Armada Metals to acquire three lithium exploration projects in Brazil

Photo: Wikimedia Commons

Armada Metals Limited has announced the signing of a Binding Term Sheet with Antares Minerais Estratégicos Ltda. (Antares Minerais), a Brazilian exploration company, to acquire legal ownership and title over certain Exploration Permits and Applications for Exploration covering an area of 16 750.28 ha. in the eastern portion of Minas Gerais State, Brazil.

The acquisition consists of 14 mineral rights divided into four blocks, namely the Agua Boa Project, where pegmatite bodies have been observed, the Rio Doce Project, the Resplendor Project, and the Mendes Pimentel Project.

The Projects are accessible and can be reached via state paved roads and well-maintained farm roads. The Projects are also served by high voltage power lines, a nearby railway directly to the Tubarão Port at Vitoria, the capital city of Espirito Santos State, as well as airport infrastructure at Governador Valadares.

 Rick Anthon, non-Executive Chairman of Armada, commented, as quoted by Global Mining Review:

“This is an exciting transaction for Armada as we diversify both geographically and into lithium, while remaining in the critical metals space. This area in Brazil is attracting significant exploration attention for the potential discovery of lithium-bearing pegmatites, with a number of other operators in the region and known occurrences. We can also call upon our in-house experience with lithium and the South American continent. This new planned acquisition, along with our nickel projects in Africa, especially the Bend Nickel Project in Zimbabwe where we are currently drilling and results are expected soon, offers exciting new opportunity to Armada and its shareholders.”