Solis Minerals has signed a binding option agreement to acquire the Jaguar hard rock lithium project in Bahia State, Brazil, from Marico Mineracao Ltda and Igramar Industria de Ganitos e Marmores (collectively known as ‘vendors’).

Under the deal, Solis will acquire a 100% stake in the 871427/2006 and 872376/2021 project tenements by paying an upfront option fee of $300,000 to the vendors. The upfront option fee will grant Solis a 90-day period to undertake due diligence on the Jaguar project.

The consideration for the acquisition also includes an option exercise fee of $700,000 and a $2.9m deferred consideration fee, which is payable within 12 months from the option exercise.

With a combined area of 1,143ha, the tenements are located 86km from Petrolina and Juazeiro, two major regional cities on the San Francisco River.

Solis Minerals executive director Matthew Boyes said: “Brazil is fast becoming a significant player in the hard rock lithium space. Solis’s primary objective is to quickly position itself by acquiring highly prospective underexplored projects in the north-east of Brazil. The Jaguar pegmatite hosts confirm LCT-bearing pegmatites with some of the coarsest and most abundant Spodumene occurrences I have seen.

“These tenements in what may be a new lithium province are a fantastic addition to our already large tenement position in the north-east of Brazil, and with drilling to commence immediately, I am excited by this opportunity to better understand the potential of this very exciting system.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Solis Minerals recently acquired the Borborema Lithium Project in north-east Brazil.

The company also owns 32,400ha of combined licences and applications of highly prospective iron oxide copper/gold and porphyry copper projects in south-western Peru.