the Company’s ability to
obtain adequate financing 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
importance on forward -looking information and should not rely upon this infor mation 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.
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