Sigma Lithium is located in an emerging region of shale lithium in the state of Minas Gerais, Brazil.
Brascan Gold Inc. announced announced that it has entered into a second option agreement to acquire a 100% interest in a second ownership of lithium (“Property No. 2”) with BHBC Exploração Mineral Ltda. (“BHBC”) and RTB Geologia E Mineração Ltda. . , limited partnerships incorporated and existing under the laws of Brazil (together “Optante”).
Property #2 is a 2,963.7 hectare mineral claims package comprising 1.5 contiguous claim blocks in Minas Gerais, Brazil, a mining friendly jurisdiction located approximately 55 km from the Grota do Cirilo property. From Sigma Lithium, the largest Lithium hard rock deposit in Americas Brascan Property #2 is located immediately to the west of the first property awarded to a bidder in February 2023 and separates the two properties less than 500m.
Sigma Lithium is located in an emerging world-class shale lithium in Minas Gerais, Brazil. Lithium Ion Resources, CBL and Latin Resources are actively exploring and discovering new lithium deposits.
Property #2 covers metadata mapped to the Salinas Formation (Module 1), which consists of mica-quartz and quartz-mica schists, as well as local Mexican metaconglomerates and quartzites (CPRM geological map, scale 1:250:000; 2016). This is the same unit of the Salinas Formation that has been mined by CBL for lithium spodumene for nearly 30 years, and contains the Grota do Cirilo de Sigma deposit. Brascan intends to immediately begin prospecting, sampling, detailed mapping and multispectral analysis of satellite data to identify potential exploration targets.
Brascan was granted an option to acquire 100% right, title and title in Property No. 2 by (1) paying a total of $150,000 in cash, (2) issuing a total of 3,000,000 shares of common stock and (3)) It incurred a total exploration expenditure of US$100,000 over a period of 3 periods. Upon obtaining the option, BHBC will retain 2% net equity interest in the smelter (“NSR”), but the Company will have the right to purchase 1% of NSR for $500,000. Option periods and payment schedule (in Canadian dollars).
option period 1
- Cash payment of $50,000 within 5 days of the Forward Option Agreement.
- Issuance of 2,000,000 shares within 5 days of the forward option contract.
- $100,000 in exploration spending by September 20, 2023.
- Pay $50,000 in cash before September 20, 2023.
- Issue 2,000,000 shares before September 20, 2023.
option period 2
- Pay $50,000 in cash before October 1, 2024.
- Issue 1,000,000 shares before October 1, 2024.
- $100,000 in exploration spending by September 20, 2024.
option period 3
- Pay $50,000 in cash before September 20, 2025.
“Brascan is very excited to double our lithium properties to 60 square kilometers in the Sigma lithium area in Minas Gerais, Brazil, with the potential to explore and discover shale lithium deposits,” says Balbir Johal, CEO of Brascan. “Inspection will begin as soon as the inspection schedule is quickly completed.”
He added, “Brascan will continue to implement the business plan to acquire several highly anticipated lithium assets in two global hard shale lithium regions in Minas Gerais, Brazil and the PMET camp in Quebec, Canada. Our model is similar to that of Brunswick Exploration Inc..”
Brascan is a Vancouver-based gold and lithium exporter. BC BRAS owns 100% of the Quebec Lee properties in northern Quebec. In addition, the company owns 100% of the Albany Forks Rare Earth Elements (REE) holdings in northern Ontario and an option to earn 100% of the Alegre gold project in the state of Para in northeastern Brazil.