Li3 Lithium Corp Uncovers 1.2km Mineralized Pegmatite Body at the Mutare Lithium Project in Zimbabwe

Toronto, August 10, 2023 - Li3 Lithium Corp. (TSXV: LILI) (FSE: WD9) ("Li3 Lithium" or the "Company") is pleased to announce that it has identified lithium mineralization over 1.2 kilometer strike at the Nels Luck pegmatite target from its ongoing exploration program at the Mutare Lithium Project, located in Zimbabwe. Li3 Lithium holds a 50% operating ownership interest in the Mutare Lithium Project, with the remaining 50% owned by Premier African Minerals Ltd., operator of the Zulu Lithium and Tantalum Mine in Zimbabwe.

The Company has received assay results from 842 channel samples collected from trenches during the initial phase of the 2023 exploration program. The trenching program, currently focused on the Nels Luck area (Figure 1), which is situated in the Mutare Greenstone Belt ("MGB") East zone, is expected to assist in identifying priority targets for the upcoming 5,000-meter exploration drilling program scheduled to start in the coming weeks.

Highlights:

• 2349m of trenches uncovered a 1.2 km long and up to 60m wide pegmatite(s) at Nels Luck
• 842 samples taken from the trenches were sent for analysis in June and July
• Highly anomalous results across the pegmatite including 36 m of 0.37% (3692ppm) Li₂O

The trenching program consisted of 25 trenches for a total of 2349m (Table 1). A total of 598m of pegmatite was intersected in the trenches (Table 1, Table 2, Figures 2-4).

The Nels Luck claims hosts a group of lepidolite, spodumene, and tantalite, bearing lithium-cesium-tantalum pegmatites with an approximate surface expression of 1200 meters by up to 100m (Figure 2-4). The Nels Luck group of claims is situated approximately 15 km northeast in the same stratigraphic package, on the southern limb of a regional syncline, that hosts the Sabi Star Lithium Tantalum Mine.

François Auclair, P.Geo, M.Sc., CEO and President of Li3 Lithium commented, "The trenching program conducted by Li3 Lithium has confirmed wide, well-developed pegmatite lithium mineralization at the Mutare Lithium Project, which remains open at depth and along strike. Initial assay results from the first-half of the 2023 trenching and surface sampling programs are promising given that the Nels Luck area of the Mutare Lithium Project is just 15km from the world-class Sabi Star Lithium Tantalum Mine. A phase one diamond drilling program, up to 5,000 meters targeting the Nels Luck area, is scheduled to commence in the coming weeks as we begin to define the grade, thickness, and spatial continuity of the pegmatite trends."

Table 1: Trench Collar summary table, coordinates are in WGS84 UTM Zone 36S

Table 2: Summary of Lithium Oxide (Li₂O) trench composite results greater than 0.10% (1000 ppm) from the Nels Luck area. Ppm values are rounded to the nearest 1 and % values are rounded to the nearest 0.01

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

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Figure 2: Summary of Nels Luck trenching results

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Figure 3: Summary of Li2O% trench composite results at Nels Luck West

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Figure 4: Summary of Li2O% trench composite results at Nels Luck East

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Discussion
Lithium minerals decompose readily in the weathering tropical environment. Lithium-ions are too small to effectively fill the octahedral site (in which lithium is bonded to six oxygen atoms) in spodumene, amblygonite-montebrasite and lithiophilite-triphylite, at near-surface conditions (London D, 2017)^[1] . Therefore, lithium is frequently leached away when the pegmatite is subject to weathering. It is likely that the moderately anomalous Li2O trenching results were due to the pegmatites sampled in the trenches at Nels Luck being moderate to strongly weathered, especially compared to the relatively fresh grab samples taken in May.

Mutare Lithium Project, Zimbabwe
The Mutare Lithium Project is located in eastern Zimbabwe's Mutare Greenstone Belt, an emerging lithium district. The Company 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 trenching and sampling programs are under the control of the Company's geological employees and are consistent with industry best practices. One blank (cement) and one standard (AMIS-0565, or AMIS-0656, or AMIS-0355) is inserted as samples every 20 samples (18 rock samples, one CRM, one blank). Trenching 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 is internationally accredited laboratory testing provider with ISO/IEC 17025:2005 certification (Laboratory Accreditation Number: TEST-S 0010 (lSO/lEC t7025:20t7l).

The Company has sent all of the pulp of the grab and trench samples for analysis of Niobium (Nb), Tantalum (Ta), and Caesium (Cs) to SGS Johannesburg. Results are pending.

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. M Auclair, the company's qualified person and an officer, 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 President
Tel: 514-889-5089
Email: info@lithium3.com
www.lithium3.com

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.

^[1] Reading Pegmatites: Part 3-What Lithium Minerals Say, David London, Pages 144-157. Published online: 14 Feb 2017 (https://www.tandfonline.com/doi/full/10.1080/00357529.2017.1252636)

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