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Lithium Ionic drills 1.31% Li2O over 14m and 2.29% Li2O over 7.1m at Bandeira, Minas Gerais, Brazil
TORONTO, June 06, 2023 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE: H3N) (“Lithium Ionic” or the “Company”) reports assay results from
About this update from Lithium Ionic Corp
[{"type":"text","content":" TORONTO, June 06, 2023 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE: H3N) (“Lithium Ionic” or the “Company”) reports assay results from its 100%-owned Bandeira property, located within the lithium-rich Araçuaí district in the state of Minas Gerais, Brazil. The results are part of the initial 30,000-metre delineation drill program that will culminate in an initial NI 43-101 compliant mineral resource estimate (“MRE”) expected by the end of Q2 2023. The MRE will include data from the last year of drilling at the Bandeira and Galvani targets, and drilling continues to further expand the resources for future resource estimates. Bandeira is located approximately 500 metres south of Companhia Brasileira de Lítio’s (CBL) Cachoeira lithium mine, and approximately 700 metres north of Sigma Lithium Corp.’s large Barreiro lithium deposit. (See Figure 1). The Company is currently the second largest mineral rights holder in the region, controlling 14,182 hectares in this emerging hard rock lithium-producing district. Bandeira Drill Intercept Highlights 1.31% Li2O over 14m, incl. 1.50% Li2O over 7.9m intersected at shallow depths (57m-71m down hole) (hole ITDD-23-087) 2.29% Li2O over 7.1m and 2.17% Li2O over 5m (hole ITDD-23-083) 2.17% Li2O over 5.8m (hole ITDD-23-082) 1.63% Li2O over 7.7m (hole ITDD-23-094) 1.62% Li2O over 8.2m (hole ITDD-23-096) 1.31% Li2O over 9.4m (hole ITDD-23-084) 1.37% Li2O over 8.8m (hole ITDD-23-089) 1.47% Li2O over 8m (hole ITDD-23-093) Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, “Drilling at Bandeira has identified an impressive number of spodumene bearing pegmatites at shallow depths with grades consistent with neighbouring operations. Intercepts at Bandeira in the past few months are among the thickest and highest grades to date and we anticipate that the initial independently verified mineral resource estimate we expect to complete in the coming weeks will set a foundation for significant additional growth as we continue to drill Bandeira in the second half of the year.” The upcoming NI 43-101 MRE will be completed by SGS Canada, capturing results from ~30,000 metres drilled at the Bandeira and Galvani targets. These two properties together cover only 872 hectares of the Company’s 14,182 hectares land package in Brazil’s “Lithium Valley”, a unique hard ro...