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Lithium Ionic Corp. (OTCQB: LTHCF) has announced significant assay results from its Galvani claims, part of a broader 30,000 metre drilling program. As of now, 23,000 metres have been drilled at Galvani and the Bandeira properties, which constitute only a fraction of the company's 14,182 hectares in Brazil's lithium-rich region. Notable drill intercepts include 1.87% Li2O over 45m and 2.10% Li2O over 19.4m, indicating substantial mineralization potential. The company aims to complete its initial mineral resource estimate by Q2 2023. CEO Blake Hylands emphasized the exploration potential and the optimistic outlook for a significant mineral resource estimate. An additional drill rig has been mobilized to the Itira property to expand exploratory efforts.
Lithium Ionic Corp. (OTCQB: LTHCF) announced significant drill results from hole ITDD-23-065 at its 100%-owned Bandeira property in Brazil. The hole intersected 13 mineralized pegmatite veins, with remarkable lithium grades including 1.32% Li2O over 24m and 2.53% Li2O over 6.09m. To date, 22,000 metres of the planned 30,000-metre drill program have been completed, confirming extensive high-grade mineralization. This positive development positions Lithium Ionic favorably for a forthcoming NI 43-101 mineral resource estimate expected in Q2 2023, amidst ongoing drilling operations with increasing production capacity.
Lithium Ionic Corp. (LTHCF) announced assay results from its Bandeira property, part of a 30,000 metre drill program at the Itinga Project in Minas Gerais, Brazil. Over 20,000 metres have been drilled, revealing multiple higher-grade lithium intercepts with thicknesses extending over 400 metres down dip. Notable results include 1.43% Li2O over 17.1m and 1.73% Li2O over 13.6m in newly identified pegmatite zones. The company aims for an initial resource estimate within Q2 2023, supported by an aggressive drilling campaign targeting extensive lithium mineralization. Lithium Ionic holds substantial mineral rights within a critical lithium-producing area.
Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF) has acquired 100% of Neolit Minerals Participações Ltda., which possesses a 40% stake in the Salinas Project in Brazil. This project covers nine lithium exploration tenements totaling 5,713 hectares, with excellent drilling results reported, including intercepts of 1.71% Li2O over 9.82m. The acquisition expands Lithium Ionic's presence in the lithium-rich Araçuaí Pegmatite District and positions it adjacent to established lithium resources. The transaction involves a cash payment of approximately USD 2.03 million and share issuance, with an expected 20,000m drill program to commence soon.
Lithium Ionic Corp. has announced the acquisition of a strategic mining claim in Brazil's Minas Gerais state. The Clesio Claim, spanning 1,000 hectares, will expand the company's land holdings to approximately 7,700 hectares. This acquisition aligns with Lithium Ionic's goal to consolidate lithium targets in a region known for high-grade hard-rock lithium deposits. The company paid R$500,000 (around C$130,000) for the claim, with potential performance bonuses amounting to USD$2 million if certain mineral resource estimates are achieved within specified timeframes. The transaction qualifies as an exempt transaction under TSXV policies.
Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF) has entered a binding share purchase agreement with Exotic Mineração Ltda. to acquire a potential 100% equity interest in Vale Do Lítio Mineração Ltda. Vale Litio owns three lithium mining claims in Minas Gerais, Brazil, spanning 3,140 hectares. An initial 2.78% equity stake was acquired for R$900,000 (approx. C$235,000). Further payments will allow Lithium Ionic to increase its ownership up to 100% by July 2024. If a mineral resource estimate of six million tons with 1.30% Li2O content is established, a cash bonus of R$10 million (approx. C$2.63 million) is payable. This agreement aligns with Lithium Ionic's strategy to consolidate lithium targets.