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Lithium Ionic drills 1.64% Li2O over 13.5m, 2.18% Li2O over 5.8m and 1.95% Li2O over 5.7m at Bandeira, Minas Gerais, Brazil
TORONTO, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) (“Lithium Ionic” or the “Company”) reports additional results
About this update from Lithium Ionic Corp
[{"type":"text","content":" TORONTO, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) (“Lithium Ionic” or the “Company”) reports additional results from an ongoing drilling program at the Bandeira Project (“Bandeira”), located in northern Minas Gerais State, Brazil. The Company is rapidly advancing Bandeira, situated within the emerging “Lithium Valley”, where two lithium producers currently operate. These results form part of a large 50,000-metre drill program underway for H2 2023, which is focused on expanding and upgrading existing mineral resource estimates to support a planned Feasibility Study, as well as grow the known mineralization at other prospective regional targets. Bandeira Drill Intercept Highlights (See Figure 1): 1.64% Li2O over 13.5m, including 2.06% Li2O over 7.8m, as well as 1.78% Li2O over 5.8m (hole ITDD-23-180) 1.37% Li2O over 10.4m and 1.65% Li2O over 4.3m (hole ITDD-23-174) 2.18% Li2O over 5.8m (hole ITDD-23-177) 1.95% Li2O over 5.7m (hole ITDD-23-171) 1.50% Li2O over 6.7m (hole ITDD-23-173) 3.57% Li2O over 2.4m, 1.54% Li2O over 4.7m and 1.84% Li2O over 3.3m(hole ITDD-23-185) 1.57% Li2O over 5.0m (hole ITDD-23-176) 1.32% Li2O over 5.2m (hole ITDD-23-182) 1.69% Li2O over 4.0m and 1.78% Li2O over 3.8m (hole ITDD-23-172) 1.46% Li2O over 4.4m (hole ITDD-23-170) Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, \"The multiple intercepts of significant widths, and above our resource grade, announced today demonstrates the potential for the mineral resources at Bandeira to quickly keep expanding and improving. We believe this additional infill drill data will support significant resource conversion, ultimately reinforcing and potentially enhancing the excellent results from our PEA.” The Company began drilling Bandeira in April 2022, reporting an initial mineral resource estimate (“MRE”) in June 2023. In October 2023, an updated MRE at Bandeira showcased a near-doubling of the MRE, which formed the basis of a Preliminary Economic Assessment (“PEA”). This study supported a long-life and low-cost spodumene concentrate mining project with a post-tax Net Present Value (“NPV”) 8% of US$1.6 billion (~C$2.2 billion) and an Internal Rate of Return (“IRR”) of 121% (see press release dated October 19, 2023). The Company is currently undertaking an independent NI 43-101 compliant Fe...