Brazil Minerals Acquires Right to Large Lithium Area
Belo Horizonte, Brazil--(Newsfile Corp. - July 11, 2022) - Brazil Minerals, Inc. (OTCQB: BMIX) (the "Company" or "Brazil Minerals"), a U.S. battery metals company, is pleased to announce that it has signed a contract containing an exclusive option to acquire a large (389 hectares, 961 acres) high-potential lithium mineral concession from local owners. This area is in the Bananal Valley in the municipality of Salinas and within the Araçuaí Hard Rock Lithium District in northeastern Minas Gerais, Brazil.
This mineral right contains a massive pegmatitic outcrop measuring approximately 30 meters (98 feet) in diameter and 8 meters (26 feet) in height, which is multiple times larger than the average size of regular outcropping pegmatites. This pegmatite appears to be a continuation of the locally well-known "Lavra do Oscar" (Oscar's Mine), a historical spodumene site. Some of the best lithium areas are located near older artisanal sites that were once explored for quartz and semi-precious stones. The Company intends to promptly conduct the work needed to define targets for a first pass drill testing campaign in this area.
The map below depicts in blue the 48 lithium mineral rights encompassing 46,659 acres (188 km2) which comprise the Brazil Minerals' Minas Gerais Lithium Project. The red arrow points to the concession discussed in this release, whereas the green arrow shows the lithium claim which is being drilled at this time. SLR Consulting Ltd., a premier independent company, is finalizing an initial geotechnical report on this area undergoing the drilling campaign. The SLR report will also contain information on two other high-potential areas nearby, one of which is slated to begin a drilling campaign next month.
To view an enhanced version of Figure 1, please visit:
The Company also has a second collection of seven lithium mineral rights in the Northeastern part of Brazil comprising 16,266 acres (66 km2). In total, both lithium projects (Minas Gerais and Northeastern Brazil) comprise 62,925 acres (254 km2) of exploration claims.
Besides lithium, Brazil Minerals' portfolio of exploration properties for other battery metals includes 59,700 acres (234 km2) for nickel, 30,009 acres (121 km2) for rare earths, 22,050 acres (89 km2) for titanium, and 14,507 acres (59 km2) for graphite. The Company believes that it has one of the largest exploration footprints for battery metals among publicly listed companies.
About Brazil Minerals, Inc.
Brazil Minerals, Inc. (OTCQB: BMIX) is a U.S. battery metals company developing its 100%-owned lithium project in a world-class pegmatitic district in Brazil. It also fully owns sizeable exploration projects in nickel/cobalt, rare earths, titanium, and graphite. In addition, Brazil Minerals owns equity stakes in both Apollo Resources Corporation, a private company advancing its first iron mine, and Jupiter Gold Corporation, a publicly listed company developing a quartzite mine and advancing two gold projects. Follow us on Twitter: @BMIXstock.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Brazil Minerals, Inc.'s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: results from ongoing geotechnical analysis of the projects operated by the Company and its subsidiaries, business conditions in Brazil, general economic conditions, geopolitical events and regulatory changes, availability of capital, Brazil Minerals, Inc.'s ability to maintain its competitive position and dependence on key management.
We advise U.S. investors that Brazil Minerals' (and its subsidiaries') properties and projects, as of now, are exploratory and do not have measured "reserves" as such term is defined by the Securities and Exchange Commission. Additional risks related to the Company and its subsidiaries are more fully discussed in the section entitled "Risk Factors" in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2021, as well as discussions of potential risks, uncertainties, and other important factors in the Company's other filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent the Company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130453