Latin Resources expands its footprint in Brazil
PERTH (miningweekly.com) – Minerals explorer Latin Resources has exercised its option to acquire lithium tenements in the Bananal Valley, in Brazil.
The company on Wednesday told shareholders that the acquisition enacted its ambitions to expand its landholding at its Salinas lithium project, with Latin’s strategic land package now expanding to over 5 350 ha in the newly defined Salinas lithium corridor.
“We are very pleased to have exercised our option to acquire the Bananal 830.691/2017 tenement, securing 100% ownership of the area where we will be undertaking an extensive diamond drilling programme,” said Latin MD Chris Gale.
“Based on what we have seen so far from the results of the current maiden diamond drilling, we are very confident that this tenement contains significant potential for high-grade lithium pegmatites. The next phase of drilling is aimed at providing sufficient data to enable the company to undertake a Joint Ore Reserves Committee (Jorc) mineral resource estimate should results continue to be favourable.”
Under the terms of the option, Latin Resources will now pay the vendor $15 000 in cash and $15 000 in ordinary shares, and will pay a further $75 000 one year after the exercise of the call option.
The vendor will retain a net smelter royalty of 3%, which will be subject to a separate net smelter royalty agreement to be calculated in accordance with an agreed net smelter royalty formula with a buy-out sum.
Furthermore, if Latin Resources defines a minimum of 10-million tonnes, at 1.3% lithium in any Jorc resource category, the company will pay the vendor an additional $50 000 in cash and $50 000 in shares within 30 days of declaring the resource.
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