Search

Thursday 25 July 2024

Lightning Minerals (ASX: L1M): Acquires Bengal Mining

Lightning Minerals is pleased to announce the 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 project.

Highlights:

• 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

Commentary:

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.”

ASX announcement 

Free stock updates

Subscribe to receive the latest stock news, CEO interviews, expert insights, events and offers directly into your inbox