Lithium Ionic reports initial drill results from Itira incl. 1.19% Li2O over 9m and 1.64% Li2O over 6m; and infill drill results from Bandeira incl. 1.44% Li2O over 7m and 1.59% Li2O over 6m, Minas Gerais, Brazil

TORONTO, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE: H3N) ("Lithium Ionic" or the "Company") reports initial assay results from Itira, as well as infill drilling results from Bandeira. These are two targets presently being drilled within the Company's large portfolio of properties which cover 14,182 hectares in the emerging, prolific lithium-producing region in northern Minas Gerais State, Brazil. Bandeira and Itira are located approximately 8 kilometres from each other in the same district where CBL's Cachoeira mine has been producing lithium for +30 years, and recent producer Sigma Lithium operates the Grota do Cirillo project, which hosts the largest hard rock lithium deposit in the Americas (see Figure 1 location map).

Itira Exploration Drilling Intercept Highlights (see Figure 2 and Table 1):

• 1.19% Li2O over 8.9m (hole EXDD-23-011)
• 1.64% Li2O over 5.9m (hole EXDD-23-010)

Bandeira Infill Drill Intercept Highlights (see Figure 3 and Table 2):

• 1.44% Li2O over 6.9m (hole ITDD-23-137)
• 1.59% Li2O over 5.9m (hole ITDD-23-132)
• 1.85% Li2O over 5m (hole ITDD-23-144)
• 2.24% Li2O over 3.1m (hole ITDD-23-134)
• 1.01% Li2O over 7.1m (hole ITDD-23-138)
  

Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, "Itira is a large property covering over 3,100 hectares and located just a few kilometres from our Outro Lado deposit. While we are encouraged by the few strong intersections obtained so far, there are several other planned drill targets which show very strong potential, including the northern portion of the property which returned soil anomalies with the highest lithium values. Numerous outcropping spodumene-bearing pegmatites have been identified on the property and further confirmed by sampling trenches, and these will methodically be drill tested in the coming months. Itira drilling is progressing on a similar track to the start at Bandeira, whereby the technical team is developing the geological model with the early drill holes, and this will guide the exploration program as the project progresses. Our drill program at Bandeira is progressing well as we continue to improve drill spacing to upgrade the classification of our mineral resources in an updated mineral resource estimate we plan to deliver along with a Preliminary Economic Assessment in the coming months."

The results announced today are part of a 50,000-metre expansion and definition drilling program underway for H2 2023, following the release of an initial mineral resource estimate ("MRE") in late June 2023 at the Bandeira and Outro Lado deposits of 7.57 million tonnes ("Mt") grading 1.40% lithium oxide ("Li2O") of Measured and Indicated ("M&I") and 11.86Mt grading 1.44% Li2O of Inferred resources (see press release dated June 27, 2023). The Company is focused on rapidly advancing its Bandeira and Outro Lado lithium deposits (Itinga Project) towards production, while it continues to define and expand regional targets. 13 drills are currently operating at four different drill sites. Project engineering is underway by independent Brazilian consultant, GE21 Consultoria Mineral Ltda., with a PEA expected in the coming months. Concurrently, WSP (formerly Golder) is expected to complete an Environmental Impact Assessment for the Itinga Project by year-end, which will enable the Company to initiate the environmental licensing process.

Figure 1. Location Map Showing Lithium Ionic's 14,182 Land Package
View Figure 1 here:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f8953e56-b6d9-43f1-ab06-3b6f7a6aca88

Figure 2: Itira Drill Result Highlights
View Figure 2 here:
https://www.globenewswire.com/NewsRoom/AttachmentNg/cef79cc2-2ae2-4ac0-bd71-2df3dd9b5c26

Figure 3. Bandeira Drill Result Highlights and Nearby Lithium Mines/Deposits
View Figure 3 here:
https://www.globenewswire.com/NewsRoom/AttachmentNg/cc2b1753-8441-450c-b1f7-c3edd80a0124

Table 1. Itira Drill Results

Table 2. Bandeira Drill Results

About Lithium Ionic Corp.

Lithium Ionic is a Canadian mining company exploring and developing its lithium properties in Brazil. Its flagship Itinga and Salinas projects cover 14,182 hectares 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 Corp.'s Grota do Cirilo project, which hosts the largest hard-rock lithium deposit in the Americas.

Quality Assurance and Control

During the drill program, assay samples were taken from NQ core and sawed in half. One-half was sent for assaying at SGS Laboratory, a certified independent commercial laboratory, and the other half was retained for results, cross checks, and future reference. A strict QA/QC program was applied to all samples. Every sample was processed with Drying, crushing from 75% to 3 mm, homogenization, quartering in Jones, spraying 250 to 300 g of sample in steel mill 95% to 150. SGS laboratory carried out multi-element analysis for ICP90A analysis.

Qualified Persons

The technical information in this news release has been prepared by Carlos Costa, Vice President Exploration of Lithium Ionic and Blake Hylands, CEO and director of Lithium Ionic, and both are "qualified persons" as defined in NI 43-101.

Investor and Media Inquiries:

+1 647.316.2500
[email protected]

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, the Company's ability to complete a PEA, the Company's ability to produce a NI 43-101 compliant mineral resource and reserve estimate, the mineralization and development of the Company's mineral properties, the Company's ability to complete an Environmental Impact Assessment, the Company's ability to obtain the requisite permits, the Company's exploration program and other mining projects and prospects thereof, the economic viability of the Company's properties, 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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