- Spark Energy Minerals is set to expand its portfolio in Brazil thanks to a purchase agreement with Tristar Energy
- Under the terms of the agreement, Spark Energy will acquire Tristar’s option to acquire the Minas Gerais mining permits in the state of Minas Gerais, Brazil
- The company will purchase an option to acquire the property by issuing 15 million common shares to Tristar at a price of C$0.15 per share
- Shares of Spark Energy Minerals are unchanged at $0.06
Spark Energy Minerals (CSE:EMIN) is set to expand its portfolio in Brazil through a purchase agreement with Tristar Energy.
In a news release, the Vancouver-based company stated it will acquire Tristar’s option to acquire the Minas Gerais mining permits in the state of Minas Gerais, Brazil.
Under the terms of the agreement, the company will purchase an option to acquire the property by issuing 15 million common shares to Tristar at a price of C$0.15 per share. Spark Energy will make one payment of $400,000 on or before May 26.
Roughly 11 kilometres east of Sigma Lithium’s Groto do Cirilo project, Lithium Iconic’s Itinga project and 13 kilometres east of Lithium Corp.’s Neves Project, the Minas Gerais property includes 23 mineral claims totaling roughly 39,600 hectares.
Each of the above-mentioned properties are within the State of Minas Gerais, Brazil.
Spark Energy Minerals is pursuing battery metals and mineral assets with newly acquired interests in Brazil.
Notably, the company has acquired assets in some of the world’s most prolific mining jurisdictions in Brazil’s growing lithium area that has gained notoriety as a hot spot for rare earth mineral exploration.
The company’s projects include Minas Gerais and Bahia Lithium Project and Goas Rare Earth Elements Project, Burgeo Lithium Project, Lithium Valley Lithium Project, and Nova Energia Lithium Project.
The Burgeo Lithium project consists of two mineral exploration licenses containing 142 and 66 claims, respectively, and spans 5,200 hectares.
Meanwhile, the Nova Energia Lithium property comprises approximately 8,631 hectares of surface area in Minas Gerais, Brazil. Its Lithium Valley Lithium Project has 12 exploration permits composing approximately 22,000 hectares of surface area in Minais Gerais.
Spark Energy Minerals also has a 100 per cent interest in 12 mineral tenements totalling approximately 21,587.91 hectares in Rio Grande do Norte State, Brazil, known as the RN Property.
Shares of Spark Energy Minerals (CSE:EMIN) are unchanged at $0.06
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