Infill And Expansion Drilling Program At Bandeira

TORONTO - Lithium Ionic Corp. reported on the Bandeira, one of the four targets presently being drilled within the 14,182-hectare land package in northern Minas Gerais State, Brazil. This region, recently coined “Lithium Valley” by state officials and geologically located within the Eastern Brazil Pegmatite Province, is emerging as a prolific hard rock lithium-producing region. These results form part of a large 50,000-metre drill program underway for H2 2023, with 13 drills currently operating.

Bandeira Drill Intercept Highlights: 1.94% Li2O over 15.0m (hole ITDD-23-158); 1.91% Li2O over 9.8m (hole ITDD-23-151); 1.68% Li2O over 9.1m (hole ITDD-23-148); 1.45% Li2O over 8.6m (hole ITDD-23-150); 1.67% Li2O over 6.2m, incl. 2.21% Li2O over 4.0m (hole ITDD-23-156); and 1.75% Li2O over 5.3m (hole ITDD-23-149).

Blake Hylands, P.Geo., Chief Executive Officer, said, “Our infill and expansion drilling program at Bandeira continues to yield positive results. We are particularly impressed with the high-grade results from holes ITDD-23-158 and ITDD-23-151 of 1.94% Li2O over 15.0m and 1.91% Li2O over 9.8m which confirmed a 250m down-dip extension of a large and widening pegmatite that extends over 800 metres from surface, reaching a depth of 450 metres.”

The Company is rapidly advancing the Bandeira deposit towards a production decision, while it continues to explore and define regional targets. Project engineering is underway by independent Brazilian consultant, GE21 Consultoria Mineral Ltda., with a Preliminary Economic Assessment (PEA) expected in the coming weeks. Concurrently, NEO Agroambiental Ltda is completing the RCA (Environmental Control Report) and PCA (Environmental Control Plan) to support the application of a Concomitant Environmental and Installation License (LAC, or Licença Ambiental Concomitante) for the underground portion of the Bandeira deposit. The LAC is an accelerated permitting scenario available to projects whose mine infrastructure covers a small footprint where deforestation is not required. The LAC replaces the first two steps of the environmental licensing process: the Preliminary License (LP - Licença Prévia) and the Installation License (LI – Licença de Instalação); which precede the final Operating License (LO - Licença de Operação). In addition, WSP (formerly Golder) is working to complete an Environmental Impact Assessment covering all the Bandeira mineral rights by year-end, which is required for the portions of the project that are not eligible for the LAC.