Lithium Ionic reports initial drill results from Itira incl. 1.19% Li2O over 9m and 1.64% Li2O over 6m; and infill drill results from Bandeira incl. 1.44% Li2O over 7m and 1.59% Li2O over 6m, Minas Gerais, Brazil
Lithium Ionic reports initial drill results from Itira incl. 1.19% Li2O over 9m and
1.64% Li2O over 6m; and infill drill results from Bandeira incl. 1.44% Li2O over 7m
and 1.59% Li2O over 6m, Minas Gerais, Brazil
TORONTO, ON, August 24, 2023 – Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE:
H3N) (“Lithium Ionic” or the “ Company”) reports initial assay results from Itira, as well as infill
drilling results from Bandeira. These are two targets presently being drilled within the Company’s
large portfolio of properties which cover 14,182 hectares in the emerging, prolific lithium-
producing region in northern Minas Gerais State, Brazil. Bandeira and Itira are located
approximately 8 kilometres from each other in the same district where 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
location map).
Itira Exploration Drilling Intercept Highlights (See Figure 2 and Table 1):
▪ 1.19% Li2O over 8.9m (hole EXDD-23-011)
▪ 1.64% Li2O over 5.9m (hole EXDD-23-010)
Bandeira Infill Drill Intercept Highlights (See Figure 3 and Table 2):
▪ 1.44% Li2O over 6.9m (hole ITDD-23-137)
▪ 1.59% Li2O over 5.9m (hole ITDD-23-132)
▪ 1.85% Li2O over 5m (hole ITDD-23-144)
▪ 2.24% Li2O over 3.1m (hole ITDD-23-134)
▪ 1.01% Li2O over 7.1m (hole ITDD-23-138)
Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, “Itira is a large
property covering over 3,100 hectares and located just a few kilometres from our Outro Lado
deposit. W hile we are encouraged by the few strong intersections obtained so far, there are
several other planned drill targets which show very strong potential, including the northern portion
of the p roperty which returned soil anomalies with the highest lithium values. Numerous
outcropping spodumene-bearing pegmatites have been identified on the property and further
confirmed by sampling trenches, and these will methodically be drill tested in the coming months.
Itira drilling is progressing on a similar track to the start at Bandeira, whereby the technical team
is developing the geological model wit h the early drill holes , and this will guide the exploration
program as the project progresses. Our drill program at Bandeira is progressing well as we
continue to improve drill spacing to upgrade the classification of our mineral resources in an
updated mineral resource estimate we plan to deliver along with a Preliminary Economic
Assessment in the coming months.”
The results announced today are part of a 50,000-metre expansion and definition drilling program
underway for H2 2023, following the release of an initial mineral resource estimate (“MRE”) in late
June 2023 at the Bandeira and Outro Lado deposits of 7.57 million tonnes (“Mt”) grading 1.40%
lithium oxide (“Li2O”) of Measured and Indicated (“M&I”) and 11.86Mt grading 1.44% Li2O of
Inferred resources (see press release dated June 27, 2023). The Company is focused on rapidly
advancing its Bandeira and Outro Lado lithium deposits (Itinga Project) towards production, while
it continues to define and expand regional targets. 13 drills are currently operating at four different
drill sites. Project engineering is underway by independent Brazilian consultant, GE21 Consultoria
Mineral Ltda., with a PEA expected in the coming months. Concurrently, WSP (formerly Golder)
is expected to complete an Environmental Impact Assessment for the Itinga Project by year-end,
which will enable the Company to initiate the environmental licensing process.
Figure 1. Location Map Showing Lithium Ionic’s 14,182 Land Package
Figure 2: Itira Drill Result Highlights
Figure 3. Bandeira Drill Result Highlights and Nearby Lithium Mines/Deposits
Table 1. Itira Drill Results
Hole ID Az Dip From To Metres Li2O (%)
EXDD-23-001 0 -90 nsv
EXDD-23-002 100 -50 39.98 45.53 5.55 1.09
incl. 39.98 43.98 4.00 1.29
EXDD-23-003 120 -50 nsv
EXDD-23-004 120 -50 nsv
EXDD-23-005 120 -50 126.84 129.98 3.14 1.60
EXDD-23-006 0 -90 89.82 92.84 3.02 1.41
EXDD-23-007 0 -90 nsv
EXDD-23-008 120 -50 89.78 92.78 3.00 0.69
EXDD-23-009 0 -90 47.49 48.29 0.80 2.90
and 150 -84 109.07 110.15 1.08 0.77
EXDD-23-010 120 -50 164.43 169.00 4.57 1.02
and 191.40 196.10 4.70 1.64
and 205.04 207.04 2.00 1.30
EXDD-23-011 120 -50 184.93 193.80 8.87 1.19
EXDD-23-012 120 -50 114.59 115.72 1.13 0.66
EXDD-23-013 120 -50 Assays Pending
EXDD-23-014 120 -50 nsv
EXDD-23-015 0 -90 nsv
EXDD-23-016 120 -65 nsv
EXDD-23-017 0 -90 nsv
EXDD-23-018 100 -55 132.46 134.71 2.25 0.94
EXDD-23-019 100 -75 nsv
EXDD-23-020 0 -90 nsv
Table 2. Bandeira Drill Results
Hole ID Az Dip From To Metres Li2O (%)
ITDD-23-130 150 -72 88.49 91.08 2.59 1.15
and 150 -68 240.32 242.41 2.09 1.46
ITDD-23-131 150 -85 99.48 101.88 2.40 1.67
and 150 -80 274.94 278.00 3.06 1.33
ITDD-23-132 150 -77 69.51 72.73 3.22 1.66
and 0 -90 166.14 169.88 3.74 1.36
and 150 -50 172.68 178.59 5.91 1.59
ITDD-23-133 150 -54 150.20 154.79 4.59 1.20
ITDD-23-134 150 -76 32.45 34.95 2.50 2.43
and 138.85 141.96 3.11 2.24
ITDD-23-135 150 -65 121.85 123.46 1.61 1.74
and 136.02 137.59 1.57 2.96
ITDD-23-136 150 -50 Pending
ITDD-23-137
150 -90
81.68 85.18 3.5 1.48
and 182.18 183.7 1.52 0.92
and 185.16 187.28 2.12 1.35
and 189.8 196.65 6.85 1.44
ITDD-23-138 150 -79 289.52 296.62 7.10 1.01
ITDD-23-139 150 -82 Pending
ITDD-23-140 0 -90 28.83 30.62 1.79 1.22
ITDD-23-141 0 -90 39.98 43.98 4.00 1.36
and 47.25 51.61 4.36 0.63
ITDD-23-142 150 -68 Pending
ITDD-23-143 150 -66 Pending
ITDD-23-144 150 -79 82.50 82.98 0.48 2.34
and 94.46 99.42 4.96 1.85
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 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. 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.
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 refere nce. 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
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