Lithium Ionic Corp. [TSXV-LTH; OTCQX-LTHCF; FSE-H3N] reported assay results from the Salinas lithium project, located approximately 100 km north of its feasibility-stage Bandeira lithium project and the Outro Lado lithium deposit in northern Minas Gerais state, Brazil. Nine of the 15 holes reported were drilled at the Noe target, a well-mineralized pegmatite discovered approximately 1.5 km north of the Salinas mineral resource zones earlier this year.
Salinas Noe target highlights: New high-grade drill intercept highlights of 1.53% Li2O over 15 metres, including. 2.31% Li2O over 8 metres near surface, from 30m (hole BGDD-24-133); 1.15% Li2O over 19m, including 1.67% Li2O over 10m near surface, from 38m (hole BGDD-24-131); 1.32% Li2O over 14m, including 2.16% Li2O over 7m near surface, from 19.7m (hole BGDD-24-140); 1.44% Li2O over 10.2m (hole BGDD-24-135) 1.26% Li2O over 7.5m (hole BGDD-24-129); 1.24% Li2O over 7m (hole BGDD-24-130); and 1.61% Li2O over 5m (hole BGDD-24-142).
The latest results returned higher grades and larger widths than discovery holes announced February 6, 2024 underscoring the excellent growth potential of this mineral zone with planned future drilling: 1.63% Li2O over 5.6m (hole BGDD-23-127); 1.28% Li2O over 3.6m and 1.54% Li2O over 4.0m (hole BGDD-23-126).
The Noe target, located ~1.5km north of the mineral resource area, was not included in the NI 43-101 estimate announced April 4, 2024.
Salinas currently hosts a 14.76Mt lithium deposit, or 25% of the company’s total global mineral resource estimate of 60.1Mt.
Blake Hylands, P.Geo., CEO, commented, “These new high-grade results from the Noe target are very exciting and support GE21’s view that this zone could meaningfully contribute to the mineral growth at Salinas. Interpreted as a northeast extension of the historically significant ‘Lavra do Zoe’ pegmatite, which has been mined for spodumene intermittently over several decades, Noe offers a potential path to substantially scale this deposit. With a PEA already underway for the initial resource announced earlier this month, we are increasingly confident that Salinas will continue to represent a cornerstone asset in our portfolio.”
Lithium Ionic acquired the Salinas group of properties in early 2023 from Neolit Minerals Participacoes Ltda.) and began drilling the area in May 2023. On April 4, 2024, the company announced an initial NI 43-101 compliant mineral resource estimate (MRE) at Salinas of 14.76Mt based on 122 drill holes (27,030m) drilled between May and November 2023. GE21, who completed the Salinas MRE, has been engaged to complete a Preliminary Economic Assessment (PEA), which is expected for completion in H2 2024.
While completing the MRE for Salinas, GE21 analyzed the initial drill holes conducted at the Noe target, which were located outside of the mineral resource area, and identified a strong potential for Noe to contribute 10-15Mt in the near-term with additional drilling. The results announced today support this view, and the company intends to continue exploration work at Salinas for the remainder of 2024 to continue to expand and upgrade the mineral resources. An upgraded MRE for Salinas is expected later this year.
Lithium Ionic is exploring and developing its lithium properties in Brazil. Its Itinga and Salinas group of properties cover 14,182 hectares in the northeastern part of Minas Gerais state, a mining-friendly jurisdiction that is quickly emerging as a world-class hard-rock lithium district. Its Feasibility-stage Bandeira Project is situated in the same region as CBL’s Cachoeira lithium mine, which has produced lithium for +30 years, as well as Sigma Lithium Corp.’s Grota do Cirilo project, which hosts the largest hard-rock lithium deposit in the Americas.
