Lithium Ionic Corp. [LTH-TSXV] reported additional drilling results from the Galvani claims, on which it is currently conducting a due diligence review following the recently announced binding asset purchase agreement. The Galvani claims, as well as its neighboring 100%-owned Itinga Lithium Project (areas 1-5) are located in the state of Minas Gerais, Brazil, in the same district as the lithium producing CBL mine and Sigma Lithium’s Groto do Cirilo project (73.6Mt M&I grading 1.43% Li2O).
New Galvani drill results highlights include a drill intercept of 1.17% Li 2O over 42.05 metres, including 1.95% Li 2O over 11.72 metres (ARDD-22-002) confirms a widening extension of mineralization to surface from historic hole OLDD-003.
Previously reported exploration highlights from the Galvani target includes a drill intercept of 1.57% Li 2O over 24.93 metres, including 2.10% Li 2O over 7.45 metres (ARDD-22-001).
Blake Hylands, CEO of Lithium Ionic, comments: “The Outro Lado showing at the Galvani claims continues to show the potential for a significant deposit to be outlined very quickly. The team is gaining a better understanding of the geology and mineralization controls in the area and we are very excited about the opportunity.”
The company is currently undertaking a 900-metre, 7-hole drill program as well as an extensive trenching program in proximity to an approximately 700 metre strike extent of pegmatite on the Galvani claims, as part of its 90-day due diligence review following the purchase agreement announced on June 14, 2022. The exploration program was designed to confirm historic drilling and determine the structural controls of the mineralized pegmatites, including its orientation with up and down dip testing.
The excellent drill results reported today are consistent with some of the significant historic drill results which cover roughly one-kilometre along strike including 1.62% Li2O over 20.25 metres and 1.78% Li2O over 12 metres.
The Galvani property is located less than 4 km from Sigma Lithium’s Xuxa deposit (over 17Mt grading 1.55% Li2O M+I). The high grade and large widths of the intercepts to date demonstrate excellent potential to outline a significant mineral resource estimate very quickly. Mineralization is hosted in spodumene bearing pegmatites sourced from the same granitic intrusive, which characterizes Lithium Ionic’s Project Area 1, CBL’s lithium mining operation, and Sigma Lithium’s resources.
The Itinga Project is located in Minas Gerais State (MG), Brazil. The Project comprises five mineral licenses covering more than 1,300 hectares in the prolific Aracuai lithium province. A portion of the project occurs immediately south of the CBL lithium mine and plant, Brazil’s only lithium producer, and immediately north of the large Barreiro and Xuxa lithium deposits of Sigma Lithium Corp. [SGML-TSXV, NASDAQ].
The project area has excellent infrastructure, including access to hydroelectrical grid power, water, a commercial port, highways and communities. Lithium mineralization (spodumene, lepidolite, petalite) occurs within a halo of pegmatite dikes and apophyses that occur within the rocks surrounding Neoproterozoic granitic intrusions.