- Lithium Ionic Corp. (LTH) signed a binding asset purchase agreement with Mineraçao Borges Ltda. and MGLIT Impediment’s Ltda. to acquire three mining claims in Brazil
- Lithium Ionic must pay Mineraçao Borges an initial $130,000 after the claims have been transferred
- It will also pay another $3.9 million after it has finished a mineral resource estimate on the claims with certain requirements
- Multiple pegmatite occurrences have been identified and will see exploration work soon
- Lithium Ionic Corp. (LTH) is down 1.59 per cent, trading at $1.86 per share as of 12:06 p.m. EST
Lithium Ionic Corp. (LTH) has signed an asset purchase agreement with Mineraçao Borges Ltda. and MGLIT Impediment’s Ltda. to acquire three mining claims in Brazil.
In order to purchase the entire 100 per cent interest in the claims, Lithium Ionic must pay Mineraçao Borges $130,000 when it has completed the documents required to transfer the claims to MGLIT.
The company will also pay another $3.9 million after it has finished a mineral resource estimate on the claims with a minimum of two million tonnes with over 1.30 per cent lithium oxide 18 months after closing the transaction.
The three claims cover a total of 1,527 hectares. They are in Minas Gerais along a trend within the known lithium deposits in the Itinga pegmatite field, including lithium producer CBL’s deposit, as well as Sigma Lithium’s Xuxa and Barreiro deposits.
According to Lithium Ionic, multiple pegmatite occurrences have already been identified and will see immediate exploration work focused on defining potential spodumene mineral resources.
Blake Hylands, CEO of Lithium Ionic, commented,
“The Borges claims will significantly add to our land holdings in this highly sought-after lithium district… exploration on these prospective properties in the coming months.”
Lithium Ionic is a Canadian-based lithium-focused mining company with properties covering roughly 2,000 hectares located in Minas Gerais, Brazil.
Lithium Ionic Corp. (LTH) is down 1.59 per cent, trading at $1.86 per share as of 12:06 p.m. EST.
