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Australian mining exploration company Alderan Resources has closed the acquisition of a 100% stake in Parabolic Lithium.

Parabolic Lithium currently holds the right to select a 100% stake in seven lithium exploration projects in Minas Gerais, Brazil.

Covering a 472km² area and located within and to the south of Lithium Valley, the projects include 24 granted exploration licences across seven areas including Carai, Catuji, Curral de Dentro, Governador Valadares, Itaipe, Itambacuri and Minas Novas.

As per the deal, which was signed earlier this year, Alderan paid A$110,000 ($70,513.30) in cash and issued 150 million of its shares at A$0.006 apiece.

The deal consideration also includes 100 million class AL8OA options, each exercisable at A$0.016. This is due to expire in September 2025.

Alderan said the acquisition follows due diligence completion on Parabolic Lithium and the 24 exploration licences.

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In a press statement, Alderan said: “Geochemical sampling programme on lithium projects, including rock sampling of pegmatites identified during the October due diligence field visit, planned to commence in December 2023 with the objective of advancing projects to drilling in 2024.”

Other discoveries at Lithium Valley include the Sigma Lithium-owned Grota do Cirilo project, which has measured and indicated resources of 77.034 million tonnes (mt) at 1.43% lithium oxide (Li₂O). It also includes the Salinas project, which is owned by Latin Resources and has measured and indicated resources of 45.2mt at 1.34% Li₂O.

Alderan Resources said it has completed A$1.75m (before costs) of capital raising led by Peak Asset Management, along with the issuance of all securities.