Alderan Resources Ltd recently closed its acquisition of a major stake in Parabolic Lithium, one of Brazil’s major players in the nascent lithium mining sector.
In an announcement to shareholders issued on Wednesday, November 8th, Alderan stated that it successfully acquired 100% of the issued capital in Parabolic, essentially winning the right to a 100% interest in seven exploration projects in Brazil’s mineral-rich Minas Gerais region in the eastern part of the country.
The said projects occupy an area covering approximately 472km² within Minas Gerais’ Lithium Valley. These also come with at least 24 previously granted licenses for exploration covering seven areas in the vicinity: Carai, Catuji, Curral de Dentro, Governador Valadares, Itaipe, Itambacuri, and Minas Novas.
The Australian firm paid $70,513.30 in cash per the terms of the agreement and subsequently issued around 150 million in shares.
What Happens Now?
Alderan expects to perform a geochemical sampling program throughout the seven project zones by December of this year. This will include rock samplings of potentially lithium-bearing pegmatites discovered during the company’s due diligence field tour last month.
Company executives hope that whatever findings turn up will help advance drilling initiatives scheduled for next year.