TORONTO, July 05, 2024 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) (“Lithium Ionic” or the “Company”) is pleased to provide an update on expanded drilling activities at its extensive claim holdings, including the Itinga and Salinas area properties, located in the Lithium Valley, in Minas Gerais State, Brazil.
Regional Drilling at Itinga Area Properties
A 4,000-metre drilling program has been initiated on four properties located between 2 to 10 kilometres from its flagship Bandeira Lithium Project (see Figure 1), for which a positive Feasibility Study was announced on May 29, 2024. This initial drilling program will aim to test lithium soil anomalies identified by systematic mapping and soil geochemistry exploration programs conducted in 2022 and 2023. This exploration method was successfully used to identify surveys and delineate the current NI 43-101 compliant mineral deposits, which totals 60.1 million tonnes* (32.51Mt grading 1.31% Li2O (1,052kt LCE) in the Measured & Indicated category and 27.57Mt grading 1.24% Li2O (848kt LCE) in the Inferred category).
Four drill rigs are currently operating, one on each of the four targeted properties: Afrodite (formerly “Area 2”), Phoenix (formerly “Area 3”), Apollo (formerly Area 4) and Gonçalves (formerly “Area 5”).
Expanded Drilling Program at Salinas Properties
The Company has also initiated an expanded 30,000-metre drill program at its Salinas Lithium Project (“Salinas”), located within the lithium-rich Araçuaí Pegmatite District in the northern part of the Eastern Brazilian Pegmatite Province (see location map in Figure 1). This drill program will nearly double the amount of drilling at Salinas completed to date, aiming to expand and upgrade the current mineral resource estimate. Two drill rigs are currently operating at the property.
Salinas is located approximately 100km north of the Itinga group of properties and approximately 20 kilometres east of the Salinas municipality, a town of approximately 40,000 people.
On April 4, 2024, the Company reported an initial mineral resource estimate (“MRE”) at Salinas of 5.86Mt grading 1.09% Li₂O (158,678t LCE) in the Measured and Indicated category, along with 8.90Mt grading 0.97% Li₂O (214,572t LCE) in the Inferred category. This initial MRE was based on 27,030 metres of drilling completed between May and November 2023. As announced on April 4, 2024, a Preliminary Economic Assessment (“PEA”) for Salinas is underway by independent Brazilian consultancy, GE21 Consultoria Mineral Ltda. (“GE21”).
Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, “We have delineated over 60Mt of spodumene-rich pegmatites since we began drilling just over two years ago, a testament to the strong capabilities of our team and the quality of the properties selected within the lithium district. The speed at which these deposits have been delineated showcases the Company’s capabilities to execute efficiently. Based on our success at Bandeira, we are highly encouraged by the potential of the regional targets we are currently testing. We are equally excited about the expanded drilling program at Salinas, which aims to significantly scale-up this project. With drilling initiated just over a year ago, Salinas has evolved and grown rapidly, reflecting its substantial future potential.”
Figure 1. Lithium Ionic Properties in the Lithium Valley Showing Active Drilling Sites
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/2d03442f-0c8d-46ca-aadb-88954839491d
*See NI 43-101 compliant technical report related to the Bandeira Bandeira MRE titled “NI 43-101 Technical Report – Mineral Resource Update on Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil” (effective date of March 5, 2024; QP: Leonardo Soares of GE21); See NI 43-101 compliant technical report related to the Salinas MRE titled “Independent Technical Report on Mineral Resources Estimate” (effective date of January 4, 2024; QP: Leonardo Soares, P.Geo., M.Sc., of GE21); and the NI 43-101 compliant technical reports related to the Outro Lado deposit titled “Mineral Resource Estimate for Lithium Ionic, Itinga Project” (effective date of June 24, 2023; authored by Maxime Dupéré, B. Sc., P.Geo. and Faisal Sayeed, B. Sc., P.Geo).
Advance Notice Policy
The Company has an advance notice by-law (the “Advance Notice Policy”), establishing a framework for advance notice of nominations of directors by shareholders of the Company.
The purpose of this Advance Notice Policy is to provide shareholders, directors and management of the Company with direction on the nomination of directors. The Advance Notice Policy is the framework by which the Company seeks to fix a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
With respect to the annual and special meeting of shareholders of the Company to be held on July 26, 2024 (the “Meeting”), notice of any proposed nominations must be provided to the Corporate Secretary of the Company at the principal executive offices of the Company no later than 5:00 p.m. (Toronto time) on July 15, 2024. For details in respect of the notice requirements for proposed nominations at all subsequent meetings of shareholders, please refer to the Advance Notice Policy, a copy of which is available under the Company’s profile at www.sedarplus.com and on the Company’s website.
The Advance Notice Policy is effective immediately. At the Meeting, the Company will seek shareholder approval and ratification of the Advance Notice Policy.
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
info@lithiumionic.com
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 forward-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”, “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 Company’s exploration program, the Company’s ability to complete a PEA, the Advance Notice Policy, 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 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.
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