Lithium Ionic Reports Widest and Highest-Grade Lithium Intercept to Date; Drills 1.72% Li2O Over 53.7m, incl. 1.87% Li2O over 39.5m at Bandeira, Minas Gerais, Brazil
Lithium Ionic Reports Widest and Highest-Grade Lithium Intercept to Date; Drills
1.72% Li2O Over 53.7m, incl. 1.87% Li2O over 39.5m at Bandeira, Minas Gerais,
Brazil
TORONTO, ON, December 12, 2023 – Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE:
H3N) (“Lithium Ionic” or the “Company”) is pleased to report assay results for 15 drill holes from
its Feasibility -stage Bandeira Lithium Project (“Bandeira”), situated in northern Minas Gerais
State, Brazil, in the lithium-rich Araçuaí Pegmatite District , also known as the Lithium Valley,
where two lithium producers currently operate. The Company has recently completed the planned
50,000-metre drill program it had set out for H2 2023 at its Itinga and Salinas group of properties,
however drilling is ongoing at select targets, including Bandeira, focusing on expanding and
upgrading existing mineral resources in advance of a Feasibility Study, on track for completion in
early 2024.
Significant drill intercepts from the most recent Bandeira results, include:
1.72% Li2O over 53.7m, including 1.87% Li2O over 39.5m and 1.61% Li2O over
11.2m, intersected approximately 100 metres below surface, represents the
widest and highest-grade lithium drill intercept returned to date among the
Company’s entire portfolio of properties. (hole ITDD-23-221) (See Figure 1 plan map,
Figure 2 cross section, and video of core sample HERE)
1.65% Li2O over 16.2m (hole ITDD-23-218)
1.78% Li2O over 8.7m, incl. 2.44% Li2O over 5.1m (hole ITDD-23-215)
1.50% Li2O over 9.4m and 1.40% Li2O over 6.5m (hole ITDD-23-192)
1.59% Li2O over 8.6m (hole ITDD-23-216)
2.19% Li2O over 5.3m (hole ITDD-23-227)
Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, “Our most recent
drilling efforts at Bandeira, particularly hole ITDD -23-221 and 218, encountered an impressive
new zone of high-grade mineralization, clearly highlighting the abundance of spodumene not only
on our property but in this district. These results continue to emphasize the robustness of the
lithium deposit at Bandeira, which currently represents around 90% of our total resource tonnage
but only ~ 1% of our total property size pointing to the immense potential and scalability of our
projects in this lithium-rich region.”
Bandeira is a 175- hectare property within its large 14,182 -hectare land package, which hosts a
mineral resource estimate (“MRE”) of 13.72Mt grading 1.40% Li2O (474,892t LCE) in the
Measured and Indicated category, in addition to 15.79Mt grading 1.34% Li2O (523,118t LCE) in
the Inferred category. This MRE formed the basis of a Preliminary Economic Assessment (“PEA”),
which 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 or Technical Report HERE).
A total of a pproximately 68,700 metres (373 holes) have been drilled at the Itinga group of
properties since exploration activities began in April 2022, of which ~52,650 metres (256 holes)
have been drilled at Bandeira. The Bandeira MRE considered in the PEA included 182 drill holes
(39,679 metres) until the cut -off date of August 30, 2023; 74 drill holes (~12,970 metres) have
been completed at Bandeira since then, focus ing on improving drill density and testing mineral
extensions, which has significantly expanded lithium mineralization and remains open to further
growth.
The Company is rapidly advancing Bandeira towards a production decision, while it continues to
define and grow lithium mineralization at other regional targets. A NI 43-101 compliant Feasibility
Study (“FS”) for Bandeira, including an updated MRE, is progressing well and on track for
completion in early 2024. On November 21, 2023 , the Company submitted its application for a
Concomitant Environmental and Installation License (“LAC”, or Licença Ambiental Concomitante
in Portuguese) to the State of Minas Gerais , who have recognized its properties as “priority
projects” (see press release dated July 19, 2023). The LAC approval, anticipated in mid-2024,
would result in the environmental and social license together with an authorization to begin
construction. Last week, on December 4th, the Company announced the appointment of mining
veteran, Paulo Misk, to its team as COO to boast its technical and operational capabilities as it
quickly accelerates the Bandeira project.
Figure 1. Bandeira Drill Collars and Traces with Intercept Highlights and Drill Core Photo
of ITDD-23-221
Figure 2. Section LT350NE Showing New High-Grade Zone of Mineralization Intersected
by Drill Holes ITDD-23-221 and ITDD-23-218
Table 1. Bandeira Drill Results
Hole ID Az Dip From To Metres Li2O (%)
ITDD-23-192 150 -77 196.40 202.91 6.51 1.40
and 346.48 355.84 9.36 1.50
ITDD-23-198
0 -90
39.07 41.24 2.17 0.67
and 67.98 71.67 3.69 0.91
and 93.91 99.03 5.12 1.42
ITDD-23-200 0 -90 69.11 71.11 2.00 1.55
ITDD-23-202 150 -58 85.10 87.62 2.52 1.78
and 258.82 262.81 3.99 1.83
ITDD-23-203 150 -50 83.29 83.69 0.40 2.48
ITDD-23-212 150 -60 110.38 112.78 2.40 1.21
ITDD-23-215
150 -52
37.48 43.52 6.04 1.36
and 203.86 212.54 8.68 1.78
including 203.86 208.94 5.08 2.44
ITDD-23-216
150 -72
55.24 60.12 4.88 1.54
and 65.36 70.42 5.06 1.13
and 197.59 206.18 8.59 1.59
ITDD-23-218 330 -62 56.17 72.40 16.23 1.65
ITDD-23-219
150 -51
56.49 64.05 7.56 0.75
including 58.54 61.54 3.00 1.11
and 197.86 200.53 2.67 1.62
ITDD-23-220 150 -50 66.48 66.89 0.41 2.38
and 76.92 78.00 1.08 1.60
ITDD-23-221
150 -60
113.37 167.10 53.73 1.72
including 113.37 124.56 11.19 1.61
including 127.64 167.10 39.46 1.87
and 187.30 189.17 1.87 1.61
and 193.77 195.63 1.86 1.81
ITDD-23-222 150 -79 57.30 63.57 6.27 1.22
and 197.78 202.62 4.84 1.45
ITDD-23-227
150 -72
9.76 14.82 5.06 1.24
and 149.37 154.62 5.25 2.19
and 179.03 181.93 2.90 1.67
ITDD-23-229 150 -60 122.55 124.72 2.17 1.30
*Assays pending for holes ITDD-23-190, ITDD-23-191, ITDD-23-193, ITDD-23-195, ITDD-23-197, ITDD-23-201, ITDD-23-204 to
ITDD-23-211, ITDD-23-213, ITDD-23-214, ITDD-23-223 to ITDD-23-226 and ITDD-23-228.
*No significant results/values (nsv) for holes ITDD-23-217.
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, who are both
“qualified persons” as defined in NI 43- 101. Mr. Costa and Mr. Hylands have both read and
approved the content in this news release.
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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
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