Lithium Ionic reports 1.87% Li2O over 45m at Galvani target; other highlights include 2.10% Li2O over 19m and 1.48% Li2O over 17m, in Minas Gerais, Brazil

Rhea-AI Summary

Lithium Ionic Corp. (OTCQB: LTHCF) has announced significant assay results from its Galvani claims, part of a broader 30,000 metre drilling program. As of now, 23,000 metres have been drilled at Galvani and the Bandeira properties, which constitute only a fraction of the company's 14,182 hectares in Brazil's lithium-rich region. Notable drill intercepts include 1.87% Li2O over 45m and 2.10% Li2O over 19.4m, indicating substantial mineralization potential. The company aims to complete its initial mineral resource estimate by Q2 2023. CEO Blake Hylands emphasized the exploration potential and the optimistic outlook for a significant mineral resource estimate. An additional drill rig has been mobilized to the Itira property to expand exploratory efforts.

Positive

• 1.87% Li2O over 45m represents the best drill hole result at Galvani.
• Company is progressing towards a mineral resource estimate expected in Q2 2023.
• Additional drilling indicates high-grade mineralization continuity.
• Completion of 23,000 metres of a 30,000 metre drilling program shows proactive exploration strategy.

Negative

• None.

TORONTO, April 11, 2023 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE: H3N) (“Lithium Ionic” or the “Company”) reports assay results from its Galvani claims as part of an ongoing 30,000 metre drill program, which is expected to culminate with an initial mineral resource estimate, expected in Q2 2023. The Company has to date completed 23,000 metres of drilling at the Bandeira and Galvani properties, which together cover only 872 of the 14,182 hectares it controls in this lithium-producing district.

The Galvani claims, acquired in late 2022 (see Sept. 12, 2022 press release), are located approximately 5 kilometres northwest of its Bandeira property and Companhia Brasileira de Lítio’s (CBL) Cachoeira lithium mine, and approximately 4 kilometres West of Sigma Lithium’s large Xuxa lithium deposit (see Figure 1).

Galvani Drill Intercept Highlights (See complete results in Table 1)

• 1.87% Li2O over 45m, incl. 2.27% Li2O over 4m, 2.87% Li2O over 7m,
  2.14% Li2O over 10m (hole ARDD-23-48), intersected at approximately 30 to 75 metres down-hole and only 20 metres from surface represents the best hole drilled to date at Galvani (see figures 2 and 3)
• 2.10% Li2O over 19.4m, incl. 3.15% Li2O over 6m (hole ARDD-23-51)  
• 1.48% Li2O over 16.7m (hole ARDD-23-050)  
• 1.23% Li2O over 17m (hole ARDD-23-045)  

Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, “The Galvani target, and our properties extending from it, show huge exploration potential and remain a key focus for our future campaigns. As we work towards completing the infill and definition drilling program at Galvani, the latest results reaffirm the continuity and scale of the large mineralized pegmatites at this target. With the results from the Galvani and Bandeira properties, we are very optimistic about delivering a sizable and high-grade mineral resource estimate in the near-term, as an initial step to delineating much larger resources for significant future growth.”

The intercepts reported in Table 1 form part of an infill drilling program to achieve 50-metre spacing between holes at Galvani, where high-grade mineralization has been shown to continue over an 850-metre strike length. The results announced today have confirmed continuity of mineralization along strike and this improved drill density is designed to achieve a higher level of confidence in the mineral resource classification for the mineral resource estimate expected in Q2 2023.

Previously Reported Drill Intercept Highlights from Galvani

• 1.53% Li2O over 46.21m, incl. 2.22% Li2O over 12.49m
  and 1.14% Li2O over 12.88m, incl. 1.66% Li2O over 5.43m (Hole ARDD-22-021)  
• 1.98% Li2O over 25m (Hole ARDD-22-030)  
• 1.30% Li2O over 38.5m (Hole ARDD-22-014)  
• 1.17% Li2O over 42.05m, incl. 1.95% Li2O over 11.72m (Hole ARDD-22-002)  
• 1.57% Li2O over 24.93m, incl. 2.10% Li2O over 7.45m (Hole ARDD-22-001)  
• 1.94% Li2O over 19.78m, incl. 2.33% Li2O over 7.35m (Hole ARDD-22-007)  
• 1.71% Li2O over 21.9m (Hole ARDD-22-025)  
  

The Company has completed approximately 23,000 metres (161 drill holes) of a budgeted 30,000 metre drill program, with seven drills operating at the Bandeira and Galvani targets. Approximately 15,000 metres (94 drillholes) have been drilled at Bandeira and approximately 8,000 metres (67 drillholes) have been drilled at Galvani. The remaining ~7,000 metres of the initial resource delineation drill program are expected to be completed by the end of April 2023.

The Company recently mobilized an 8^th drill rig to the Itira property, located less than a kilometre West of Galvani, to initiate exploratory drilling at this target.  

Figure 1: Galvani and Bandeira Properties, Forming Part of the Itinga Project

View Figure 1 here:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f68b27b8-c95e-4712-8a36-8ddc2cad3a40

 

Figure 2: Galvani Pegmatite Plan Map with Drill Highlights and Section Locations

View Figure 2 here:
https://www.globenewswire.com/NewsRoom/AttachmentNg/2696c757-ee45-4aa1-a854-32bba88afb2c

 

Figure 3: Section LT250 Facing North-West; Holes ARDD-23-048

View Figure 3 here:
https://www.globenewswire.com/NewsRoom/AttachmentNg/0d749143-c1dd-4e8b-8ff9-94dfb974c961

Table 1. Galvani Drill Results

Hole ID	Az	Dip	From	To	Metres	Li2O (%)
ARDD-23-45	210	-60	10.22	11.23	1.01	1.29
and			22.85	39.85	17.00	1.23
ARDD-23-46	210	-45	74.67	88.25	13.58	1.10
incl			78.67	88.25	9.58	1.31
ARDD-23-47	210	-60	20.22	32.22	12.00	1.23
ARDD-23-48	210	-60	29.83	74.83	45.00	1.87
incl			29.83	33.83	4.00	2.27
incl			44.83	51.83	7.00	2.87
incl			60.83	70.83	10.00	2.14
ARDD-23-49	210	-45	86.16	98.16	12.00	1.44
incl			92.16	97.16	5.00	2.27
ARDD-23-50	210	-45	49.62	54.96	5.34	1.32
and			65.45	82.17	16.72	1.48
incl			75.45	82.17	6.72	1.61
ARDD-23-51	210	-45	59.25	67.15	7.90	1.80
and			73.15	92.55	19.40	2.10
incl			83.55	89.55	6.00	3.15

About Lithium Ionic Corp.

Lithium Ionic is a Canadian-based lithium-focused mining company with properties covering 14,182 hectares located in the prolific Araçuaí province in Minas Gerais State, Brazil, which boasts excellent infrastructure, including highways, access to hydroelectrical grid power, water, and nearby commercial ports. Its Itinga Project neighbours CBL’s Cachoeira lithium mine and Sigma Lithium Corp.’s construction-stage Grota do Cirilo project.

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, 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 of the Company’s mineral properties, the Company’s ability to produce a NI 43-101 compliant mineral resource estimate, the mineralization and development of the Company’s mineral properties, the Company’s exploration program and other mining projects and prospects thereof. 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.

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.