Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) announced that its subsidiary, Neolit Minerals Participações Ltda, has entered an option agreement to acquire up to a 90% interest in new properties in Itinga, Minas Gerais, Brazil.

Lithium Ionic’s New Itinga Acquisition

The agreement allows Neolit to acquire up to a 90% interest in three special purpose vehicles (SPVs). These SPVs hold five mineral claims across 2,983.22 hectares within the lithium-rich Araçuaí Pegmatite District.

Agreement Terms

Neolit has the option to conduct an exploration program and deliver a feasibility study for each SPV. To achieve a 90% interest, Neolit will invest a minimum of R$21.3 million (~C$5.5 million) by Q1 2030.

Strategic Importance

Blake Hylands, CEO of Lithium Ionic, states that this transaction is a major milestone in expanding their presence in Brazil’s lithium district. The properties show potential for significant lithium mineralization, which the company aims to explore and develop.

Exploration Plans

Neolit plans to commence an extensive exploration program, including geological mapping, geochemical surveys, and drilling. Lithium Ionic is committed to engaging with local communities and stakeholders for the sustainable development of these projects.

About Lithium Ionic Corp.

Lithium Ionic is a Canadian mining company focused on exploring and developing lithium properties in Brazil. Their flagship projects, Itinga and Salinas, cover ~17,000 hectares in Minas Gerais, a region known for its rich lithium deposits.

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