Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N), a leading lithium exploration company, today announced a groundbreaking initial mineral resource estimate (MRE) for its Salinas Lithium Project in Minas Gerais, Brazil. This pivotal discovery increases the company's total mineral resources by an impressive 45%, positioning Lithium Ionic as a key player in the global lithium market.
Located within the renowned "Lithium Valley" of Minas Gerais, the Salinas Project encompasses 662 hectares, contributing significantly to Lithium Ionic's extensive 14,182-hectare portfolio in one of the world's most coveted lithium-rich regions. The announcement marks the company's third NI 43-101 compliant lithium MRE, underlining its successful exploration and expansion strategy.
The comprehensive MRE, conducted by GE21 Consultoria Mineral Ltda. in alignment with National Instrument 43-101 standards, reports a combined Measured and Indicated resource of 5.86 million tonnes at a grade of 1.09% Li₂O, alongside 8.90 million tonnes classified as Inferred resources at a grade of 0.97% Li₂O. This total of 14.76 million tonnes represents a significant step forward in the project's development, underscored by a robust drilling campaign spanning 122 holes over 27,030 metres from May to November 2023.
Highlighting the project's potential, the recent discovery of the high-grade Noe target further boosts the project's prospects, with exploration set to continue throughout 2024. An updated and expanded MRE is anticipated by the year's end, promising even greater resource augmentation.
Blake Hylands, P.Geo., CEO of Lithium Ionic, expressed enthusiasm over the milestone, emphasising the strategic importance of Salinas alongside ongoing developments at the Bandeira Project. "The Salinas discovery not only enlarges our resource base but also reinforces our commitment to becoming a leading contributor to the global lithium supply chain," stated Hylands.
In addition to the resource estimate, GE21 has initiated a Preliminary Economic Assessment (PEA) to fast-track the project towards a comprehensive Feasibility Study, with an Environmental Impact Assessment (EIA) also underway, targeting completion in Q1 2025.
Situated in the heart of Brazil's lithium-rich Araçuaí Pegmatite District, the Salinas Project's strategic location near the town of Salinas and proximity to the Bandeira Project underscores its potential to become a cornerstone asset for Lithium Ionic. With over 158,678 tonnes of Lithium Carbonate Equivalent contained within its Measured and Indicated resources, and an additional 214,572 tonnes categorised as Inferred, Salinas is poised for rapid development and significant contribution to the lithium industry.
The company's exploration efforts continue to identify promising targets, with the Noé target showcasing potential for an additional 10-15Mt of lithium resources. These endeavours are set to propel Lithium Ionic forward in its quest to harness the vast lithium potential of Minas Gerais, offering promising prospects for investors and stakeholders alike.
For more information, including the full NI 43-101 technical report, visit Lithium Ionic's website or the SEDAR+ platform.
Source: Lithium Ionic
