Itinga Project Ongoing Drill Program

TORONTO - Lithium Ionic Corp. reported on the Bandeira property as part of an ongoing 30,000 meter drill program at the Itinga Project, located within the Araçuaí district in the state of Minas Gerais, Brazil. The Company has drilled over 20,000 meters to date, recently discovering multiple thicker and higher-grade intercepts that have extended several well-mineralized lithium-bearing pegmatite veins to over 400 meters down dip.

Bandeira is located approximately 500 meters south of Companhia Brasileira de Litio’s (CBL) Cachoeira lithium mine, and approximately 700 meters North of Sigma Lithium’s large Barreiro lithium deposit. The Company is currently the second largest mineral rights holder in the region, controlling 14,182 hectares with the option to acquire an additional 3,300 hectares, in this important developing lithium-producing district.

Bandeira Drill Intercept Highlights: Newly identified, thick, well-mineralized, sub-horizontal, pegmatite dike intersected at a depth of approximately 50 meters: 1.43% Li2O over 17.1m (hole ITDD-23-061), and 1.73% Li2O over 13.6m (hole ITDD-23-063); Newly identified mineralized pegmatite dike intersected near eastern side of Bandeira property: 1.47% Li2O over 15m from 242 meters depth (hole ITDD-23-057); Confirmation that mineralization extends a further 100 meters down dip from previously reported holes ITDD-22-07, ITDD-22-11 and ITDD-22-14. Continuous mineralization confirmed for over 300 meters and remains open at depth: 1.84% Li2O over 6.5m (hole ITDD-23-058), and 1.44% Li2O over 6m, incl. 1.93% Li2O over 4m (hole ITDD-23-054).

Blake Hylands, P.Geo., Chief Executive Officer, said, “These results are the widest and most significant intercepts we have seen to date at Bandeira. We’re very encouraged to have identified several new, well mineralized pegmatites and extensions. The greater thickness of these newly discovered mineralized dikes will positively impact the resource inventory we are delineating on the property. We continue to aggressively drill Bandeira with the objective of delivering an initial NI 43-101 resource estimate in the next quarter, which will form the basis for the development of a feasibility study in the second half of the year. The Bandeira property is evolving rapidly as we continue to systematically test and delineate spodumene mineralization in 12 separate pegmatites that extend up to 1 kilometer along strike and individual mineralized dikes up to 17 meters wide. Five diamond drills are operating at Bandeira, with a sixth to be mobilized soon, while two continue to drill at Galvani, targeting mineralization that remains open for expansion at shallow depths.”