Lithium Ionic Corp. [TSXV-LTH; OTCQX-LTHCF; FSE-H3N] provided an updated NI 43-101 compliant mineral resource estimate (MRE) for the Bandeira lithium project, located within the Lithium Valley in Minas Gerais state, Brazil. The Lithium Valley is a unique geological belt that hosts a significant concentration of lithium-bearing pegmatites, which has emerged as a globally significant lithium producer. This new MRE increases the company’s global mineral resources by 26% to 60.1Mt.
The Bandeira property covers only approximately 158 hectares, or 1% of its large 14,182-hectare land package. Two other NI 43-101 compliant lithium MREs have been outlined on the company’s other regional properties, Salinas and Outro Lado, however the majority of its properties remain largely unexplored and represent significant future mineral growth potential for the Company.
Bandeira MRE Highlights: Measured and Indicated (M&I) MRE of 23.68 million tonnes (Mt) at an average grade of 1.34% Li2O, with an additional 18.25Mt of Inferred MRE grading 1.37% Li2O, for a total of 41.93Mt.
The updated Bandeira MRE significantly increases the company’s consolidated, global mineral resources to 60.1Mt.
Significant mineral growth in only ~24months: The MRE estimate is based on 233 drill holes, or 50,760 metres, drilled between April 2022 and March 2024.
Planned exploration programs at its existing deposits, Bandeira, Salinas and Outro Lado, as well as other regional targets, are expected to support continued mineral resource growth.
Blake Hylands, P.Geo., CEO of Lithium Ionic, commented, “Following closely on the heels of our initial resource at Salinas announced last week, this is yet another significant increase to our global mineral resources, highlighting the impressive pace and scale at which we have been able to delineate lithium deposits in this region. I commend our exploration team for their dedication and exceptional effort, which have driven these excellent results. This latest MRE positions us among the largest scale projects in the region, and with a largely untapped land package we expect this growth momentum to continue, aligning with our goal of becoming a major contributor to the global lithium supply chain.”
Carlos Costa, P.Geo., Lithium Ionic’s VP of Exploration, commented, “Reflecting on the past two years since we started drilling at Bandeira, I am immensely proud of our team’s accomplishments. Starting with just a few promising rock samples, we have now uncovered a significant mineral deposit and look forward to advancing Bandeira to the next stages of development.”
Bandeira is located in the lithium-rich Aracuai Pegmatite District, in the northern part of the Eastern Brazilian Pegmatite Province, which hosts the largest lithium reserves in Brazil.
A press released on April 4, 2024, a Feasibility Study for Bandeira is currently being finalized by AtkinsRealis (formerly SNC-Lavalin) and is scheduled for completion in May 2024. Furthermore, the environmental license for Bandeira is expected to be granted in early Q3 2024.
Lithium Ionic is exploring and developing its lithium properties in Brazil. Its flagship Itinga and Salinas projects are located in the northeastern part of Minas Gerais state, a mining-friendly jurisdiction that is quickly emerging as a world-class hard-rock lithium district. The Itinga Project is situated in the same region as CBL’s Cachoeira lithium mine, which has produced lithium for +30 years, as well as Sigma Lithium’s Grota do Cirilo project, which hosts the largest hard-rock lithium deposit in the Americas.
