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Lithium Ionic Drills 1.69% Li2O over 7.8m and 1.32% Li2O over 9.2m at Bandeira Property
TORONTO, July 11, 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, July 11, 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. These results form part of an ongoing 50,000 metre expansion and definition drilling program for H2 2023 targeting the Bandeira and Outro Lado (Galvani property) lithium deposits, as well as other prospective regional targets, including Salinas and Itira. On June 27, 2023, the Company announced a maiden National Instrument 43-101 compliant mineral resource estimate (“MRE”) of 7.57 million tonnes (“Mt”) grading 1.40% lithium oxide (“Li2O”) of Measured and Indicated (“M&I”) and 11.86Mt grading 1.44% Li2O of Inferred resources. The holes reported from Bandeira today have improved drill spacing and established continuity of mineralization between previously drilled holes, which is required to upgrade the mineral resource estimate from Inferred to M&I, and ultimately to mineral Reserve estimate in the future. Currently, approximately 39% of the MRE is classified in the M&I categories. Bandeira Drill Intercept Highlights 1.69% Li2O over 7.79m (hole ITDD-23-109) 1.32% Li2O over 9.15m (hole ITDD-23-105) 1.39% Li2O over 8.41m (hole ITDD-23-119) 1.74% Li2O over 6.39m (hole ITDD-23-112) 1.55% Li2O over 7.01m (hole ITDD-23-102) 1.86% Li2O over 5.70m (hole ITDD-23-120) Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, “We continue to see strong and consistent results from Bandeira. Eight of the 13 drills on our properties are at Bandeira, further defining the deposit and improving drill spacing to establish a mineral Reserve estimate for the Definitive Feasibility Study (DFS) targeted for completion by the end of 2023. We are drilling approximately 7,000 metres per month in the region and look forward to sharing results from other regional targets in the near-term.” 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 an emerging hard rock lithium-pr...