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Wednesday 26 June 2024

Lightning Minerals (ASX:L1M) strengthens portfolio with Bengal Mining acquisition

Lightning Minerals (ASX:L1M) has signed a binding agreement to acquire Bengal Mining which holds, via its wholly owned subsidiary Tigre Mineracao Ltda, option agreements over two lithium projects, Caraíbas and Sidrônio in Brazil’s prolific Lithium Valley district in the state of Minas Gerais.

Highlights

  • Projects located in the prolific Lithium Valley region of Minas Gerais, 20km south of Latin Resources’ (ASX:LRS) Colina project
  • Multiple pegmatites have been identified at the Caraíbas Project, with peak lithium rock chip assay results grading up to 0.53% Li2O (lepidolite)
  • Significant tantalum (1,245ppm), rubidium (1,175ppm) and caesium (1,455ppm) rock chip assay results are considered positive exploration indicators
  • Strong aeromagnetic geophysical trends correlate with regional mineralised trends
  • Projects lie within geology of the Salinas Formation, which hosts other lithium Resources in the region


Commentary 

Lightning Minerals Managing Director Alex Biggs said, “This Proposed Acquisition represents a significant transaction for the Company. We believe in the lithium thematic and see now as a great opportunity to acquire highly prospective projects in known and established lithium regions. Minas Gerais in Brazil has emerged as a proven lithium hub with the acquisition located in close proximity to the world class lithium resources of Latin Resources’ (ASX:LRS) Colina project and Sigma Lithium’s (NASDAQ:SGML) Grota do Cirilo project. The Project presents some excellent early indicators of lithium mineralisation with prospective underlying geology that offers clear exploration targets. As part of the transaction, we welcome new key shareholders to the Company and look forward to the next stage of evolution of the business.

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