Lithium Ionic Corp. (TSX-V: LTH) (OTCQB: LTHCF) reports additional positive drilling results from the Galvani claims, which the Company recently acquired (see Sept. 12, 2022, press release) following a due diligence review. The Galvani claims, as well as its neighbouring 100%-owned Itinga Lithium Project (Areas 1-5) are located in the state of Minas Gerais, Brazil, in the same district as the lithium producing CBL mine and Sigma Lithium’s Barreiro deposit (20.4Mt grading 1.4% Li2O) (see Figure 1, location map).

New Galvani Drill Intercept Highlights (See Figure 2 and Table 1)

• 1.71% Li2O over 21.91m (Hole ARDD-22-025)
• 1.53% Li2O over 46.21m, incl. 2.22% Li2O over 12.49m
  and 1.14% Li2O over 12.88m, incl. 1.66% Li2O over 5.43m (Hole ARDD-22-021)
• 1.30% Li2O over 19.19m, incl. 1.83% Li2O over 4.44m (Hole ARDD-22-022)

Previously Reported Drill Intercept Highlights from Galvani Claims

• 1.94% Li2O over 19.78m, incl. 2.33% Li2O over 7.35m
• 1.68% Li2O over 20.7m, incl. 2.22% Li2O over 8.63m
• 1.57% Li2O over 24.93m, incl. 2.10% Li2O over 7.45m
• 1.30% Li2O over 38.5m
• 1.77% Li2O over 10.85m
• 1.27% Li2O over 10.77m, incl. 1.70% Li2O over 3.53m
• 1.17% Li2O over 42.05m, incl. 1.95% Li2O over 11.72m

Blake Hylands, Chief Executive Officer of Lithium Ionic, commented, “We have now shown the continuation of high-grade mineralization at surface for over eight hundred metres at Outro Lado (the Galvani claim showing). While we are extremely excited about the scale so far, we believe this is only the beginning in this area. As the team better understands the structure and geometry of this zone, our expectation is to both outline a significant resource and continue to make new discoveries. We are confident the work at the Galvani claims, as well as our other properties, will quickly fit Lithium Ionic into the global lithium supply chain that is desperately searching for the high grade, battery-quality material that is unique to this prolific mining district.”

Subsequent to the completed acquisition of the Galvani claims announced on September 12, 2022, the Company has expanded upon the drill program it initiated in June 2022 with five drills currently operating on its properties. As part of its due diligence review, Lithium Ionic successfully confirmed historic drilling results and also identified new zones of mineralization beyond the ~0.7km strike pegmatite with strong lithium values over significant widths.

The Galvani property is located less than 4 kilometres from Sigma Lithium’s Xuxa deposit (over 17Mt grading 1.55% Li2O M+I). The high grade and large widths of the intercepts to date demonstrate excellent potential to outline a significant resource very quickly. Mineralization is hosted in spodumene bearing pegmatites sourced from the same granitic intrusive, which characterizes Lithium Ionic’s Project Area 1, CBL’s lithium mining operation, and Sigma Lithium’s resources (Figure 1).

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/538b64bd-4fcf-4beb-ae4f-e08208e53a80

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/76d6c766-e856-45e9-a352-5b0dfd17e65b

Table 1. Galvani Drill Results

About Lithium Ionic Corp.

Lithium Ionic is a Canadian-based lithium-focused mining company with properties covering ~2,000 hectares located in the prolific Aracuai lithium province in Minas Gerais State, Brazil, which boasts excellent infrastructure, including highways, access to hydroelectrical grid power, water, and nearby commercial ports. Its Itinga and Galvani claims are located in the same district as the lithium-producing CBL mine and development-stage Sigma Lithium Corp.’s (TSXV: SGML; NASDAQ: SGML) large Barreiro and Xuxa lithium deposits.

Quality Assurance and Control

During the drill program, assay samples were taken from NQ core and sawed in half. One-half was sent for assaying at SGS Laboratory, a certified commercial laboratory, and the other half was retained for results, cross checks, and future reference. A strict QA/QC program was applied to all samples. Every sample was processed with Drying, crushing from 75% to 3 mm, homogenization, quartering in Jones, spraying 250 to 300 g of sample in steel mill 95% to 150. SGS laboratory carried out multi-element analysis for ICP90A analysis.

Qualified Persons

The technical information in this news release has been prepared by Carlos Costa, Vice President Exploration of Lithium Ionic and Blake Hylands, CEO and director of Lithium Ionic, and both are “qualified persons” as defined in NI 43-101.