Alvo Minerals (ASX:ALV) has expanded its exploration footprint in Brazil, South America after acquiring the Ipora rare earth element (REE) Project.
The $13.96 million market capitalisation company says the project is an ‘exciting’ greenfields exploration project in a new Brazilian REE province with recent ‘high-grade’ ionic clay discoveries reported.
Alvo reports the 211km-square project sits in the Goias State along strike from an emerging ‘high-grade’ discovery and is complementary to its existing Bluebush IAC REE Project about 600km north.
Ipora also sits in similar geology and adjacent to the PCH Project owned by Canadian-listed Appia Rare Earths and Uranium Corporation (CSE:API), where recent ‘extraordinarily high’ REE results were reported from surface over ‘broad’ widths, including an area of elevated scandium.
Alvo Minerals Managing Director Rob Smakman says: “We are thrilled to acquire the Ipora project after our in-house team identified the region as highly prospective for ionic clay hosted rare earths. Having visited the project area last week, we are confident that the knowledge we have gained from exploring at Bluebush will help us quickly and effectively explore Ipora.
We will continue looking for opportunities that mesh with our strategy of being an Active Brazilian Critical Minerals Explorer, whilst advancing at Bluebush and Palma. It’s going to be a big year for Alvo.”
As of 30 September 2023, Alvo had $2.970 million cash at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Alvo Minerals
