Lithium Ionic Corp (TSX-V:LTH) continues to unlock further value at Bandeira Lithium Project in Brazil with the latest results returning a peak 3.38% Li2O intersection.
The Canadian mining company, which is exploring and developing its lithium properties in Brazil, is rapidly advancing Bandeira towards a production decision. A Feasibility Study for Bandeira is currently being finalised by AtkinsRéalis (formerly SNC-Lavalin) and is expected for completion in May 2024.
Recent assay results from 23 drillholes from its Feasibility-stage Bandeira project – situated in northern Minas Gerais State, in a hard rock lithium district known as the ‘Lithium Valley’ – include 2.13% Li2O over 20.4m, including 2.62% Li2O over 10.4m and 3.78% Li2O over 3.3m, intersected from 175m downhole (hole ITDD-24-260).
Bandeira currently hosts a Mineral Resource Estimate (MRE) of 41.93Mt – or 70% of the company’s total global mineral resources of 60.1Mt.
‘High-grade’ results from the seven holes – ITDD-24-256 to ITDD-24-262 – were not included in the MRE announced on April 12, 2024.
CEO Blake Hylands says as the company approaches the completion of our Feasibility Study for Bandeira, these results highlight the potential for further expansion of the project.
“We continue to prioritise the advancement of Bandeira to production and look forward to delivering significant milestones towards this goal in the near-term,” he says.
Bandeira is a 175-hectare property, which represents only 1% of its large 14,182-hectare land package.
A Preliminary Economic Assessment (PEA) based on a previous MRE of 29.5Mt – 30% smaller than it is today – was completed in October 2023. This study supported a long-life and low-cost spodumene concentrate mining project with a post-tax net present value (NPV) 8% of US$1.6 billion (C$2.2 billion) and an internal rate of return (IRR) of 121%.
Lithium Ionic’s Itinga and Salinas group of properties 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.
Its Feasibility-stage Bandeira 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.
Write to Adam Orlando at Mining.com.au
Images: Lithium Ionic
