Lightning Minerals

Deal Completion on Acquisition of Bengal Mining and Brazilian Lithium Projects

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.


  • 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.

The Conversation (0)
Galan Lithium

HMW Project Update

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to provide a further update on the progress at its 100% owned Hombre Muerto West (HMW) Phase 1 lithium brine project. Lithium inventories continue to build in the HMW Phase 1 ponds, in line with Feasibility Study expectations, which will provide the feedstock for the HMW processing plant. Over the last month, Galan has re-worked its construction activities to preserve cash with a view to procuring both a definitive sales agreement and an associated funding package for the Project in the short term.

Keep reading...Show less
Premier1 Lithium

Strategic Project Review Commenced: Gold and Copper Potential

Premier1 Lithium Limited (ASX:PLC) (“Premier1” or the “Company”) is pleased to provide an update on the Company’s activities including a recently commenced strategic review of all exploration assets. The strategic review follows the recent refresh of the board and management including new Managing Director, Chair and Exploration Manager, as well as the relocation of all company functions to Perth.

Keep reading...Show less
Cleantech Lithium

Update on "Expressions of Interest" RFI Process

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, comments on the Chilean Government's announcement yesterday on the "Expressions of Interest" ("RFI"), which is part of the process towards award of a Special Lithium Operating Contract ("CEOL") required to develop lithium projects in the country. As previously announced on the 17th June 2024, the Company submitted RFIs for the advanced Laguna Verde and Viento Andino projects and three others in Joint Ventures ("JV") and, as per yesterday's update, now expects to hear back by the end of August 2024. CTL believes it is well positioned to meet the criteria set out by the Government as evidenced by CTL's advancement in Direct Lithium Extraction ("DLE") and the existing alliance with the local communities to co-develop the Company's lithium projects.

Keep reading...Show less
White Cliff Minerals

IOCG and Epithermal Mineralisation Discovered in Maiden Field Program at Great Bear Lake

Canadian Government grants received to further exploration

White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce that widespread, IOCG-U polymetallic, mineralisation has been visually observed1 during the first week of its maiden fieldwork program at its Great Bear Lake U-Cu-Au-Ag Project in northern Canada.

Keep reading...Show less
Jindalee Lithium

Entitlement Offer Prospectus

Jindalee Lithium Limited (ASX:JLL) (Jindalee, the Company) is pleased to share its Entitlement Offer Prospectus.
Keep reading...Show less
Lithium-ion batteries surrounding lithium's periodic table symbol.

5 Themes from Fastmarkets' 2024 Lithium Supply and Battery Raw Materials Event

Demand for lithium is expected to grow in the next 10 years as electric vehicle proliferation continues and the energy storage sector expands.

While experts are optimistic about the market’s medium- and long-term fundamentals, the current market oversupply and weak EV sales have weighed on prices over the last year.

Although prices have remained subdued through 2023 into 2024, investor interest in the battery metal market has grown, which was evident at Fastmarkets’ 2024 Lithium Supply and Battery Raw Materials conference.

The four-day event saw record attendance, with more than 1,100 attendants and 150 speakers gathering in Las Vegas to learn more about the trajectory of the lithium industry and other key battery raw materials.

Keep reading...Show less

Latest Press Releases

Related News