- Lithium Ionic Corp.’s (LTH) subsidiary, MGLIT Empreendimentos Ltda., has signed a purchase agreement to acquire a mining claim
- The claim covers 10 sq. km. in Minas Gerais state, Brazil
- With this claim, Lithium Ionic has increased its land position six-fold from when it launched in May 2022
- Lithium Ionic Corp. (LTH) is down 0.41 per cent, trading at $2.41 per share as of 3:40 p.m. ET
Lithium Ionic’s (LTH) subsidiary, MGLIT Empreendimentos Ltda., has signed a purchase agreement to acquire a mining claim.
The claim covers 10 sq. km. in Minas Gerais state, Brazil. The binding asset agreement was signed with Clésio Alves Gonçalves Mineraçao E Comercio Ltda.
With this claim, Lithium Ionic has increased its land position six-fold from when it launched in May 2022. The company’s land holdings are all located in the Jequitinhonha Valley, a prolific hard-rock lithium district.
Under the agreement, Lithium Ionic has paid C$130,000 in cash to Clesio to acquire the claim.
If the company establishes a NI 43-101 compliant mineral resource estimate on the Clesio Claim of at least two million tons with an average content greater than 1.30 per cent Li2O within 30 months of acquiring the Clesio Claim, Lithium Ionic will pay Clesio a cash bonus of US$1 million.
If the company establishes a NI 43-101 compliant mineral resource estimate on the Clesio Claim of at least five million tons with an average content greater than 1.30 per cent Li2O within 48 months of acquiring the claim, Lithium Ionic will pay an additional cash bonus of US$1 million.
Blake Hylands, CEO of Lithium Ionic, commented,
“We continue to consolidate prospective lithium targets in the prolific Eastern Brazilian Pegmatite Province known for its large and high-grade hard-rock lithium deposits. Our team believes there’s excellent potential to identify mineralized pegmatites on the Clesio claim, given it is on trend with nearby world-class lithium deposits – among these are Sigma Lithium’s Xuxa and Barreiro deposits, which form part of the largest hard-rock lithium deposits in the Americas, as well as CBL’s Cachoeira Mine, which has been producing lithium for 30 years.”
Lithium Ionic is a Canadian lithium-focused mining company with properties covering 77 sq. km. located in the prolific Aracuai lithium province in Minas Gerais State, Brazil.
Lithium Ionic Corp. (LTH) is down 0.41 per cent, trading at $2.41 per share as of 3:40 p.m. ET.
