Alderan Resources Limited has executed a binding share sale agreement to acquire 100 per cent of the issued capital in Parabolic Lithium Pty Ltd.
Parabolic has the right to acquire a 100 per cent interest in seven lithium exploration projects in the mineral resource rich state of Minas Gerais, Brazil.
The seven projects cover 472 square kilometres and consist of 24 granted exploration licences in seven project areas — Curral de Dentro, Minas Novas, Carai, Catuji, Itaipe, Itambacuri and Governador Valadares.
All projects are located in and immediately to the south of the area known as ‘Lithium Valley’ in the Eastern Lithium Belt of Eastern Brazil.
Lithium Valley is a premier lithium project in South America that is home to 40 of Brazil’s top 100 mines.
Recent discoveries in Lithium Valley have been made, these include: Sigma Lithium Corporation’s Groto do Cirilo Project and Latin Resources Ltd’s Salinas Project.
Groto do Cirilo has a NI43-101 compliant measured and indicated resource of 77.034 million tonnes (Mt) grading 1.43 per cent lithium oxide (Li2O).
Salinas has a JORC compliant measured, indicated and inferred mineral resource estimate of 45.2Mt grading 1.34 per cent Li2O.
Alderan Managing Director Scott Caithness commented: “The acquisition of Parabolic’s large and highly prospective granted tenement package in an established lithium district in Brazil is a very exciting development for Alderan and represents the successful culmination of project generation focused on securing high potential critical metals exploration opportunities.
“Brazil’s Eastern Lithium Belt is one of the world’s premier lithium provinces with operating lithium mines and recent major discoveries made by Sigma Lithium Corporation and Latin Resources Ltd. Parabolic has an established in-country team with significant experience in identifying lithium prospective areas and has offered to assist Alderan to fast track its on-ground exploration activities which are planned to commence in Q4, 2023,” said Caithness.