Li3 Lithium Corp. Reports up to 4.14% Lithium Oxide in Surface Rock Samples at the Mutare Lithium Project

Toronto, Ontario--(Newsfile Corp. - May 30, 2023) - Li3 Lithium Corp. (TSXV: LILI) (FSE: WD9) ("Li3 Lithium" or the "Company") is pleased to announce that it has identified high-grade lithium targets from its ongoing exploration program at the Mutare Lithium Project, located in Zimbabwe. Li3 Lithium holds a 50% ownership interest in the Mutare Lithium Project, with the remaining 50% owned by Premier Africa Minerals Limited, operator of the Zulu Lithium and Tantalum Mine in Zimbabwe.

The Company, as operator of the Mutare Lithium Project, has received assay results from seventy-two grab samples collected during the initial phase of the 2023 exploration program. The exploration program includes geological mapping, and a surface rock sampling program to assist in identifying priority targets for the trenching and 5,000-meter exploration drilling program, scheduled to start in the coming weeks.

Highlights:

72 samples sent for analysis in April

Highest grade returned in initial phase is 4.14% Lithium Oxide ("Li2O") from the Nels Luck group of licenses

The preliminary surface rock sampling program consisted of 72 samples taken from across the Mutare Lithium Project (Table 1, Figures 1-2,). The grab samples were from the central and eastern section of property, including the Nels Luck group of licenses, situated in the Mutare Greenstone Belt ("MGB") East zone, one of many target areas within the Mutare Lithium Project, comprised of approximately 2,000 hectares of licences retained in the MGB. The Nels Luck license hosts a group of lepidolite, spodumene, and tantalite, bearing lithium-cesium-tantalum pegmatites with an approximate surface expression of 600 meters by 20 meters (up to 50m) (Figure 2). The Nels Luck group of licenses is situated about 15 km northeast in the same stratigraphic package, on the southern limb of a regional syncline, that hosts the Sabi Star Lithium Tantalum Mine.

Table 1: Summary of Lithium Oxide (Li2O) results from the Nels Luck area greater than 0.500%. Values are rounded to the nearest 0.001

Sample ID

Zone

Source

Description

Li2O%

A8549

Nels Luck

Stockpile

403476

7885187

Lepidolite-Quartz-feldspar

3.437

A8550

Nels Luck

Stockpile

403466

7885186

Lepidolite-feldspar-quartz

3.788

A8552

Nels Luck

Stockpile

403925

7885353

Feldspar(spodumene?)-quartz-green mica

2.508

A8553

Nels Luck

Outcrop

403925

7885353

Feldspar-tourmaline-spodumene?

1.542

A8557

Nels Luck

Stockpile

403455

7885142

Lepidolite-felspar-quartz

4.144

A8558

Nels Luck

Stockpile

403440

7885149

Lepidolite-felspar-quartz

4.084

A8559

Nels Luck

Outcrop

403381

7885169

Lepidolite-felspar-quartz

3.898

A8560

Nels Luck

Stockpile

403371

7885177

Lepidolite-felspar-quartz

1.387

A8562

Nels Luck

Stockpile

403427

7885194

Lepidolite-felspar-quartz

3.712

A8563

Nels Luck

Stockpile

403420

7885138

Spodumene-feldspar

3.96

A8564

Nels Luck

Outcrop

403465

7885194

Banded-quartz-feldspar-tourmaline

0.702

A8565

Nels Luck

Outcrop

403475

7885197

Quartz-green mica-tourmaline

0.846

Figure 1: Mutare Lithium Project License and Location map, identifying the location of the initial surface samples across the Mutare Lithium Project

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/5472/167991_8c6aeee6748618ba_001full.jpg

François Auclair, P.Geo, M.Sc., CEO and President of Li3 Lithium commented, "The initial high-grade results, up to 4.14% lithium oxide, suggest the potential for high-grade lithium oxide mineralization at surface and at depth within the Eastern section of the property. We are anxious to commence the 5,000-meter exploration drilling program across the property with emphasis on the Nels Luck group of pegmatites."

Figure 2: Summary of grab sample results at Nels Luck greater than 0.50 %

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/5472/167991_8c6aeee6748618ba_002full.jpg

Mutare Lithium Project, Zimbabwe

The Mutare Lithium Project is located adjacent to the Sabi Star Lithium Tantalum Mine in eastern Zimbabwe's Mutare Greenstone Belt, an emerging lithium district. Li3 Lithium is evaluating the acquisition of additional prospective ground, either through staking or agreements with potential vendors. The area was deemed prospective for lithium-cesium-tantalum pegmatites based on prior target generation work. Management believes the lithium exploration potential of the MGB is analogous to that of the Pilbara Craton pegmatites in Western Australia.

Zimbabwe, which is estimated to hold Africa's largest lithium resources and the fifth largest globally, is rapidly emerging as an important player within the lithium supply chain. Over the past year and a half, major Chinese battery metals companies have committed approximately US$1.4 billion to acquire and develop lithium projects in Zimbabwe.

Technical information

Quality Assurance and Quality Control of Li3 Lithium's sampling programs are under the control of the Company's geological employees and are consistent with industry best practices. Grab samples are transported by Li3 Lithium's employees following a defined chain of custody, to Zimlabs in Harare, Zimbabwe. All samples were pulverized to produce a 30g charge and then analyzed by G706 (multi acid digestion with AAS finish). Zimlabs is a subsidiary of GNK laboratories and an internationally accredited laboratory testing provider with ISO/IEC 17025:2005 certification (Laboratory Accreditation Number: TEST-S 0010 (lSO/lEC t7025:20t7l).

The Company intends to transport the pulp of the grab samples for analysis of Niobium (Nb), Tantalum (Ta), and Caesium (Cs) at an accredited laboratory in South Africa. Grab samples are selective by nature and reported values are not necessarily indicative of mineralized zones.

Qualified Person

François Auclair, QP, M.Sc, Quebec Order of Geologists, CEO and President of Li3 Lithium, is the non-independent qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects for the technical disclosure contained in this news release. Mr. Auclair has reviewed and approved the technical disclosure contained in this news release

About Li3 Lithium Corp.

Li3 Lithium is focused on acquiring and developing hard rock spodumene lithium assets in Zimbabwe and Argentina, where the founders have significant experience and relationships. As evidenced by recent market growth, hard rock lithium deposits are forecast to continue to dominate the global supply of lithium given the scarcity, complexity and capex-intensive nature of alternative brine sources.

Contact Information:Li3 Lithium Corp.Francois Auclair, P.Geo, M.Sc., CEO and PresidentTel: 514-889-5089Email: [email protected]

CAUTIONARY STATEMENT:

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward- looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

APPENDIX 1: Grab sample summary table, coordinates are in WGS84 UTM Zone 36S

Sample ID

Zone

Source

Description

Li2O%

A8002

Bepe West

Outcrop

389940

7876227

Feldspar-quartz-tantalite

0.004

iA8003

Bepe West

Outcrop

389824

7876216

Quartz-Feldspar-tantalite

0.003

A8004

Bepe West

Outcrop

389801

7876207

Feldspar dominated-10% tantalite

0.011

A8005

Bepe West

Outcrop

389621

7876166

Feldspar-quartz-mica

0.003

A8006

Bepe West

Outcrop

390778

7875824

Feldspar-quartz-mica

0.003

A8007

Bepe West

Outcrop

390073

7875309

Feldspar-quartz-mica-tourmaline

0.002

A8589

Bepe West

Outcrop

389801

7875655

Quartz-feldspar-garnet

0.004

A8590

Bepe West

Outcrop

389824

7875660

Quartz-feldspar-garnet-tantalite

0.003

A8591

Bepe West

Outcrop

389874

7875667

Feldspar dominated-10% tantalite

0.011

A8592

Bepe West

Outcrop

389855

7875660

Quartz-Feldspar-tantalite

0.005

A8593

Bepe West

Outcrop

389900

7875552

Feldspar-quartz-mica

0.026

A8594

Bepe West

Outcrop

389852

7875541

Feldspar dominated-10% tantalite

0.034

A8595

Bepe West

Outcrop

389813

7875513

Quartz-feldspar-garnet-mica

0.038

A8596

Bepe West

Boulder

390521

7875762

Feldspar dominated-15% tantalite

0.002

A8597

Bepe West

Outcrop

390577

7875819

Feldspar dominated-10% tantalite

0.003

A8598

Bepe West

Outcrop

390514

7875954

Feldspar-quartz-mica

0.001

A8599

Bepe West

Outcrop

390863

7875699

Quartz-feldspar-tantalite

0.003

A8600

Bepe West

Outcrop

390834

7875693

Quartz-feldspar-tantalite

0.005

A8536

Madheu Zone

Historicaltrench

393193

7876279

Feldspar-quartz

0.003

A8537

Madheu Zone

Stockpile

393201

7876289

Feldspar-quartz-green mica

0.171

A8538

Madheu Zone

Historical trench

393202

7876297

Feldspare-quartz

0.008

A8539

Madheu Zone

Stockpile

393205

7876294

Feldspar-quartz-green mica

0.015

A8540

Madheu Zone

Stockpile

393205

7876294

Feldspar-green mica-beryl-tantalite

0.005

A8541

Nels Luck

Outcrop

403798

7885270

Feldspar-quartz-mica

0.04

A8542

Nels Luck

Outcrop

403787

7885276

Feldspar-quartz-green mica

0.017

A8543

Nels Luck

Outcrop

403787

7885275

Quartz-feldspar-tantalite

0.008

A8544

Nels Luck

Outcrop

403762

7885280

Feldspar-quartz-tantalite

0.018

A8545

Nels Luck

Outcrop

403760

7885279

Quartz-mica-feldspar

0.107

A8546

Nels Luck

Outcrop

403712

7885240

Feldspar-quartz-mica

0.027

A8547

Nels Luck

Stockpile

403515

7885193

Quartz-feldspar-green mica

0.054

A8548

Nels Luck

Historical trench

403474

7885199

Quartz-mica-green mica-tourmaline

0.128

A8549

Nels Luck

Stockpile

403476

7885187

Lepidolite-Quartz-feldspar

3.437

A8550

Nels Luck

Stockpile

403466

7885186

Lepidolite-feldspar-quartz

3.788

A8551

Nels Luck

Stockpile

403510

7885215

Feldspar-quartz-mica

0.099

A8552

Nels Luck

Stockpile

403925

7885353

Feldspar(spodumene?)-quartz-green mica

2.508

A8553

Nels Luck

Outcrop

403925

7885353

Feldspar-tourmaline-spodumene?

1.542

A8554

Nels Luck

Outcrop

403956

7885360

Quartz-feldspar-tantalite

0.006

A8555

Nels Luck

Outcrop

403952

7885372

Feldspar-quartz-tantalite

0.033

Sample ID

Zone

Source

Description

Li2O%

A8556

Nels Luck

Outcrop

403960

7885394

Feldspar-quartz-tantalite

0.031

A8557

Nels Luck

Stockpile

403455

7885142

Lepidolite-felspar-quartz

4.144

A8558

Nels Luck

Stockpile

403440

7885149

Lepidolite-felspar-quartz

4.084

A8559

Nels Luck

Outcrop

403381

7885169

Lepidolite-felspar-quartz

3.898

A8560

Nels Luck

Stockpile

403371

7885177

Lepidolite-felspar-quartz

1.387

A8561

Nels Luck

Outcrop

403376

7885168

Feldspar-quartz-mica

0.065

A8562

Nels Luck

Stockpile

403427

7885194

Lepidolite-felspar-quartz

3.712

A8563

Nels Luck

Stockpile

403420

7885138

Spodumene-feldspar

3.96

A8564

Nels Luck

Outcrop

403465

7885194

Banded-quartz-feldspar-tourmaline

0.702

A8565

Nels Luck

Outcrop

403475

7885197

Quartz-green mica-tourmaline

0.846

A8566

Nels Luck

Outcrop

403784

7885266

Feldspar-quartz

0.001

A8567

Nels Luck

Outcrop

403783

7884693

Felsdpar-quartz-mica

0.005

A8568

Nels Luck

Outcrop

402783

7884688

Felsdpar-quartz-mica

0.001

A8569

Nels Luck

Outcrop

402643

7884617

Felsdpar-quartz-mica

0.058

A8570

Nels Luck

Outcrop

402936

7884775

Felsdpar-quartz-mica-tantalite

0.1

A8571

Nels Luck

Outcrop

402936

7884775

Felsdpar-quartz-mica-tantalite

0.043

A8572

Nels Luck

Outcrop

402936

7884775

Felsdpar-quartz-mica-tantalite

0.062

A8573

Nels Luck

Outcrop

402946

7884796

Felsdpar-quartz-mica-tantalite

0.005

A8574

Nels Luck

Outcrop

405183

7885564

Quartz-mica-feldspar-tourmaline

0.016

A8575

Nels Luck

Outcrop

405054

7885663

Quartz-mica-feldspar

0.017

A8576

Nels Luck

Outcrop

405033

7885646

Quartz-mica-feldspar

0.06

A8577

Nels Luck

Outcrop

404991

7885698

Quartz-mica-feldspar-beryl-tantalite

0.009

A8578

Nels Luck

Historical trench

404948

7885566

Feldspar-quartz-mica

0.002

A8579

Nels Luck

Historicaltrench

404948

7885566

Feldspar-mica-quartz

0.001

A8580

Nels Luck

Outcrop

404734

7885158

Quartz-mica-feldspar-tantalite

0.003

A8587

Nels Luck

Outcrop

403093

7886874

Quartz-feldspar-mica

A8001

Tals 5

Outcrop

399053

7882205

Quartz-feldspar-mica

0.005

A8581

Tals 5

Outcrop

399783

7882182

Feldspar-quartz-mica

0.002

A8582

Tals 5

Outcrop

399793

7882180

Feldspar-quartz-mica

0.001

A8583

Tals 5

Outcrop

399807

7882199

Quartz-feldspar-mica

0.013

A8584

Tals 5

Outcrop

399739

7882124

Feldspar-quartz-lepidolite?

0.049

A8585

Tals 5

Outcrop

399739

7882111

Feldspar-quartz-lepidolite?

0.04

A8586

Tals 5

Outcrop

399720

7882074

Feldspar-quartz-mica-garnet

0.005

A8588

Tals 5

Stockpile

399686

7882021

Feldspar-quartz-mica-garnet

0.001

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167991

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