Lithium Ionic Reports Maiden Resource At Itinga Project In Brazil
Lithium Ionic (TSXV: LTH) has released its maiden mineral resource estimate for its Itinga Lithium Project, which is located in Minas Gerais, Brazil, in what is referred to as the lithium valley.
The project has established a mineral resource estimate of 261,187 tonnes of measured and indicated contained lithium carbonate equivalent, and a further 421,521 tonnes of inferred contained lithium carbonate equivalent. The resource estimate comes from both open-pit and underground models at the Bandeira and Outra Lado deposits.
Measured and indicated mineralization is contained within 7.57 million tonnes at 1.40% Li2O, while the inferred mineralization is found within 11.86 million tonnes at 1.44% Li2O.
The resource is said to have expansion potential at Bandeira, where further drilling will be required. The company has indicated that it could have between 1.5 and 3.0 million tonnes of additional mineralization at 1.3% to 1.6% Li2O.
“This initial mineral resource estimate marks the most important milestone to date for our Company, highlighting large scale and high-grade lithium deposits with significant future growth potential,” commented CEO Blake Hylands.
Exploration continues apace at the project, with 13 drills currently drill testing the property under a 50,000 metre program. The company has indicated it intends to proceed with a mineral reserve estimate at the Bandeira and Outro Lado deposits, while processing towards a mineral resource estimate at other targets, including Salinas and Itira.
Lithium Ionic is also proceeding with a preliminary economic assessment, which is slated for completion in the third quarter, while a definitive feasibility study is expected to be complete by the end of the year.
Lithium Ionic last traded at $2.20 on the TSX Venture.
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