Lithium mining followers will be interested in hearing the latest from Canadian stock Lithium Ionic (Lithium Ionic Stock Quote, Charts, News, Analysts, Financials TSXV:LTH), according to Haywood Capital Markets analyst Colin Healey, who provided an update to clients on the company on Monday.
Toronto-based Lithium Ionic is exploring properties in Brazil including Itinga and Salinas, covering 14,182 hectares in the state of Minas Gerais. LTH announced on Monday assay results from its ongoing 30,000 m drill program where it has eight drills at Itinga, an area close to the CBL Cachoeira lithium mine and the Sigma Lithium Grota de Cirilo mine, the largest hard-rock lithium deposit in the Americas.
The results include assays from drilling targeting Lithium Ionic’s Galvani property where highlight hole ARDD-23-56 returned 1.45 per cent Li2O over 45.93 m from a downhole depth of 28.07 m. The results are among the best yet drilled at Galvani.
“These latest results further confirm the scale and continuity of the large spodumene-bearing pegmatite dykes at this target. The results from the initial drilling program at Galvani and Bandeira have been tremendously successful, and our team is confident that the upcoming mineral resource estimate will deliver scale and high-grade, that will form the basis for significant future growth,” said CEO Blake Hylands in a press release.
Healey said investors can expect a continuous flow of news based on drill results from LTH, as the company will drill another 1,600 m to be included in the upcoming maiden resource estimates for the properties but will continue infill and expansion drilling at the properties in support of future resource updates.
“ARDD-23-56 represents one of the best holes drilled to-date at Galvani, and the interpretation, i.e., confirmation of down- dip extension to hole ARDD-23-45, and continuity assumption with ARDD-23-48, ~100m away, should be additive to the maiden resource estimate for Galvani which is due in the next month, along with a maiden resource from Bandeira,” Healey wrote.
“In addition, Lithium Ionic has ongoing surface sampling & trenching with near-term results expected, an Environmental Impact Assessment baseline study underway, and a recently commenced 20,000-metre drilling program on claims within its newly acquired Salinas project,” he said.