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TORONTO, Dec. 07, 2022 (GLOBE NEWSWIRE) — Lithium Ionic Corp. (TSKSV: LTH; OTCKB: LTHCF) (“Lithium Ionic” or “Company”) is pleased to announce that it has entered into a binding property purchase agreement (“Agreement”) with Mineracao Borges Ltda. (“Borges”) and MGLIT Impediment’s Ltda., a wholly owned subsidiary of the Company, pursuant to which the Company will acquire from Borges a 100% ownership interest in three mining claims (“Claims”) covering a total of 1,527 hectares in Minas Gerais, Brazil (the “Transaction”).
The three claims to be acquired cover a total of 1,527 hectares and are located along trend with known lithium deposits in the Itinga pegmatite field, including lithium producer CBL’s deposits, as well as Sigma Lithium’s Xuka and Barreiro deposits. Several pegmatite occurrences have already been identified and will be immediately investigated by systematic surveys in order to define potential spodumene mineral resources.
According to Blake Hylands, P. Geo. CEO of Lithium Ionic, “The Borges claim they will significantly increase our land holdings in this highly sought-after lithium district. We look forward to conducting research on these potential properties in the coming months.”
Transaction
Pursuant to the terms of the Agreement and in order to complete the transaction, Lithium Ionic will pay Borges:
- R$500,000 (equivalent to approximately C$130,400) upon the execution of the claim transfer documents to MGLIT (the “Closing Date”); and
- R$15,000,000 (equivalent to approximately C$3.9 million) after the Company produces an independent mineral resource estimate in accordance with NI 43-101 for claims of at least 2 million tonnes with Li2O content over 1.30% within 18 months from the Closing Date.
The transaction is an arm’s length transaction for the purposes of the TSKS Venture Exchange (“TSKSV”) policies and qualifies as an “Exempt Transaction” under TSKSV Policy 5.3. Lithium Ionic does not pay any finder fees in connection with the transaction.
Figure 1: Li-ion and Borges claims to be acquired
https://vvv.globenevsvire.com/NevsRoom/AttachmentNg/5c295ad7-ca8d-44b2-957e-ee49ad235da7
About Lithium Ionic Corp.
Lithium Ionic is a Canadian-based lithium mining company with properties covering approximately 2,000 hectares located in the fertile Arakuai lithium province in the state of Minas Gerais, Brazil, which boasts excellent infrastructure, including highways, access to hydroelectricity, water and nearby commercial port. Its Itinga and Galvani claims are in the same district as CBL’s lithium-producing mine and Sigma Lithium Corp.’s large Barreiro and Xuka lithium deposits.
Qualified persons
The technical information in this release was prepared by Carlos Costa, Lithium Ionic’s Vice President of Research, and Blake Hilands, Lithium Ionic’s CEO and Director, and are both “qualified persons” as defined in NI 43-101.
For more information contact:
Lithium Ionic Corp.
Blake Hylands, P.Geo.
Chief Executive Officer
Email: bhilands@lithiumionic.com
Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements or development to differ materially from the expected results, performance or achievements expressed or implied in 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 deemed appropriate that the expectations expressed in this forward-looking information are reasonable, undue reliance should not be placed on the fact that the Company cannot make any guarantee that it will prove to be correct. When used in this press release, the words “estimate”, “project”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “anticipate”, “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. Forward-looking statements and information in this press release include information related to the prospect of the claim, the transfer of the claim, the ability to make a mineral resource estimate in accordance with NI 43-101, the mineralization and development of the Itinga project and the claim and other mining projects and their prospects; The Transaction and the Company’s ability to close the Transaction. Such statements and information reflect the Company’s current position. Risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements or other future events to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this press release represents the Company’s expectations as of the date of this release and, accordingly, is subject to change after that date. Readers should not place undue importance on forward-looking information and should not rely on 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 change.
Neither TSKSV nor its regulation service provider (as that term is defined in TSKSV policies) accepts responsibility for the adequacy or accuracy of this press release.
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