Crusader Resources may sell lithium assets in Brazil and Portugal

14 February 2018 (Last Updated February 14th, 2018 12:19)

Australian mining firm Crusader Resources is looking to farm‐out or sell its lithium interests in Brazil and Portugal. 

Australian mining firm Crusader Resources is looking to farm‐out or sell its lithium interests in Brazil and Portugal.

The move is aimed at exposing the company’s shareholders to potential upside in relation to lithium assets.

In addition, the strategy will enable the company to focus all its development and funding efforts on the Borborema gold project and the Juruena and Novo Astro exploration projects in Brazil.

Crusader Resources managing director Marcus Engelbrecht said: “The nature of the current lithium market presents an appropriate opportunity for the company to review its options at the prospective Gaia and Manga assets, and to determine a way in which to best realise value for shareholders.

“We remain firmly focused on our core gold assets in Brazil, and on exploring all avenues of funding for these near development and exploration projects.”

“As we continue to work towards the company’s exciting near‐term AIM admission, we remain firmly focused on our core gold assets in Brazil, and on exploring all avenues of funding for these near development and exploration projects.”

Recently, the company concluded negotiations with the Portuguese mining department for the granting of the Gaia exploration licence.

The move will result in the company’s subsidiary Third Element Metals (TEM) securing 100% ownership of the Gaia lithium project in the Gonçalo‐Guarda region of north Portugal.

The licence will give access to two nearby exploration blocks in an area covering 88.842km².

According to the company, the Gaia project is in a similar geological setting to its Manga deposit in Brazil.