Alderan Resources announced the execution of a binding share sale agreement to acquire 100% of the issued capital in Parabolic Lithium, which has the right to acquire a 100% interest in seven lithium exploration projects in the mineral resource rich state of Minas Gerais, Brazil.
The projects cover 472 square kilometers and consist of 24 granted exploration licenses in seven project areas: Curral de Dentro, Minas Novas, Carai, Catuji, Itaipe, Itambacuri and Governador Valadares. All projects are within, and to the south, of Brazil’s “Lithium Valley” in the country’s Eastern Lithium Belt – home to 40 of Brazil’s top 100 mines.
“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,” said Managing Director of Alderan Scott Caithness.
“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.”
As part of an initial consideration, Alderan will pay A$110,000 in cash and issue 150 million shares, subject to shareholder approval, at a deemed issue price of $0.006 per share. Following the approval of the acquisition, Alderan said it will establish a subsidiary in Brazil.
In addition to the lithium projects in Brazil, Alderan’s portfolio includes copper and gold projects in Utah, USA.
Source: Alderan Resources