According to a press release from March 13th, 2023, Lithium Ionic Corp. stated that it raised its mineral rights ownership in the Salinas project from 40% to 85% due to successfully meeting certain exploration commitments. These commitments included spending R$21.3 million (or $5.75 million CAD) on exploration activities on the project.
Image Credit: Lithium Ionic Corp.
Our increased ownership of the Salinas property marks an important milestone in our growth strategy and underscores our commitment to unlocking value with the advancement of this key asset. We look forward to the continued progress of the Salinas project and the opportunities it holds for our Company.
Blake Hylands, P.Geo., Chief Executive Officer, Lithium Ionic Corp.
By purchasing Neolit Minerals in March 2023 (as was previously disclosed in the news release dated March 13th, 2023), Lithium Ionic took ownership of the Salinas property. In the Salinas area, which is located in the lithium-rich Araçua Pegmatite District and has low pressure and high temperature conditions, there are nine exploratory tenements covering a combined 5,713 hectares.
These claims are situated in the northern part of Minas Gerais State, Brazil, some 100 km north of the company’s fully owned Itinga Project, which includes the Bandeira and Outro Lado lithium deposits. Since May 2023, the Company has been actively drilling at the Salinas Project.