L1M Completes Due Diligence on Brazil Lithium Projects

Today our hard rock lithium explorer Lightning Minerals (ASX:L1M) has announced the completion of the company’s due diligence to acquire Bengal Mining.

Bengal holds options agreements over two lithium projects, Caraíbas and Sidrônio, via its wholly owned subsidiary.

Completion of the transaction is subject to shareholder approval at L1M’s upcoming EGM.

L1M is aiming to begin exploration work on the ground this week - with L1M Managing Director Alex Biggs and Exploration Manager Jarrad Woodland also due to visit the site in the coming weeks

L1M’s two projects are located in the Lithium Valley region of Minas Gerais, in Brazil.

The projects cover ~3,372 Hectares, which comprise seven exploration licences.

These projects are also located approximately 20km’s south of Latin Resources’ Colina lithium project, which hosts 70.3Mt @ 1.27% Li20.

And ~45 kms north of L1M lies Sigma Lithium, a A$2.76B capped lithium producing company which also lies within the Lithium Valley.

Below is where our Investment L1M is positioned in Brazil’s “Lithium Valley”:

The region where L1M is working in has been dubbed the "Lithium Valley" and has become a hotspot of lithium exploration, development and production in the past few years.

We're particularly pleased that L1M already has the necessary resources and relationships in the area, which will accelerate their work programs.

We're looking forward to L1M releasing more information on the company's proposed drill targets as exploration work progresses over the next six months.

What’s next for L1M?

Find high priority drill targets - We want to see L1M conduct geochemical and geophysical surveys and determine the best drilling spots at its Brazilian lithium project.

Drill these targets - We want to see L1M drill these targets once geochemical and geophysical surveys are completed.