09:09 AM EDT, 04/23/2024 (MT Newswires) -- Lithium Ionic ( LTHCF ) reported Tuesday assays from the Salinas lithium project in Brazil, expanding the newly discovered Noe target.

Highlights include 1.53% lithium oxide over 15 meters, including 2.31% lithium oxide over 8 meters; 1.15% lithium oxide over 19 meters, including 1.67% lithium oxide over 10 meters; and 1.32% lithium oxide over 14 meters.

Results were mostly from the Noe target, which was discovered about 1.5 kilometers north of the Salinas mineral resource zones earlier this year.

"Interpreted as a northeast extension of the historically significant 'Lavra do Zoe' pegmatite, which has been mined for spodumene intermittently over several decades, Noe offers a potential path to substantially scale this deposit," CEO Blake Hylands said.

A preliminary economic assessment on the project is expected to be completed in the second half of the year.

Salinas is located about 100 kilometers north of the company's feasibility-stage Bandeira lithium project and the Outro Lado lithium deposit in Brazil's northern Minas Gerais state.

The company's shares fell nearly 3% to 52-week lows yesterday.