ION Celebrates 1 Year of Trading, as Maiden Exploration Commences on the Urgakh Naran Lithium Salar Project

Ion Energy Limited (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) (“ION” or the “Company”) is very pleased to announce that it will commence its maiden exploration program at it’s 100% owned Urgakh Naran Lithium Salar Project in Dorngovi Province, Mongolia, as it celebrates its 1 year anniversary of trading commencement on the TSX-V.

“Our team has accomplished so much in the past year: from a new licence acquisition to the closing of a significant public offering. We are now very pleased to be commencing the maiden exploration program at our Urgakh Naran Lithium Salar Project. This is an exciting milestone for the company, and another step in Ion Energy‘s aggressive growth strategy,” said Ali Haji, CEO of ION Energy Ltd.

Highlights

• Extensive and systematic near surface testing of the UN Salar

• An initial 73 shallow holes planned with drilling commencing in the coming week

• Hydrogeological sampling of brines intersected

• Geochemical sampling of Salar clays and evaporites

Drilling at the UN Salar located on the 100% owned Urgakh Naran licence in Dorngovi province will consist of 73 shallow auger drilling holes at a wide spacing of 1km X 1km. Drill holes will be completed to a depth of approximately six metres. Potential lithium bearing clays and evaporites will be sampled in each hole as will any lithium brines intersected by this shallow drilling. The main body of the UN Salar is approximately 10km x 3km in size and is highly prospective for lithium. This will be the first systematic testing of the surficial layers and brines associated with the UN Salar.

The Company remains highly encouraged, having encountered lithium brines in its initial drilling program at the Baavhai Uul Lithium Salar Project. Stratigraphic lithologies and brines intersected in the maiden drilling program will now need to be systematically tested for lithium. A program of hydrological drilling and brine sampling in addition to a program of surface testing of the Baavhai Uul Salars is currently being planned for commencement after the completion of drill testing of the UN Salar.

Figure 1. Drill map at Urgakh Naran.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6906/96268_9bef27b194b339cd_002full.jpg

All technical information in this press release has been reviewed and approved by Khurelbaatar Lamzav, P.Geo., an independent consultant to the Company and a “Qualified Person” under National Instrument 43-101.

About ION Energy Ltd.

ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) is committed to exploring and developing Mongolia’s lithium salars. ION’s flagship, 81,000+ hectare Baavhai Uul lithium brine project, represents the largest and first lithium brine exploration licence award in Mongolia. ION also holds the 29,000+ hectare Urgakh Naran highly prospective Lithium Brine licence in Dorngovi Province in Mongolia. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world’s increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR at www.sedar.com.

For further information:

COMPANY CONTACT: Ali Haji, ali@ionenergy.ca, 647-871-4571

MEDIA CONTACT: Siloni Waraich, siloni@ionenergy.ca, 416-432-4920

Cautionary Note Regarding Forward-Looking Information

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

Information set forth in this news release contains forward-looking statements. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Important factors that could cause actual results to differ materially from Ion Energy‘s expectations include, among others, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of lithium, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company’s business. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96268