02:44 PM EDT, 04/04/2024 (MT Newswires) -- Lithium Ionic ( LTHCF ) was trading 7.25% higher from 52-week low levels early afternoon when trading in its stock was halted pending news.

The trade halt was lifted a a short time ago, after the company announced an initial NI 43-101 compliant Mineral Resource Estimate for its Salinas Lithium Project, increasing its global mineral resources by 45%.

A statement noted the Salinas property covers 662 hectares or near 4.5% of Lithium Ionic's ( LTHCF ) large 14,182-hectare land package within the 'Lithium Valley' in Minas Gerais State, Brazil, and represents the third NI 43-101 compliant lithium MRE the company has established to date. It noted the 'Lithium Valley' is a "unique geological belt that hosts a significant concentration of lithium-bearing pegmatites, which are among the largest and highest grade in the world". It said the company's properties are located in a district that is quickly emerging as an important global lithium producer.

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Among highlights, the Salinas MRE increased global resources by 45% to 47.8Mt; and a PEA for Salinas was initiated, with completion expected in the second half of 2024. In a Bandeira Operational Update, a feasibility study is to be released in May 2024, and construction permits "remain on track" to be granted in early Q3 2024.

Price: 0.74, Change: +0.05, Percent Change: +7.25