Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has entered into an option agreement to purchase the Mina Vermelha Project, in the Borborema district of Rio Grande do Norte, which holds confirmed lithium-caesium-tantalum (LCT) pegmatite prospectivity.
The project sits along the same regional mineralised trend as the Estrela Project, covering about 500 hectares with a mining lease (six hectares) over one of six currently known pegmatite outcrops on the project.
SLM has already confirmed the presence of lithium (up to 3.45%) and caesium (up to 28.3%) from grab samples taken from the southernmost known pegmatite, confirming the system is LCT-bearing.
Drill testing to begin imminently
“The Mina Vermelha Project represents a large and very prospective area with known LCT-bearing pegmatites located at surface,” Solis Minerals executive director Mattew Boyes said.
“A rig will be mobilised to site within four weeks for the initial drilling program to test the continuity and thickness of the identified mineralised pegmatite at depth.
“This will give us confidence in the potential for a large mineralised system within the tenement package and allow us to move forward with the acquisition.
“We have identified over 2 kilometres of strike of known pegmatite outcropping at surface, with no drilling completed to date.
“This sets up an exciting quarter for us, with drilling program at both Mina Vermelha and elsewhere in Borborema, and we continue to evaluate new opportunities in this exciting emerging Brazilian lithium province.”
Solis intends to use a large track-mounted diamond drilling rig to complete eight holes over 1,300 metres at the project.
The company has secured a 12-month due diligence period with a payment of A$155,000, which will be used to fully evaluate the asset’s potential before making the final decision to purchase the project.
On a related note, SLM has withdrawn from an options agreement for the Jaguar Project, having concluded negotiations following a due diligence period.