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Lithium Ionic Hits High-Grade Lithium of 1.64% Li2O Over 13.5m

Lithium Ionic Corp. Announces Drill Results

Lithium Ionic Corp. [TSXV-LTH; OTCQX-LTHCF; FSE-H3] has announced additional results from its ongoing drilling program at the Bandeira project in northern Minas Gerais state, Brazil. The company is advancing Bandeira, located in the burgeoning Lithium Valley, home to two lithium producers.

The latest results are part of a comprehensive 50,000-metre drill program for H2 2023, aimed at expanding and upgrading the mineral resource estimates. This will support a Feasibility Study and explore other prospective regional targets. Highlights from the Bandeira drill intercepts include 1.64% Li2O over 13.5 metres, with significant widths and grades surpassing the resource grade.

Highlights and CEO’s Statement

CEO Blake Hylands expressed confidence in the potential for resource expansion and improvement. Since beginning drilling in April 2022, Lithium Ionic has reported an initial mineral resource estimate (MRE) and an updated MRE that nearly doubled the previous figures. The Preliminary Economic Assessment (PEA) suggests a long-life, low-cost spodumene concentrate mining project with a post-tax NPV of US$1.6 billion and an IRR of 121%. An independent NI 43-101 compliant Feasibility Study, including an updated MRE, is expected to be completed in early 2024.

Bandeira’s Strategic Importance and Future Plans

The Bandeira Project is strategically located in a district with a 30-year lithium production history and hosts the largest hard rock lithium deposit in the Americas. Lithium Ionic is progressing with permitting activities and project engineering, with environmental reports to support the application of a Concomitant Environmental and Installation License expected by year-end. The company’s Itinga and Salinas properties cover 14,182 hectares in a mining-friendly jurisdiction, positioning it as a key player in the global hard-rock lithium market.

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