Infinity Stone gets its samba on with Brazilian lithium options
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Infinity Stone is venturing outside of its usual hunting grounds in Canada, securing an option to acquire the Sugar Loaf and Little Dipper lithium projects in Brazil.
Sugar Loaf covers 22,195 hectares about 15km from Sigma Lithium’s (NASDAQ:SGML) Grota do Cirilo project in Minas Gerais state while Little Dipper covers 16,246 hectares about 10km from Oceana’s (ASX:OCN) Solonopole lithium project in Ceará state.
Both projects were optioned by Infinity Stone Ventures (CSE:GEMS) (OTC:GEMSF) (FSE:B2I) on the basis of their perceived geological potential from known mineralised trends within states that are regions of interest for hard rock lithium exploration with a number of early and later stage exploration companies currently active.
This includes Sigma, which signed a six-year offtake agreement with LG Energy Solutions.
It follows the company expanding the land position of its Camaro Hellcat lithium which sits right next to Patriot Battery Metals’ (ASX:PMT) Corvette project that has seen fantastic drill hits such as 52.2m at 3.34% Li2O and 156.9m at 2.12% Li2O.
The company plans to conduct a satellite imagery-based spectral analysis to determine areas of interest for targeted exploration.
Once this is completed, the company intends to mobilise an exploration team to conduct initial groundwork such as grab and channel sampling, trenching, and mapping.
This work will focus on identifying pegmatites across the claim blocks that have potential for lithium-caesium-tantalum (LCT) mineralisation.
Infinity Stone paid C$50,000 ($53,983) in cash for the option and is required to pay a further C$100,000 within 30 days and another C$150,000 within 180 days to the vendor, Talisman Venture Partners.
It is also required to issue 4 million shares within 30 days from execution of the agreement and another 4 million shares within 180 days.
Additionally, Talisman will retain a 1% net smelter royalty over the two projects, half of which the company can repurchase for C$1m within 90 days of the public filing of a Bankable Feasibility Study.
This article was developed in collaboration with Infinity Stone Ventures, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.