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Lithium Ionic Intersects 1.94% Li2O over 19.78m, incl. 2.33% Li2O over 7.35m at the Galvani Target in Brazil
TORONTO, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF) (“Lithium Ionic” or the “Company”) reports additional excellent drillin
About this update from Lithium Ionic Corp
[{"type":"text","content":" TORONTO, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF) (“Lithium Ionic” or the “Company”) reports additional excellent drilling results from the Galvani claims, on which it is currently conducting a due diligence review following the recently announced binding asset purchase agreement (see press releases dated June 14 and June 28, 2022). The Galvani claims, as well as the Company’s neighbouring 100%-owned Itinga Lithium Project (Areas 1-5) are located in the state of Minas Gerais, Brazil, in the same district as the lithium producing CBL mine and Sigma Lithium’s Barreiro deposit (20.4Mt grading 1.4% Li2O) (see Figure 1, location map). New Galvani Drill Results Highlights (See Figure 2) Drill intercept of 1.94% Li2O over 19.78m, incl. 2.33% Li2O over 7.35m (ARDD-22-007) Drill intercept of 1.27% Li2O over 10.77m, incl. 1.72% Li2O over 2m and 1.70% Li2O over 3.53m (ARDD-22-008) Previously Reported Drill Result Highlights from Galvani Target Drill intercept of 1.57% Li2O over 24.93m, incl. 2.10% Li2O over 7.45m (July 26, 2022) Drill intercept of 1.17% Li2O over 42.05m, incl. 1.95% Li2O over 11.72m (August 9, 2022) Blake Hylands, Chief Executive Officer of Lithium Ionic, commented, “The latest drill results at the Outro Lado showing at the Galvani claims are very encouraging and further demonstrates the potential for us to define a significant deposit in this area. We continue to improve our understanding of the geology and mineralization controls, which will enable us to define new targets.” Galvani Claims Due Diligence Update – Excellent Initial Exploration Results The Company is currently undertaking an extensive drill program as well as trenching on and in proximity to a ~0.7km strike pegmatite on the Galvani claims, as part of its 90-day due diligence review following the purchase agreement announced on June 14, 2022 (see Figures 2 and 3). The exploration program was designed to confirm historic drilling and determine the structural controls of the mineralized pegmatites, including its orientation with up and down dip testing. The excellent drill results reported today as well as the previously reported results drilled since the mid-June are consistent with some of the significant historic drill results which cover a roughly one-kilometre trend including 1.62% Li2O over 20.25m and 1.7...