THE DRILL SERGEANT: Si6 Metals (ASX: Si6) will have plenty to talk about next week at the RIU Explorers Conference after completing acquisition of a 50 per cent interest in a portfolio of exploration licences in Brazil.
Si6 Metals struck the deal with Foxfire Metals, a diversified exploration company focussed on the discovery and development of critical minerals in underexplored regions of Brazil.
With the Acquisition done and dusted, representatives of Si6 Metals’ subsidiary company, Brazilian Ventures will sit down with Foxfire Metals for an inaugural meeting of the Joint Venture Operating Committee with a view to approving an initial budget and exploration program.
Exploration in Brazil is scheduled to commence this month with an initial focus on the Caldera project in South Minas Gerais.
Foxfire Metals has been appointed as the manager of the JV.
Brazilian Ventures has committed to spend $1 million in the first year of the Joint Venture and free carry Foxfire Metals until completion of a Bankable Feasibility Study.
“This is a great milestone for Si6 and its shareholders, which now include Foxfire Metals, who we welcome and look forward to working with,” Si6 Metals managing director Jim Malone said in the company’s ASX announcement.
“The company is excited about commencing the initial exploration program at the highly prospective Caldera REE project located close to significant REE discoveries by ASX-listed companies, Meteoric Resources (ASX: MEI) and Viridis Mining and Minerals (ASX: VMM).
“This program will be closely followed by a program in the Lithium Valley which is host to Latin Resources (ASX: LRS) and Sigma Lithium Corporation (NASDAQ: SGML), to name a few success stories.
“The Lithium Valley program will take place close to S-Type G4 supersuite granites that are typically known to host lithium in spodumene bearing pegmatites.
“We look forward to emulating the success of our peers in both the Caldera area and the Lithium Valley.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE