10:46 AM EDT, 04/12/2024 (MT Newswires) -- Lithium Ionic Corp. ( LTHCF ) on Friday announced a 26% increase in its global mineral resources to 60.1 million tonnes, with an updated mineral resource estimate (MRE) at its Bandeira Project, Minas Gerais, Brazil.

The Banderias Project now reports a Measured and Indicated (M&I) MRE of 23.68 million tonnes (Mt) at an average grade of 1.34% Li2O, with an additional 18.25Mt of Inferred MRE grading 1.37% Li2O, for a total of 41.93Mt grading 1.35% Li2O.

A Feasibility Study for Bandeira is currently being finalized by AtkinsRealis (ATRL.TO) and is expected to be completed in May. The environmental license for Bandeira is expected to be granted in early Q3 2024, the company said.

Friday's statement noted the Bandeira property covers only approximately 158 hectares, or 1% of its large 14,182-hectare land package. Two other NI 43-101 compliant lithium MREs have been outlined on the Ccmpany's other regional properties, Salinas and Outro Lado. However, it noted, the majority of its properties remain largely unexplored and "represent significant future mineral growth potential" for the company.

Blake Hylands, P.Geo., CEO. said, "Following closely on the heels of our initial resource at Salinas announced last week, this is yet another significant increase to our global mineral resources, highlighting the impressive pace and scale at which we have been able to delineate lithium deposits in this region.

He added: "This latest MRE positions us among the largest scale projects in the region, and with a largely untapped land package we expect this growth momentum to continue, aligning with our goal of becoming a major contributor to the global lithium supply chain."

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