XPLORE ACQUIRES THE ENERGIA LITHIUM EXPLORATION PROPERTIES IN THE EASTERN BRAZILIAN PEGMATITE PROVINCE, MINAS GERAIS, BRAZIL
Xplore Resources Corp. has acquired the Energia lithium properties. The four claims acquired through staking total 4,585 hectares and are located within the eastern Brazilian pegmatite province (EBPP), Minas Gerais, Brazil. The EBPP is a 200-kilometre-wide 800-kilometre-long S-shaped area, elongated along an north-northeast-south-southwest axis that transects the states of Bahia, Minas Gerais and Rio de Janeiro. The EBPP is recognized as a premium exploration district for lithium-cesium-tantalum (LCT) pegmatites.
The four tenements, staked by the company's 100-per-cent-owned Brazilian subsidiary, Baru Exploracao Mineral Ltda., lie within Neoproterozoic Aracuai orogeny which hosts the Grota do Cirilo lithium mine, currently being developed by Sigma Lithium Corp. Grota do Cirilo is the largest lithium hard-rock deposit in the Americas, producing environmentally sustainable battery-grade lithium concentrate on a pilot scale since 2018. Sigma is currently developing a large-scale commercial operation with a planned capacity of 220,000 tonnes of battery-grade lithium concentrate annually.
Wes Hanson, PGeo, president and chief executive officer of Xplore, comments: "The Energia lithium properties lie approximately 40 to 50 kilometres south-southwest of Sigma Lithium's Grota do Cirilo project, along the dominant regional structural fabric. These are grassroots exploration properties that are largely unexplored but show evidence of historical artisanal mining for gemstones, some of which are indicative of LCT pegmatite potential. The EBPP has seen extensive activity with numerous properties currently being evaluated for potential LCT pegmatites. Access and infrastructure in the region are excellent and we plan to commence initial mapping and sampling of the properties as soon as possible with the objective of identifying LCT pegmatites. These new claims increase Xplore's lithium portfolio to over 11,000 hectares, in two of the world premium exploration districts. Xplore has 6,786 hectares in Northwestern Ontario with the Surge and Perrigo properties, which are adjacent to Green Technology Metals claims and now 4,585 hectares in the EBPP. Lithium and phosphate are essential elements for the manufacture of lithium-iron-phosphate (LFP) batteries. Demand for both elements is expected to increase as global automobile manufacturers transition to electric vehicles to meet future consumer demand."
The company further announces it has made application to the TSX Venture Exchange to amend the terms of 8.58 million common share purchase warrants issued in connection with a non-brokered private placement. The warrants were issued in relation to a non-brokered private placement of units comprising one common share and a common share purchase warrant. Each warrant currently entitles the holder to purchase one common share of company at a price of 15 cents, with 8.08 million warrants expiring on Sept. 28, 2022, and an additional 500,000 warrants expiring on Sept. 29, 2022. Xplore has applied to the TSX Venture Exchange to amend the extend the expiry term of the warrants by 12 months to Sept. 28, 2023, and Sept. 29, 2023. All other terms of the warrants will remain the same. The extension of the warrants is subject to TSX Venture Exchange approval.
About Xplore Resources Corp.
Xplore Resources is a Toronto-based mining exploration company listed on the TSX Venture Exchange under symbol XPLR and is focused on the acquisition and development of copper and gold projects in the Americas. The company is led by a highly experienced management team and comprises industry experts with executive and senior management experience in geology, banking, private equity, investor relations and law.
Qualified persons
Mr. Hanson, PGeo, president and chief executive officer of Xplore, is the qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.