  The Lithium Depletion Boundary (LDB) is a robust method for accurately
determining the ages of young clusters, but most pre-main-sequence models used
to derive LDB ages do not include the effects of magnetic activity on stellar
properties. In light of this, we present results from our spectroscopic study
of the very low-mass members of the southern open cluster Blanco 1 using the
Gemini-North telescope, program IDs: GN-2009B-Q-53 and GN-2010B-Q-96. We
obtained GMOS spectra at intermediate resolution for cluster candidate members
with $I$$\approx$13--20 mag. From our sample of 43 spectra, we find 14 probable
cluster members by considering proximity to the cluster sequence in an
$I/I-K\rm_s$ color-magnitude diagram, agreement with the cluster's systemic
radial velocity, and magnetic activity as a youth indicator. We systematically
analyze the H$\alpha$ and Li features and update the LDB age of Blanco 1 to be
$126^{+13}_{-14}$ Myr. Our new LDB age for Blanco 1 shows remarkable coevality
with the benchmark Pleiades open cluster. Using available empirical activity
corrections, we investigate the effects of magnetic activity on the LDB age of
Blanco 1. Accounting for activity, we infer a corrected LDB age of
$114^{+9}_{-10}$ Myr. This work demonstrates the importance of accounting for
magnetic activity on LDB inferred stellar ages, suggesting the need to
re-investigate previous LDB age determinations.
