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St George Mining Limited (ASX: SGQ) (“St George” or “the Company”) is pleased to announce that it has entered into a binding conditional agreement to acquire all the issued capital of Itafos Araxá Mineracao E Fertilizantes S.A (“Itafos Araxá”) which owns 100% of the advanced niobium-REE Araxá Project in Minas Gerais, Brazil (“Araxá” or “the Project”). The closing of the transaction is subject to the completion (or waiver) of certain conditions by November 3, 2024.
Highlights
- Binding Agreement: St George has entered into a binding conditional agreement to acquire 100% of the Araxá niobium-REE Project in Minas Gerais, Brazil (the “Project”)
- World class location: The Project is immediately adjacent to, and within the same carbonatite complex as, the niobium mine of CBMM that produces approximately 80% of the world’s niobium
- High-grade mineralisation: Historical drilling at the Project has defined extensive high- grade niobium, REE and phosphate mineralisation with:
- More than 500 intercepts of high-grade niobium, >1% Nb2O5
- Ultra-high grades up to 8% Nb2O5, 33% TREO and 32% P2O5
- Mineralisation commencing from surface and open in all directions
- Strong foundation to deliver resource: Outstanding opportunity for St George to define a globally significant niobium-REE resource
- Enviable development potential: Located in an established mining district with existing infrastructure (roads and power), proven route to market and access to workforce
- Capital raising locked-in: St George has received firm commitments from investors to raise new funds of $21.25 million for application towards acquisition costs, exploration expenses and working capital
Drilling by previous explorers at the Project has confirmed significant niobium and rare earths element (REE) mineralisation – see Tables 1, 2 and 3.
Table 1: Historical high-grade niobium drill intercepts at Araxá include (cut-off grade of 1% Nb2O5)1:
The intercepts in Tables 1 and 2 have been selected to demonstrate, respectively, the outstanding prospectivity for near-surface high-grade niobium and TREO mineralisation at the Project. For a full list of significant historical drill results, see Table 3 at the end of this ASX Release.
The historical drill results use categories of mineralisation consistent with those defined in the 2012 JORC Code. These results confirm the presence of high-grade niobium and REE mineralisation, providing St George with a strong platform to expand the mineralised footprint at the Project with further drilling.
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This article includes content from St George Mining, 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.
PVW Resources to Acquire High Potential Ionic Clay Rare Earth Element (REE) Portfolio in Brazil
Highlights
- PVW Resources (PVW) has entered into a binding agreement to acquire a major portfolio of highly prospective ionic clay Rare Earth Element (REE) projects in Brazil.
- The acquisition of Scanty Mineracao Ltda, the holder of 11 Projects totaling 952km2, provides an exciting pipeline of opportunities to explore for REE in strategically prospective regions of Brazil.
- As a world-renowned mining jurisdiction, Brazil has geological conditions highly prospective for ionic rare earths with many advanced REE projects. Emerging Brazilian producers are setting the pace globally in the race for REE self-sufficiency and the development of major new independent supply sources.
- Commencement of due diligence provides proof of concept with REE anomalism confirmed using a portable X-Ray fluorescence analyser (pXRF) at the Sguario and Capáo Bonito Projects. Early exploration by Scanty will continue to be verified and validated with the view to release historical results once confirmed.
- Exploration will include surface sampling, and auger drilling to validate existing targets and test for further REE mineralisation in saprolite clay, while confirming the extent of the ionic clay hosted mineralisation.
- Luis Azevedo, vendor and experienced Brazilian mining expert to join the board of PVW Resources as a non-executive Director on completion of the transaction.
- Celeste Queiroz, 28-year experienced Brazilian geologist with 23 years with Vale to join the team as Country Manager - Brazil
- PVW Resources to leverage the expertise experience of its team in rare earths exploration, development and operations with the aim of building a substantial new rare earths business.
The portfolio of 11 projects have been identified and selected with the assistance of independent Brazilian geological consultants. As a package they offer the opportunity for significant new ionic clay REE discoveries in underexplored areas.
PVW’s move into Brazil gives the Company exposure to the rapidly growing Brazilian resources industry, in particular the strategically vital rare earths industry.
Figure 1: Location of Brazilian Scanty Projects, subdivided into four geographically separate areas and encompassing a total of 952km2 of tenure.
Non-Executive Chairman, Mr George Bauk said:
“The PVW Board see these projects as an exceptional opportunity to grow our presence in the rapidly evolving critical minerals landscape globally. The acquisition of strategically located rare earth element projects in Brazil allows us to gain a foothold in a highly prospective and stable region which has recently established itself at the forefront of the rare earth industry globally.”
“We are delighted in the appointment of Mr Luis Azevedo as a Non-Executive Director, a major shareholder of Scanty following the completion of the transaction. Mr Azevedo is an experienced Brazilian mining and legal professional who began his career with WMC Resources, a company I also worked for over a decade.”
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This article includes content from PVW Resources, 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.
