08:13 AM EST, 12/03/2024 (MT Newswires) -- Lithium Ionic ( LTHCF ) reported Tuesday positive new drill results from its flagship Bandeira lithium project in Brazil.

Highlights include 16.00 meters grading 1.77% lithium oxide, 19.60 meters grading 1.33% lithium oxide and 14.00 meters grading 1.81% lithium oxide.

"These latest results from Bandeira underscore the continued growth potential of our flagship project, with well-mineralized pegmatite extensions and entirely new zones into previously untested areas," CEO Blake Hylands said. "This new data not only reinforces our confidence in the resource but increases our near surface resources which presents optimization opportunities with strengthening and expanding the already robust Bandeira mining plan."

The company said it continues to advance permits for the project, with the Licenca Ambiental Concomitante application, submitted in late 2023, is currently in the final stages of review by the Minas Gerais State Secretariat for the Environment and Sustainable Development.

"With key milestones on the horizon, we remain focused on advancing Lithium Ionic ( LTHCF ) toward becoming Brazil's next major lithium producer," Hylands said.

The company's share price dropped 2.2% yesterday to $0.88 on the TSXV.