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Lithium Ionic drills 1.89% Li2O over 10.2m and 1.92% Li2O over 6.4m at Bandeira
TORONTO, July 20, 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 20, 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. Bandeira Drill Intercept Highlights 1.89% Li2O over 10.2m (hole ITDD-23-123) 1.92% Li2O over 6.4m and 1.83% Li2O over 5.9m (hole ITDD-23-121) 2.10% Li2O over 5.2m (hole ITDD-23-128) Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, “Our infill drilling program continues to intersect excellent grades and widths, and is delivering on the objective of providing a higher confidence resource to support forthcoming project development studies. We continue to drill with 8 rigs at this target, with another 5 targeting 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 (see press release dated June 27, 2023). 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 MRE from Inferred to M&I, and ultimately to a Mineral Reserve estimate in the future. Currently, approximately 39% of the MRE is classified in the M&I categories. 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-producing district coined Brazil’s “Lithium Valley”. Figure 1: Bandeira Drill Highlights, Section Locations & Nearby Lithium Mines/Deposits Table 1. Bandeira Drill Results Hole ID Az Dip From To Metres Li2O (%) ITDD-23-121 0 -90 16...