Lithium Ionic drills 1.98% Li2O over 25.63 metres at Galvani, Brazil
Lithium Ionic Corp. [LTH-TSXV; LTHCF-OTCQB] reported assay results from drilling at its Galvani claims, as well as Bandeira (formerly area 1) of its Itinga claims. The 100%-owned properties are located in the state of Minas Gerais, Brazil, neighbouring the lithium-producing CBL mine and Sigma Lithium’s Grota do Cirilo property, the largest lithium hardrock deposit in the Americas.
Highlights include 1.98% lithium oxide (Li2O) over 25.63 metres (Galvani, hole ARDD-22-030); 1.99% Li2O over 6.75 metres (Bandeira, hole ITDD-22-011); 1.56% Li2O over 3.9 metres and 1.66% Li2O over 2.76 metres (Bandeira, hole ITDD-22-013); and 1.44% Li2O over 8.33 metres (Bandeira, hole ITDD-22-012).
Blake Hylands, CEO, commented, “The strong assays from Bandeira are providing confirmation of depth extensions near and below the excellent results from the surface work and trenching program. We continue to feel very confident in our ability to delineate a broad system and look forward to progressing with our drill program.”
The Galvani claims were acquired in September 2022, following a due diligence review including a drilling program initiated in June 2022. The results announced today of 1.98% Li2O over 25.63 metres are the strongest grades in this area encountered since the Company began drilling earlier this year and further reinforce the potential of the area. Other previously announced assay highlights from Galvani include 1.68% Li2O over 20.7 metres, 1.77% Li2O over 10.85 metres, 1.94% Li2O over 19.78 metres and 1.30% Li2O over 38.5 metres and have shown a continuous zone of spodumene-bearing pegmatite over ~800 metres along a northwest-southeast trend down to approximately 100 metres elevation below surface. While the company works on better understanding the geology at the Galvani claims and assesses the entire area with soil geochemistry and trenching, the focus of drilling has moved to the Bandeira area.
The Galvani property is located less than 4 kilometres 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 resource very quickly. Mineralization is hosted in spodumene bearing pegmatites sourced from the same granitic intrusive, which characterizes Lithium Ionic’s Bandeira Showing, CBL’s lithium mining operation, and Sigma Lithium’s resources.
The current drilling program targets near surface mineralization at Bandeira associated with several lithium soil anomalies over a 1.3-km trend with the aim of delineating an inaugural mineral resource estimate in early 2023. Bandeira is located 800 metres south of the operating CBL Lithium Mine and directly north of Sigma Lithium’s Barreiro project. The strong values announced today of 1.99% Li2O over 6.75 metres, 1.56% Li2O over 3.90 metres and 1.44% Li2O over 8.33 metres are located within 50 metres from surface.
Today’s results follow-up on the excellent assays announced on May 31, 2022, including 1.93% Li2O over 5.66 metres and 1.55% Li2O over 5.2 metres, which confirmed high-grade depth extensions of strong trenching results that returned 1.46% Li2O over 8.8 metres, including 1.82% Li2O over 5.8 metres.
The company continues to uncover several pegmatite showings across this area via trenching and looks forward to updating results from several prospective showings in the coming weeks. So far, the style of deposition in this area is characterized by several stacked and intercalated pegmatite vein sets that show significant combined meterage over the length of drill holes. The potential to add significant resources very quickly in this area is becoming more apparent as new pegmatites are uncovered.
Lithium-bearing pegmatite/spodumene showings in this prolific mining jurisdiction are characterized by high grade and high-quality battery-grade lithium as demonstrated by the production at CBL and published metallurgical work on adjacent properties.
Lithium Ionic is a Canadian-based lithium-focused mining company with properties covering ~2,000 hectares located in the prolific Aracuai lithium province in Minas Gerais State, Brazil, which boasts excellent infrastructure, including highways, access to hydroelectrical grid power, water, and nearby commercial ports.
In early trading 10Nov22, shares of Lithium Ionic gained $0.08 to $1.73.