Lithium Ionic Files NI 43-101 Technical Report for the Salinas Lithium Project Mineral Resource Estimate, Minas Gerais, Brazil

Rhea-AI Summary

Lithium Ionic has filed a NI 43-101 compliant technical report for its Salinas Lithium Project in Minas Gerais, Brazil. The report includes an initial Mineral Resource Estimate (MRE) with 5.86 million tonnes (Mt) at 1.09% Li2O in Measured and Indicated resources, and 8.90Mt at 0.97% Li2O in Inferred resources. This increases the company's global mineral resources to 60.1Mt. The report, prepared by GE21 Consultoria Mineral, has an effective date of January 4, 2024, and is available on SEDAR+ and the company’s website. Lithium Ionic is conducting a Preliminary Economic Assessment, expected by late 2024, alongside ongoing exploration and drilling to expand the resources further. An upgraded MRE for Salinas is also anticipated later this year.

Positive

• Filed NI 43-101 compliant technical report for Salinas Lithium Project.
• Measured and Indicated resources of 5.86Mt at 1.09% Li2O.
• Inferred resources of 8.90Mt at 0.97% Li2O.
• Global mineral resources increased to 60.1Mt.
• Preliminary Economic Assessment expected in H2 2024.
• Ongoing exploration and drilling for resource expansion.

Negative

• No immediate financial gain reported in the press release.
• Inferred resources, while substantial, have less certainty than Measured and Indicated resources.
• Economic viability of the project still uncertain pending Preliminary Economic Assessment.

TORONTO, May 17, 2024 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) reports that it has filed the independent NI 43-101 compliant technical report for its Salinas Lithium Project (“Salinas” or the “Project”) in Minas Gerais State, Brazil, related to an initial Mineral Resource Estimate (“MRE”) for the Project announced on April 4, 2024.

The Technical Report, titled “Independent Technical Report on Mineral Resources Estimate for the Baixa Grande - Salinas Lithium Project” was prepared by GE21 Consultoria Mineral Ltda. (“GE21”) in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has an effective date of January 4, 2024.

The technical report details the MRE comprising Measured and Indicated resources of 5.86 million tonnes (“Mt”) at 1.09% Li2O, and Inferred resources of 8.90Mt at 0.97% Li2O, which significantly increased its global mineral resources to 60.1Mt.*

The technical report is available on SEDAR+ (www.sedarplus.ca) under Lithium Ionic’s issuer profile and on the Company’s website at www.lithiumionic.com.

The Company is currently undertaking a Preliminary Economic Assessment for Salinas, which is expected to be completed in the second half of 2024. Exploration work and drilling will also be ongoing at the Project for the remainder of 2024 to continue to expand and upgrade the mineral resources. An upgraded MRE for Salinas is expected later this year.

^{*See press release dated April 12, 2024, for details related to the Bandeira MRE (effective date of Jan. 10, 2024; QP: Carlos Silva of GE21); See NI 43-101 compliant technical reports 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).}

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.

Qualified Persons

Leonardo Soares, P.Geo., M.Sc., of GE21 is a Qualified Person as defined by NI 43-101 And has reviewed and approved the technical information and data regarding the MRE included in this news release. Mr. Soares is independent of Lithium Ionic. All other scientific and 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.

On behalf of the Board of Directors of Lithium Ionic Corp.

Blake Hylands
Chief Executive Officer, Director

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 of the Company’s mineral properties including Salinas, the Company’s ability to produce a NI 43-101 compliant Preliminary Economic Assessment and the timing thereof, the Company’s ability to obtain the requisite licences and permits, the Company’s ability to obtain adequate financing, the mineralization and development of the Company’s mineral properties, the Company’s exploration program and other mining projects and prospects thereof 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.

Information and links in this press release relating to other mineral resource companies are from their sources believed to be reliable, but that have not been independently verified by the Company.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

FAQ

What is the Mineral Resource Estimate for Lithium Ionic's Salinas Project?

The Salinas Project has Measured and Indicated resources of 5.86Mt at 1.09% Li2O and Inferred resources of 8.90Mt at 0.97% Li2O.

When was the NI 43-101 technical report for the Salinas Lithium Project filed?

The report was filed on May 17, 2024.

What is the current total global mineral resource for Lithium Ionic?

Lithium Ionic's global mineral resources have increased to 60.1Mt.

When is the Preliminary Economic Assessment for the Salinas Project expected?

The Preliminary Economic Assessment is expected to be completed in the second half of 2024.

Which company prepared the technical report for the Salinas Project?

The technical report was prepared by GE21 Consultoria Mineral Ltda.

Where can the technical report for the Salinas Lithium Project be accessed?

The report is available on SEDAR+ and the company's website.

What are the grades of lithium oxide in the Salinas Project's MRE?

The grades are 1.09% Li2O for Measured and Indicated resources and 0.97% Li2O for Inferred resources.