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Lightning Minerals(L1M or the Company) is pleased to announce completion of the acquisition of Bengal Mining (Bengal). Bengal holds, via its wholly owned subsidiary Tigre Mineracao Ltda (Tigre) option agreements over two lithium projects, Caraíbas and Sidrônio (the Projects). The Projects are located in Brazil’s prolific Lithium Valley district in the state of Minas Gerais in proximity to Latin Resources’ (ASX: LRS) Colina project1 hosting 70.9Mt @ 1.25% Li20 and Sigma Lithium’s (NASDAQ: SGML) Grota do Cirilo project2 hosting 108.9Mt @ 1.41% Li20.
HIGHLIGHTS
- All Conditions Precedent have been met including receipt of shareholder approval at the Company’s EGM on 13 June 2024 including completion of tranche 2 capital raising
- Completion of acquisition of Bengal Mining and options over highly prospective lithium projects Caraíbas and Sidrônio, located in the prolific Lithium Valley region of Minas Gerais, Brazil
- Recent site visit confirms the highly prospective nature of the projects in Brazil’s prolific Lithium Valley in the state of Minas Gerais
The acquisition of Bengal Mining is now complete and is seen as transformative to the future of the Company as it positions itself in the prolific Lithium Valley district of Minas Gerais, Brazil. Currently, Managing Director, Alex Biggs is in Brazil visiting the projects and region as well as attending the Brazil Lithium Summit in Belo Horizonte. He will be meeting with key stakeholders, contractors and business leaders to ensure the Company is well positioned in Brazil moving forwards. Recent site visits have demonstrated the potential that the Caraíbas and Sidrônio projects present as reported in ASX Announcement 14 June 2024.
Lightning Minerals Managing Director Alex Biggs said, “Completion of the Bengal acquisition is a significant step forward for the Company and we can now begin to focus our efforts on target generation across our Brazilian assets. Having spent time in Brazil over the past couple of weeks we really like what we see and the potential these projects present to the Company. To be positioned where we are in the region is a significant achievement for us. Couple that with our relationships in Brazil, the prospectivity of the projects we are setting ourselves up for success. We welcome new shareholders on board as part of the transaction and capital raising and look forward to the future as we begin our exploration in one of the world’s premier lithium regions”.
Caraíbas and Sidrônio Projects
The Projects are located in the Eastern Brazilian Pegmatite Province that encompasses approximately 150,000 km2, stretching from Bahia state to Rio de Janeiro state. The Caraíbas Project consists of five (5) separate tenements covering 1,733 Ha and the project area contains a series of albite and muscovite rich pegmatites identified by Bengal’s initial reconnaissance works. Aeromagnetic data shows the tenements are located along regional structures and shear zones which are analogous to the trends present at Latin Resources’ (ASX: LRS) Colina deposit. The Caraíbas Project is located approximately 20km to the south in the same Salinas geological formation.
The Sidrônio Project consists of two (2) tenements covering 1,638 Ha, strategically located adjacent and along strike to the south from the Caraíbas Project. Aeromagnetic data shows the tenements are located along similar interpreted structural trends that may potentially be conduits for mineralisation. Both Projects cover prospective Salinas Formation geology which is thought to provide adequate rheological conditions suitable for the emplacement of late hydrothermal fluids. In similar geological settings, proximal to S-type granites, the Salinas Formation is known to host fertile lithium mineral bearing pegmatites.
Figure 2: Caraíbas and Sidrônio project location, geology and tenements
Figure 3: Caraíbas and Sidrônio projects location and tenements plotted against publicly available analytic signal aeromagnetic image from Servico Geologico do Brasil (Geological Service of Brazil)
Next Steps
Work programs will focus on ground reconnaissance, geophysical drone survey works, drill target identification and drilling. It is estimated that these works will occur over the next 6-months but are subject to change as the Company gains further knowledge on the projects.
Initial indicators and impressions gathered from this site visit will continue to inform the Company’s approach to exploration at both Caraíbas and Sidrônio over the coming months but the strategy already developed is considered appropriate with a view to developing drill targets over the next few months.
Click here for the full ASX Release
This article includes content from Lightning Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
L1M:AU
Significant Lithium Discovery in Inaugural Drill Campaign at Red Mountain Project, USA
Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that assays results from the first three holes of the maiden RC drilling campaign at its 100%-owned Red Mountain Lithium Project in Nevada, USA have returned high-grade mineralisation, indicating the potential discovery of a significant lithium deposit.
The assay results included the following high-grade drill intersections:
- RMRC001 : 59.4m @ 1,300ppm Li / 0.69% Lithium Carbonate Equivalent1 (LCE) from 73.2m
- RMRC002 : 15.2m @ 810ppm Li / 0.43% LCE from 15.2m
- RMRC003 : 6.1m @ 1,050ppm Li / 0.56% LCE from surface, and
- 12.2m @ 1,060ppm Li / 0.56% LCE from 18.3m
A total of 11 holes were drilled for a combined 1,518m as part of the maiden RC drilling campaign, which targeted lithium clay mineralisation in zones of strong soil anomalism and/or rock chip anomalism with a view to understanding the thickness and grade potential of the project (Table 1 and Figure 1).
These initial results have confirmed the anticipated discovery of sub-surface lithium mineralisation at Red Mountain, which has clear potential to emerge as a significant project in the context of North American exploration efforts for battery metals.
Once assays for the remaining drill holes have been received by the Company, results will be collated and interpreted in order to guide the next steps for exploration at the project, which is now expected to include a follow-up drilling campaign in the second half of the calendar year. The remaining assays are expected to be received in two batches in early and late July.
Astute Chairman, Tony Leibowitz, said:
“This is a very exciting start to our drilling campaign at Red Mountain, with all three of our initial drill holes intersecting high-grade lithium mineralisation. The results have been returned over 4.6km of strike, indicating the potential for a major new discovery.
We are now eagerly awaiting the results from the remaining eight holes, which are expected to be received in July, with assays from all holes to be integrated into an updated geological model for Red Mountain with a view of expediting the process to achieving a maiden resource for our Red Mountain Project.”
Figure 1. Drill-hole locations and intersections, and gridded soil sample geochemistry over aerial image.
About Lithium Carbonate Equivalent (LCE)
Unlike spodumene concentrate, which is a feedstock for a value-added battery product, Lithium Carbonate is a principal lithium-ion battery product, which may be used directly in battery production or converted to other battery products such as lithium hydroxide. The Benchmark Mineral Intelligence Lithium Carbonate China Index priced lithium carbonate product at US$13,710/t6 as of 12 June 2024.
Lithium carbonate is the product of many of the most advanced lithium clay projects around the world, including Lithium Americas’ (NYSE: LAC) 16.1Mt LCE Thacker Pass Project3 which is currently under construction. Accordingly, exploration results for Red Mountain have been reported as both the standard parts-per-million (ppm) and as % Lithium Carbonate Equivalent (LCE). A full table of tabulated assay results is provided in Appendix 2.
Click here for the full ASX Release
This article includes content from Astute Metals NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
