Lithium Ionic extends Salinas pegmatites with intercepts of 1.22% Li2O over 16.7m and 1.51% Li2O over 11.9m; Discovers new high-grade zone grading 1.63% Li2O over 5.6m

TORONTO, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) (“Lithium Ionic” or the “Company”) reports assay results from the Salinas Lithium Project (“Salinas”), located approximately 100 kilometres north of its Feasibility-stage Bandeira lithium project and the Outro Lado lithium deposit. These drill results have extended the mineralization at Salinas by at least 250 meters along strike. A new high-grade pegmatite dike has been discovered, approximately 1.5 kilometres north of the main Salinas zones (See Figure 1 location map and complete drill results in Table 1).

The Company continues to expand the scale of mineralization at all its properties currently being drilled, boosting its presence in the lithium-rich region of northern Minas Gerais State, Brazil. This is being accomplished while at the same time accelerating its projects towards a production decision to develop a high-quality and sustainable lithium concentrate producer with the aim of becoming a key player in the global lithium supply chain.

Salinas Drill Results Highlights:

• The following holes confirmed and extended a known pegmatite by least 250 metres to the SW with high-grade results, including (see plan map in Figure 1, Section LT1100 NE in Figure 2, and core photos of hole BGDD-23-118 in Figure 3):
  • 1.22% Li2O over 16.7m, including 1.59% Li2O over 6.3m and 1.36% Li2O over 7.0m directly at surface from 48 metres down hole respectively (hole BGDD-23-118)
  • 1.51% Li2O over 11.9m from 76 metres down hole (hole BGDD-23-107)
  • 1.36% Li2O over 10.0m from 35 metres down hole (hole BGDD-23-115)
  • 1.23% Li2O over 8.9m (hole BGDD-23-113)
  • 0.98% Li2O over 11.0m (hole BGDD-23-117)
• The following group of holes extended a known pegmatite by ~500 metres to the SW:
  • 1.43% Li2O over 11.0m (hole BGDD-23-110)
  • 1.66% Li2O over 3.9m (hole BGDD-23-096)
  • 1.18% Li2O over 4.9m (hole BGDD-23-103)
  • 1.15% Li2O over 5.0m (hole BGDD-23-114)
  • 1.49% Li2O over 3.0m (hole BGDD-23-106)
• A new well-mineralized pegmatite has been discovered ~1.5 kilometres North of the main drilled zones, interpreted to be a NE extension of the large outcropping “Lavra do Zoe” pegmatite, which has been mined for spodumene intermittently for several decades. The two discovery holes intersected:
  • 1.63% Li2O over 5.6m (hole BGDD-23-127)
  • 1.28% Li2O over 3.6m and 1.54% Li2O over 4.0m (hole BGDD-23-126)
• Other notable intercept highlights include:
  • 1.08% Li2O over 15.2m and 1.45% Li2O over 6.2m (hole BGDD-23-122)
  • 1.31% Li2O over 10.0m (hole BGDD-23-116)
  • 1.13% Li2O over 9.1m, including 1.61% Li2O over 4.0m (hole BGDD-23-100)
  • 0.96% Li2O over 11.0m, including 1.21% Li2O over 5.0m (hole BGDD-23-102)

Blake Hylands, P.Geo., CEO of Lithium Ionic, commented, “These results represent a significant advancement in our drilling has delineated substantial extensions of mineralized pegmatites to the south-west, and the discovery of a new high-grade pegmatite to the North is particularly exciting as it is on trend with the large Lavra do Zoe historical mine working which were exploited over several decades. These findings reinforce the understanding of the mineralized pegmatites at Salinas. Our most recent potential of the Salinas Project to host large scale spodumene pegmatite mineralization.”

Mr. Hylands continued, “Results from our extensive soil sampling program have proven very effective in targeting prospective areas for drilling, and we look forward to testing the numerous promising targets that have yet to be properly explored. Salinas continues to demonstrate exceptional potential, and we look forward to delivering an initial mineral resource at Salinas this month as a first major milestone towards demonstrating the potential of this target.”

Lithium Ionic acquired the Salinas group of properties in early 2023 from Neolit Minerals Participações Ltda. (“Neolit”; see press release dated March 13, 2023) and began selectively drilling the area in May 2023. Four drills are currently operating at Salinas, one of several targets actively being explored as part of a 50,000-metre drill program planned for 2024.

Figure 1. Salinas Lithium Project Location & New Drill Intercept Highlights

Figure 2. Section LT 1100 NE

Figure 3. Core Photo, Hole BGDD-23-118

Table 1. Salinas Drill Results

*No significant results/values (nsv) for holes BGDD-23-054, BGDD-23-104, BGDD-23-108, BGDD-23-111, BGDD-23-121 and BGDD-23-123

About Lithium Ionic Corp.

Lithium Ionic is a Canadian mining company exploring and developing its lithium properties in Brazil. Its Itinga and Salinas group of properties cover 14,182 hectares in the northeastern part of Minas Gerais state, a mining-friendly jurisdiction that is quickly emerging as a world-class hard-rock lithium district. Its Feasibility-stage Bandeira Project is situated in the same region as CBL’s Cachoeira lithium mine, which has produced lithium for +30 years, as well as Sigma Lithium Corp.’s Grota do Cirilo project, which hosts the largest hard-rock lithium deposit in the Americas.

Quality Assurance and Control

During the drill program, assay samples were taken from NQ core and sawed in half. One-half was sent for assaying at SGS Laboratory, a certified independent commercial laboratory, and the other half was retained for results, cross checks, and future reference. A strict QA/QC program was applied to all samples. Every sample was processed with Drying, crushing from 75% to 3 mm, homogenization, quartering in Jones, spraying 250 to 300 g of sample in steel mill 95% to 150. SGS laboratory carried out multi-element analysis for ICP90A analysis.

Qualified Persons

The technical information in this news release has been reviewed and approved by Carlos Costa, Vice President Exploration of Lithium Ionic and Blake Hylands, CEO and director of Lithium Ionic, who are both “qualified persons” as defined in NI 43-101.

Investor and Media Inquiries:

+1-647-316-2500
info@lithiumionic.com

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the prospectivity of Salinas and the Company’s other mineral properties, the economic viability of the Bandeira project, the mineralization and development of the Company’s mineral properties, the Company’s exploration program and other mining projects and prospects thereof, the Company’s ability to complete a Feasibility Study, the Company’s ability to complete a NI 43-101 mineral resource estimate for Salinas, the Company’s ability to complete an environmental impact assessment and obtain the requisite permitting and approvals and the Company’s future plans. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Information and links in this press release relating to other mineral resource companies are from their sources believed to be reliable, but that have not been independently verified by the Company.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ba1d553-c303-49d8-8e58-085ed777992b
https://www.globenewswire.com/NewsRoom/AttachmentNg/8da85b8b-47f5-49d8-beda-9ac37e394340
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a15ed8b-6e6d-4333-86d7-658b495e9c3e