Global Mineral Resources increase 26% to 60.1Mt:- M&I: 32.51Mt grading 1.31% Li2O
- Inferred: 27.57Mt grading 1.24% Li2O
- Updated Bandeira Mineral Resources of 41.9 Mt grading 1.35% Li2O
- M&I: 23.68Mt grading 1.34% Li2O
- Inferred 18.25Mt grading 1.37% Li2O
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 andMarch 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.
*See press release dated
The MRE update for Bandeira was prepared by GE21 Consultoria Mineral Ltda. (“GE21”) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).
Bandeira is located in the lithium-rich Araçuaí
The updated MRE contains M&I resources of 23.68Mt grading 1.34% Li₂O, containing 783.0 thousand tonnes (“kt”) of Lithium Carbonate Equivalent (“LCE”), the benchmark equivalent raw material used in the lithium industry, along with Inferred resources of 18.25Mt grading 1.37% Li₂O in the Inferred category, or 618.4kt of LCE (see MRE results in Table 1). The MRE is based on 233 diamond drill holes comprising 50,760 metres of drilling completed between
GE21 collaborated closely with the Company’s geological team to confirm the presence of a series of North-East trending moderately SE dipping pegmatite veins extending up to 1,000 meters along strike and from surface to a vertical depth of approximately 500 meters (see plan view of Bandeira in Figure 1 and an isometric view of the Bandeira deposit in Figure 2).
As press released on
The NI 43-101 technical report related to the Bandeira MRE, will be accessible on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile and the Company’s website within 45 days of this news release.
Table 1: Bandeira Mineral Resource Estimate Summary
Deposit / Cut-Off Grade | Category | Resource (Mt) | Grade (% Li2O) | Contained LCE (kt) |
Bandeira (0.5% cut-off) | Measured | 3.32 | 1.38 | 113.1 |
Indicated | 20.36 | 1.33 | 669.6 | |
Measured + Indicated | 23.68 | 1.34 | 783.0 | |
Inferred | 18.25 | 1.37 | 618.4 |
- The spodumene pegmatite domains were modeled using composites with Li2O grades greater than 0.3%
- The mineral resource estimates were prepared in accordance with the CIM Standards, and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.
- Mineral Resources are not ore reserves and are not demonstrably economically recoverable.
- Grades reported using dry density.
- The effective date of the MRE is
January 10, 2024 . - The QP responsible for the MRE is the geologist
Carlos Silva (MAIG #7868). - The MRE numbers provided have been rounded to the estimate relative precision. Values cannot be added due to rounding.
- The MRE is delimited by Lithium Ionic Bandeira Target Claims (ANM).
- The MRE was estimated using ordinary kriging in 12m x 12m x 4m blocks.
- The MRE report table was produced in Leapfrog Geo software.
- The reported MRE only contains fresh rock domains.
- The MRE was restricted by RPEEE with grade shell using 0.5% Li2O cut-off.
Figure 1. Bandeira Project Location
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/28eb8f92-bd9d-4e17-99c4-eb9181d2fe5d
Figure 2. Isometric View of the Bandeira Deposit
View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/0998a590-490a-45b0-8e67-51511f820da9
Details related to the calculation of the MRE
The MRE was prepared by
The MRE was prepared using the following geological and resource block modeling parameters which are based on geological interpretations, geostatistical studies, and best practices in mineral estimation.
The QP is not aware of any factors or issues that materially affect the MRE other than normal risks faced by mining projects in the province in terms of environmental, permitting, taxation, socio-economic, marketing, and political factors, and additional risk factors regarding inferred resources.
- The Project geology comprises Neoproterozoic age sedimentary rocks of Araçuaí Orogen intruded by fertile Li-bearing pegmatites originated by fractionation of magmatic fluids from the peraluminous S-type post-tectonic granitoids of Araçuaí Orogen. Lithium mineralization is related to concordant and discordant swarms of spodumene-bearing tabular pegmatites hosted by cordierite-biotite-quartz schists.
- Drilling conducted by
Lithium Ionic included diamond core drilling of NTW (64.2mm diameter). - Diamond core has been sampled in intervals of ~ 1 m where possible, otherwise intervals less than 1 m have been selected based on geological boundaries. Geological boundaries have not been crossed by sample intervals. ½ core samples have been collected and submitted for analysis, with regular field duplicate samples collected and submitted for QA/QC analysis.
- Drill core samples were submitted to SGS Geosol laboratories in
Brazil where they were analyzed for a 31-element suite via ICP90A (fusion by sodium peroxide and finish with ICP- MS/ICP-OES). Assay data were composited to 1 m. - The MRE was estimated from the diamond drill holes completed by
Lithium Ionic fromApril 2022 untilMarch 2024 . Data from a total of 233 drill holes comprising 8,693 assays were included in the mineral resources model. - The 3D modelling of lithium Mineral Resources was conducted using a minimum cut-off grade of 0.3% Li2O within a preliminary lithological model.
- The interpolation was conducted using Krigging methodology with three interpolation passes.
- The block model was defined by a block size of 12 m long by 12m wide by 4 m thick and covers a strike length of approximately 1,200 m to a maximal vertical depth of 300 m below surface.
- The MRE was classified as Measured, Indicated and Inferred Mineral Resource based on data quality, sample spacing, and pegmatite continuity. The Measured Mineral Resource was defined using a search ellipsoid of 50 m by 50 m by 30 m, and where the continuity and predictability of the mineralized units was reasonable. The Indicated Mineral Resource was defined using a search ellipsoid 100 m by 100 m by 50 m. The Inferred Mineral Resource was assigned to areas where drill hole spacing was greater than 100 m by 100 m by 50 m for all remaining blocks.
- Classification focused on spatial relation using a minimum of five composites in at least three different drill holes for the Measured and Indicated resources.
- Validation has proven that the block model fairly reflects the underlying data inputs. Variability over distance is relatively moderate to low for this deposit type therefore the maximum classification level is Indicated.
- Mineralization at the deposits extends to surface and is expected to be suitable for open cut mining; no minimum mining width was applied; internal mining dilution is limited to internal barren pegmatite and/or host rock intervals within the mineralized pegmatite intervals; based on these assumptions, it is considered that there are no mining factors which are likely to affect the assumption that the deposit has reasonable prospects for eventual economic extraction.
- It is the QP’s opinion that the current classification used is adequate and reliable for this type of mineralization and MRE.
- The MRE reported is a global estimate with reasonable prospects of eventual economic extraction.
On behalf of the Board of Directors of
Chief Executive Officer, Director
About
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Investor and Media Inquiries:
+1 647.316.2500
info@lithiumionic.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the prospectivity of the Company’s mineral properties including Salinas and Bandeira, the Company’s ability to produce a NI 43-101 compliant mineral resource estimate, PEA and/or Feasibility study and the timing thereof, the Company’s ability to obtain the requisite licences and permits, the economic viability of the Bandeira project, the Company’s ability to obtain adequate financing, the mineralization and development of the Company’s mineral properties, the Company’s exploration program and other mining projects and prospects thereof and the Company’s future plans. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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Figure 1
Bandeira Project Location
Figure 2
Isometric View of the Bandeira Deposit
2024 GlobeNewswire, Inc., source