Lithium Ionic reports 26% rise in global mineral resources: Updated estimate for Bandeira Project, Minas Gerais, Brazil

Scarlet Ibarra / April 12, 2024 | 10:22
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Lithium Ionic Corp. announces updated MRE for Bandeira Lithium Project in Minas Gerais, Brazil, boosting global mineral resources by 26% to 60.1Mt.

Lithium Ionic Corp. is delighted to announce the release of an updated NI 43-101 compliant mineral resource estimate (MRE) for the Bandeira Lithium Project, situated within the renowned Lithium Valley in Minas Gerais State, Brazil. The Lithium Valley is a distinctive geological formation renowned for its abundant lithium-bearing pegmatites, positioning it as a key contributor to the global lithium market. With this latest MRE, the company's global mineral resources have surged by 26% to reach 60.1 million metric tons.

The Bandeira property occupies just about 158 hectares, which is merely 1% of its extensive 14,182-hectare landholding. While two other lithium resource estimates compliant with NI 43-101 have been delineated on the company's regional properties, namely Salinas and Outro Lado, the majority of its properties remain largely untapped. They hold substantial potential for future mineral growth for the company.

The updated mineral resource estimate (MRE) for the Bandeira project highlights a Measured and Indicated (M&I) MRE of 23.68 million tonnes (Mt) at an average grade of 1.34% Li₂O, along with an additional 18.25Mt of Inferred MRE grading 1.37% Li₂O, totaling 41.93Mt. This significant increase in the MRE consolidates the Company's global mineral resources to 60.1Mt. Achieved over approximately 24 months, the MRE estimate results from 233 drill holes covering 50,760 meters drilled between April 2022 and March 2024. 

Blake Hylands, P.Geo., CEO of Lithium Ionic, praised the team's efforts, stating, “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, expressed pride, as well, in the team's achievements, saying, “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.”

Furthermore, Lithium Ionic plans to conduct additional exploration programs at existing deposits such as Bandeira, Salinas, and Outro Lado, as well as other regional targets, with the aim of sustaining continuous growth in mineral resources.





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