Lithium Ionic drills 1.32% Li2O over 24 metres at Bandeira, Brazil, shares up

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Lithium Ionic Corp. [LTH-TSXV; LTHCF-OTCQB; H3N-FSE] reported assay results from hole ITDD-23-065, drilled at its 100%-owned Bandeira property as part of a continuing 30,000-metre drill program at the Itinga project, located within the Aracuai district in the state of Minas Gerais, Brazil.

ITDD-23-065 represents the best hole drilled to date at Bandeira, intersecting 13 well-mineralized individual pegmatite veins with high grade lithium content over widths of up to 24 metres.

The company has completed 22,000 metres of the drill program to date between the Bandeira and Galvani properties, which together cover only 872 of the 14,182 hectares it controls in this lithium-producing district. Bandeira is located approximately 500 metres south of Companhia Brasileira de Litio’s (CBL) Cachoeira lithium mine, and approximately 700 metres North of Sigma Lithium’s large Barreiro lithium deposit.

Hole ITDD-23-065 Highlights: Hole drilled to a depth of approximately 500m, intersected 13 individual well-mineralized stacked pegmatite veins from 160 metres to 485 metres down hole, consistent with other large lithium deposits nearby.

Best intersections drilled to date at Bandeira, with high lithium content over significant widths, including 1.32% Li2O over 24 metres, including 2.12% Li2O over 8 metres; 2.53% Li2O over 6.09 metres and 1.88% Li2O over 7.72 metres.

The hole successfully extended high-grade mineralization a further 200 metres down dip from previously reported hole ITDD-23-52, exceeding expectations with a continuous mineralized zone extending 500 metres from surface which significantly widens at depth.

Two 150-metre step-out holes planned to test mineral continuity to the North-West, while assays are pending for drilled holes ITDD-23-060 and ITDD-23-052 to confirm up dip mineral continuity.

Blake Hylands, P.Geo., CEO, commented, “Hole 65 returned exceptional results, which from a grade and thickness perspective is by far the best hole ever drilled at the Bandeira property. Although this zone of multiple new mineralized pegmatites requires further definition, we are very encouraged by the prospect of a high-grade vein system which remains completely open to expansion up dip and at depth. We believe there is strong potential to expand on this extensive body of mineralization with the ongoing drilling. Our initial 30,000-metre drill program is nearing completion with five drills now turning at Bandeira and an additional two at Galvani. We look forward to continuing to report on the remaining results, which is expected to culminate into a mineral resource estimate in Q2 2023.”

The new hole ITDD-23-065, along with holes ITDD-23-061 and ITDD-23-063 announced on March 21, 2023, which returned well-mineralized intervals of 1.43% Li2O over 17.1 metres and 1.73% Li2O over 13.6 metres represent much thicker pegmatites than previous results and point to the scale potential of the project as 12 separate NE-SW trending LCT (Lithium – Cesium – Tantalum) pegmatites continue to be defined.

The company continues to drill nearly 4,000 metres per month and has completed approximately 22,000 metres (158 drill holes) of a budgeted 30,000-metre drill program, focused primarily on the Bandeira and Galvani targets. Approximately 14,000 metres (94 drillholes) have been drilled at Bandeira and approximately 8,000 metres (64 drillholes) have been drilled at Galvani.

Seven drills are turning at the Bandeira and Galvani targets, with an eighth rig being prepared for mobilization, as the company continues to define the extent of the lithium deposits in preparation for a NI 43-101 mineral resource estimate expected in Q2 2023. The drill campaign at the Itinga Project was designed to deliver an initial mineral resource estimate by targeting near-surface mineralization associated with extensive lithium soil anomalies and trenches identified in 2022.

Lithium Ionic is a Canadian-based lithium-focused mining company with properties covering 14,182 hectares located in the prolific Aracuai 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 are CBL’s Cachoeira lithium mine and Sigma Lithium’s construction-stage Grota do Cirilo project.

In early trading on 29Mar23, shares of Lithium Ionic gained $0.17 to $2.38.

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