Expansion And Definition Drilling Program At Bandeira Property

TORONTO - Lithium Ionic Corp. reported on the program at the Bandeira property, located within the Araçuaí district in the state of Minas Gerais, Brazil. Currently there is an ongoing 50,000 metre expansion and definition drilling program for H2 2023 targeting the Bandeira and Outro Lado (Galvani property) lithium deposits, as well as other prospective regional targets, including Salinas and Itira.

Bandeira Drill Intercept Highlights: 1.89% Li2O over 10.2m (hole ITDD-23-123); 1.92% Li2O over 6.4m and 1.83% Li2O over 5.9m (hole ITDD-23-121); and 2.10% Li2O over 5.2m (hole ITDD-23-128)

Blake Hylands, P.Geo., Chief Executive Officer, said, “Our infill drilling program continues to intersect excellent grades and widths, and is delivering on the objective of providing a higher confidence resource to support forthcoming project development studies. We continue to drill with 8 rigs at this target, with another 5 targeting Salinas and Itira.”

The Company announced a maiden National Instrument 43-101 compliant mineral resource estimate (MRE) of 7.57 million tonnes (Mt) grading 1.40% lithium oxide (Li2O) of Measured and Indicated (M&I) and 11.86Mt grading 1.44% Li2O of Inferred resources (see press release dated June 27, 2023). 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 MRE 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 categories.