Lithium Ionic Corp. [LTH-TSXV; LTHCF-OTCQB; H3N-FSE] reported assay results from its 100%-owned Bandeira property, located within the lithium-rich Aracuai district in the state of Minas Gerais, Brazil. These results form part of a continuing 50,000-metre expansion and definition drilling program for the second half of 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 released a maiden NI 43-101-compliant mineral resource estimate (MRE) of 7.57 million tonnes grading 1.40% lithium oxide of measured and indicated resources and 11.86 million tonnes 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 a mineral reserve estimate in the future. Currently, approximately 39% of the MRE is classified in the M&I category.
Bandeira drill intercept highlights: 1.69% Li2O over 7.79 metres (hole ITDD-23-109); 1.32% Li2O over 9.15 metres (hole ITDD-23-105); 1.39% Li2O over 8.41 metres (hole ITDD-23-119); 1.74% Li2O over 6.39 metres (hole ITDD-23-112); 1.55% Li2O over 7.01 metres (hole ITDD-23-102); and 1.86% Li2O over 5.70 metres (hole ITDD-23-120).
Blake Hylands, PGeo, CEO, 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 Litio’s Cachoeira lithium mine, and approximately 700 metres north of Sigma Lithium Corp.’s large Barreiro lithium deposit.
The company is currently the second-largest mineral rights holder in the region, controlling 14,182 hectares in an emerging hardrock lithium-producing district coined Brazil’s Lithium Valley. Since April 2022, the company has completed 53,000 metres of drilling with 314 holes mostly at the Bandeira and Outro Lado deposits, and more recently at the Salinas property.
Lithium Ionic is a Canadian mining company exploring and developing its lithium properties in Brazil. Its flagship Itinga and Salinas projects cover 14,182 hectares in the northeastern part of Minas Gerais state, a mining-friendly jurisdiction that is quickly emerging as a world-class hardrock lithium district. The Itinga project is situated in the same region as Companhia Brasileira de Litio’s Cachoeira lithium mine, which has produced lithium for greater than 30 years, as well as Sigma Lithium’s Grota do Cirilo project, which hosts the largest hardrock lithium deposit in the Americas.
