Serra Energy Metals has acquired a 100% interest in the Santa Luz property in Bahia, Brazil.
The property, which has been granted by the Federal Mining Agency of Brazil (Agência Nacional de Mineração), comprises four mineral tenements.
Covering 8,000ha, the Santa Luz tenements have the potential to host spodumene mineralisation.
The new tenements, which contain pegmatites, are located near infrastructure including roads, electricity and water, Serra said.
Serra president and CEO Patrick Donnelly said the acquisition of these tenements forms part of the company’s efforts to explore and develop the metals required for the green economy in Brazil.
Donnelly added: “The identification and application for these tenements were carried out by Serra’s Brazilian-based exploration and reconnaissance team, which has been searching for base and green metals opportunities in the country.
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“By conducting its own work in identifying and procuring these properties, Serra has obtained prospective assets without incurring high acquisition costs from third-party groups.
“Geologically, Brazil is relatively underexplored but shares many geological similarities with eastern and northern Canada, as well as Western Australia. As a result, Serra believes that there are potential numerous world-class discoveries still to be made in the region.”
The Santa Luz tenements are located 20km north-west of Santa Luz and 273km from Salvador on the coast of Brazil.
Serra is planning to undertake a detailed prospecting, mapping and sampling programme at the tenements followed by a potential drill programme.
The company said its senior management and geologists identified several pegmatites at the property following an inspection. These pegmatites cross-cut granite at the property.