Works will commence this week with a geological team beginning on ground reconnaissance works at the Projects in preparation for a site visit by Managing Director, Alex Biggs and Exploration Manager, Jarrad Woodland in early June.
HIGHLIGHTS
Note 2: The Company is optimistic about concluding the transaction and acquisition outlined herein, however at the date of this announcement no assurance that the outstanding conditions precedent with respect to the transaction will be met. Accordingly, investors are cautioned against making investment decisions based on this announcement.
About the Projects and Minas Gerais as a Lithium Region
The Projects are located in the Lithium Valley region of Minas Gerais, Brazil. The Projects cover 3,372 Ha comprising seven (7) exploration licences and are located approximately 20km south of Latin Resources’ (ASX: LRS) Colina lithium project2 hosting 70.3Mt @ 1.27% Li20 and 60km north-west of Signa Lithium’s (NASDAQ: SGML) Grota do Cirilo project3 hosting 108.9Mt @ 1.41% Li20. The region has emerged as one of the world’s premier lithium districts over the past few years and presents significant exploration potential.
The Company will benefit from access to a seasoned ground team, providing invaluable fieldwork expertise and insights, enhancing the Company’s strategic approach to exploration. Relationships the Company already has in the region will help facilitate project growth and advancement.
Minas Gerais is Brazil’s third largest economy with over 300 mines operating in the state with tier-1 operators including Vale, BHP and Rio Tinto. The state boasts a strong mining labour pool and presents a cost competitive jurisdiction for exploration and project development with mature infrastructure, hydro power and road access.
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