TORONTO, March 29, 2023 (GLOBE NEWSWIRE) — Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE: H3N) (“Lithium Ionic” or the “Company”) announces the results of the testing of hole ITDD-23-065 drilled on its property wholly owned by Flag, as part of of an ongoing 30,000 meter drilling program at the Itinga project, located in the Araçuaí district, in the state of Minas Gerais, Brazil. ITDD-23-065 represents the best hole drilled to date at Bandeira, intersecting 13 individual veins of well-mineralized, high-grade lithium pegmatites over widths of up to 24 meters (see full results in Table 1).

To date, the Company has completed 22,000 meters of the drilling program between the Bandeira and Galvani properties, which together cover only 872 of the 14,182 hectares it controls in this lithium-producing district. Bandeira is located about 500 meters south of the Cachoeira lithium mine of Companhia Brasileira de Litio (CBL) and about 700 meters north of the large Barreiro lithium deposit of Sigma Lithium (see Figure 1).

Highlights of Hole ITDD-23-065:

• The hole, drilled to a depth of approximately 500m, intersected 13 individual veins of well mineralized pegmatites stacked 160m to 485m downhole. (see cross-section in Figure 2), consistent with other large lithium deposits nearby.
• Best intersections drilled to date at Bandeira, high-grade lithium over significant widths, including:
  • 1.32% Li20 over 24m, incl. 2.12% Li2O over 8 m (see main photo, figure 3)
  • 2.53% Li20 above 6.09m
  • 1.88% Li20 above 7.72m
• Hole successfully extended high-grade mineralization an additional 200 meters below previously reported hole ITDD-23-52 (see Figure 2), exceeding expectations with a continuous mineralized zone extending 500 meters from surface which widens considerably at depth.
• Two 150m staggered holes are planned to test mineral continuity to the northwest, while testing is pending for drill holes ITDD-23-060 and ITDD-23-052 to confirm mineral continuity down dip.

Blake Hylands, P.Geo., CEO of Lithium Ionic, said, “Hole 65 returned outstanding results, which from a grade and thickness standpoint is by far the best hole ever drilled on the Bandeira property. Although this zone of multiple new mineralized pegmatites requires further definition, we are very excited about a high-grade vein system that remains completely open to dip and expansion at depth. We believe there is strong potential for expansion of this large body of mineralization through ongoing drilling. Our initial 30,000 meter drill program is nearing completion, with five rigs rotating at Bandeira and two more at Galvani. We look forward to continuing to release the remaining results, which are expected to result in a mineral resource estimate in the second quarter of 2023.”

New hole ITDD-23-065, as well as holes ITDD-23-061 and ITDD-23-063 announced on March 21, 2023, which returned well mineralized intervals of 1.43% Li2O above 17.1m and 1.73% Li2O above 13.6m represent much thicker pegmatites than previous results and indicate the potential for scaling up the project, as 12 distinct NE-SW trending LCT (lithium-cesium-tantalum) pegmatites remain to be defined.

The Company continues to drill approximately 4,000 meters per month and has completed approximately 22,000 meters (158 holes) of a budgeted 30,000 meter drill program focused primarily on the Bandeira and Galvani targets. Approximately 14,000 meters (94 holes) have been drilled at Bandeira and approximately 8,000 meters (64 holes) have been drilled at Galvani. Seven drills spin on the Bandeira and Galvani targets, with an 8^e platform being prepared for mobilization, while the Company continues to define the extent of the lithium deposits in preparation for an NI 43-101 Mineral Resource estimate expected in the second quarter of 2023. The drilling campaign at Itinga project is designed to provide an initial mineral resource estimate, targeting near-surface mineralization associated with extensive lithium ground and trench anomalies identified in 2022.

Drilling highlights previously announced by Flag include:

• 1.43% Li2O above 17.1 m (hole ITDD-23-061)
• 1.73% Li2O above 13.6m (hole ITDD-23-063)
• 1.47% Li2O above 15m depth of 242 meters (hole ITDD-23-057)
• 1.59% Li2O over 9.62m, incl. 2.39 Li2O over 5m (hole ITDD-22-039)
• 1.27% Li2O over 10.09m, incl. 2.13% Li2O above 5.06m (hole ITDD-22-023)
• 1.99% Li2O above 6.75m (hole ITDD-22-011)
• 1.44% Li2O above 8.33m (hole ITDD-22-012)
• 1.22% Li2O over 9.2m, incl. 1.71% Li2O above 5.7m (hole ITDD-22-024)
• 1.49% Li2O above 6.7m (hole ITDD-22-030)
• 2.22% Li2O above 3.7m (hole ITDD-22-025)
• 1.93% Li2O above 5.66m (hole ITDD-22-002)
• 1.55% Li2O above 5.2m (hole ITDD-22-001)

Table 1. Flag drilling results

About Lithium Ionic Corp.

Lithium Ionic is a Canada-based lithium miner with properties covering 14,182 hectares located in the prolific province of Araçuaí, in the state of Minas Gerais, Brazil, which has excellent infrastructure, including highways, the access to the hydroelectric network, water and commercial ports nearby. Its Itinga project neighbors the Cachoeira lithium mine, owned by CBL, and the Grota do Cirilo project, under construction, by Sigma Lithium Corp.

Quality assurance and control

During the drill program, test samples were taken from the NQ core and sawn in half. Half was sent for analysis to the SGS laboratory, a certified independent commercial laboratory, and the other half was kept for results, cross-checking and future reference. A rigorous QA/QC program was applied to all samples. Each sample was treated with Drying, Grinding 75% to 3mm, Homogenizing, Jones Quarter, Pulverizing 250-300g of sample in 95% to 150 mill. SGS lab performed multi-element analysis for l ICP90A analysis.

Qualified people

The technical information contained in this press release was prepared by Carlos Costa, Vice President, Lithium Ionic Exploration and Blake Hylands, CEO and Director of Lithium Ionic, and both are “Qualified Persons” as defined in Regulation 43 -101.

Investor and Media Inquiries:

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info@lithiumionic.com