IberAmerican Lithium Re-Assaying Program Increases Number of Samples with Lithium Results of Interest

There are now 25 samples of interest, up from the previous 21 samples from the 2011 exploration campaign.

Total of 46 samples showing greater than 1.00% concentrations of Li₂O in total for all historic drill holes (2011 & 2018).

Toronto, Ontario–(Newsfile Corp. – October 5, 2023) – IberAmerican Lithium Corp. (NEO: IBER) (the “Company“) is pleased to announce the results of the re-assaying of initial core samples from its Alberta II project, located in Ourense Province, Galicia, Spain. By using a sodium peroxide fusion to obtain the assay results, the Company now has 25 samples showing greater than 1.00% concentrations of lithium oxide, an increase of approximately 20% from the number of samples previously reported from the exploration campaign conducted in 2011.

Campbell Becher, Chief Executive Officer, said, “We are very pleased with the re-assay results. It confirms our thesis that, with the use of proper, more modern technology and with a new focus on lithium shows, the existing samples would provide greater lithium content than originally thought in 2011, when the exploration focus of the owner at that time was on tin and tantalum. These results also give us better information on the areas on which to concentrate our exploration program at Alberta II.”

The re-assays confirm the Company’s initial plans to focus its Q4 2023 diamond drilling program, of approximately 40-50 holes, in the northern section of the Alberta II permit area, targeting the continuity of spodumene-pegmatites, specifically expanding the drilling previously performed on the permit area in 2012. The Company will be also undertaking an extensive geological sampling program in the south section of Alberta II. Mr. Becher added, “Receipt of these results are the first step in commencing our robust exploration program; we expect to be able to announce preliminary results from initial drilling and survey activities in Q1 2024.”

The Re-Assays

In conjunction with its reverse takeover transaction and listing of its common shares on the Neo Exchange Inc., operating as Cboe Canada, the Company filed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) technical report, prepared pursuant to NI 43-101, by Resource Development Associates Inc. (RDA) consultant Scott E. Wilson, S.M.E., CPG, titled “NI 43-101 Technical Report for the Alberta II Lithium and Rare Metals Deposit, Ourense Province, Galicia Spain” with an effective date of March 25, 2023 (the “Alberta II Project Technical Report“). The Alberta II Project Technical Report contained a number of recommendations, including the re-assay of core samples taken in 2011 by the previous permit holder of Alberta II, in order to use a more pertinent assay method – sodium peroxide fusion – for lithium-bearing spodumene pegmatite. Samples taken in 2011 had previously been analyzed using the 4-Acid Digest method which is known to under-report lithium contents. The re-assaying has been completed, and as a result of using more modern technology and methods, the Company now has 25 core samples from the 2011 campaign showing greater than 1.00% concentrations of lithium oxide compared to the 21 reported in the Alberta II Project Technical Report, an increase of approximately 20% for core samples taken in 2011.

As part of the re-assay program, samples were collected from the nine drill-holes from 2011. Quarter-core cuts of the historic intervals were sent for reanalysis. The drill-hole samples were prepared at ALS laboratory in Sevilla, Spain, located approximately 750 km from Alberta II, and then sent to their laboratories in Ireland for assaying. The ME-MS89L assaying method uses a sodium peroxide flux for fusion. When searching for elements found in resistant minerals, as the lithium silicates found on pegmatites, fusion decomposition guarantees the complete measurement of the element’s concentration, rather than just the acid-soluble portion. The Company selected this internationally accredited laboratory to assess the most appropriate assay methodology for Alberta II’s mineralization type. Some variability is to be anticipated as the samples represent the second half of the core as opposed to being a rerun of the same sample; different sample preparation; different sample digestion and analytical methods used by the laboratories in different time periods; and the natural variability of the mineralization.

A comparison of historic results and re-assay results are shown below and complete results are reported in Schedule 1 of this news release, respectively:

*[Old] 2011 samples previously analyzed using the 4-Acid Digest method
*[New] Re-assayed samples analyzed using the Sodium Peroxide fusion method
*All From/To Depths and Thicknesses are downhole and do not represent true thickness of mineralization
*Only samples with grade above 1.00% Li₂O are shown in the above table

Samples from the 2018 holes were analyzed using the sodium peroxide method hence these samples were not re-assayed.

Figure 1

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Adding the re-assay results to those samples of interest from the 2018 drill holes results in a total of 46 samples showing greater than 1.00% concentrations of Li₂O in total for all historic dill holes.

All 46 samples showing greater than 1.00% concentrations of Li₂O are reported in the table below:

*All From/To Depths and Thicknesses are downhole and do not represent true thickness of mineralization
*Only samples with grade above 1.00% Li₂O are shown in the above table

Qualified Person, Technical Disclosure and Quality Control Notes

The sample results contained in this press release have been prepared in accordance with NI 43-101.

Technical information in this news release has been reviewed and approved by Scott E. Wilson, S.M.E., CPG, who is a “qualified person” for the purposes of NI 43-101. Mr. Wilson has verified the technical data and opinions contained in this news release by comparing the re-assays with the historic assays from the same intervals in the same holes and considers that there has been no material change from the results described in the Alberta II Project Technical Report. Mr. Wilson also considers the QA/QC procedures used to have been up to industry standards, with all QC tests passed without any reportable deviations to be raised with the laboratory.

The samples obtained from the historic drill core re-sampling were subjected to meticulous handling, starting from the point of collection to their processing and delivery to the ALS laboratory located in Sevilla, Spain. Throughout this process, a strict chain of custody was followed to ensure the integrity of the samples and the accuracy of the further results. The drill cores were stored in the warehouse owned by Strategic Minerals Europe Spain at its Penouta Mine in Spain. Here, geologists meticulously selected the sample material from the core boxes and proceeded to cut them into quarters. The samples were then placed in calico bags, along with certified reference materials, laboratory duplicates, and blanks to ensure the accuracy and reliability of the results. The lab (ALS Laboratories in this case) maintains an internal Quality Assurance and Quality Control (QAQC) program by utilizing certified reference materials, blanks, and duplicates. In addition, the Company administers an external QAQC program by inserting certified reference materials, duplicate samples, and blank samples in a number to ensure statistical representation, thereby guaranteeing results control. The samples were security-sealed prior to delivery at the Sevilla facilities of ALS. Additional information about the methodology can be found on the respective ALS global websites in their analytical guides.

Quality Assurance and Quality Control (“QAQC“) is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by the Company using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.

Historic Information

The reader is cautioned that the historical information is considered historical in nature and as such are based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. The Company has determined the historical information is relevant to be included here in that it is used as a comparator to the re-assay results. A qualified person has not done sufficient work to classify the historical estimates as current resources and the Company is not treating the historical estimates as current resources. Verification will be required by a qualified person before the historical estimates can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.

The full version of the Alberta II Project Technical Report is available on the Company’s SEDAR+ profile at www.sedarplus.ca.

About IberAmerican Lithium Corp.

IberAmerican Lithium is a hard-rock lithium exploration company focused on advancing its 100% owned Alberta II & Carlota Properties located in the Galicia region of northwestern Spain. IberAmerican Lithium’s properties are located in a favorable lithium district with world class infrastructure and a supportive and proactive mining jurisdiction.

Additional information on IberAmerican Lithium is available at www.iberamericanlithium.com and by reviewing its profile on SEDAR at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of IberAmerican to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in IberAmerican’s Filing Statement dated August 31, 2023, which is available for view on SEDAR at www.sedarplus.ca. These risks include but are not limited to, the risks associated with the mining and exploration industry, such as operational risks in development or capital expenditures, the uncertainty of projections relating to production, any delays or changes in plans with respect to the exploitation of the site, the quantity of lithium content, the Company’s re-assay results and ongoing drill programs, the areas in which to concentrate further exploration, the commencement of the diamond drilling program and any expansion thereof, and any expected announcement of preliminary results from initial drilling and survey activities. Forward-looking statements contained herein are made as of the date of this press release, and IberAmerican disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Further Information

For further information, please contact:

IberAmerican Lithium Corp.
Campbell Becher
inquiries@ialithium.com
647-404-9071

Schedule 1: Alberta II Project ALS Re-Assay Results

*[Old] 2011 samples previously analyzed using the 4-Acid Digest method
*[New] Re-assayed samples analyzed using the Sodium Peroxide fusion method
*All From/To Depths and Thicknesses are downhole
*Only samples with grade above 0.40% Li₂O are shown in the above table

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