Si6 Metals (ASX:SI6) has received shareholder approval to acquire a 50% interest in 4 projects in Brazil from Melbourne-based privately held company Foxfire Metals.
The $8.97 million market capitalisation company has committed to spend $1 million in the first year of the joint venture (JV) with Foxfire, while Foxfire will free carry the assets until completion of a Bankable Feasibility Study (BFS).
Once the acquisition has been completed upon lodging transfers of the tenements for registration with the Brazilian mining regulator, Si6 plans to begin an exploration program focusing on the Caldera Rare Earth Element (REE) Project in Minas Gerais.
Si6 Managing Director Jim Malone says Si6 is pleased to kickstart exploration activities at the ‘highly prospective’ Caldera project nearby ‘significant’ discoveries made by Meteoric Resources (ASX:MEI) and Viridis Mining and Minerals (ASX:VMM).
“Our first program at the Caldera Project will commence with field reconnaissance, mapping, and soil sampling to determine follow-up targets for future auger drilling.”
Further, in early 2024, the company will focus exploration activities on the licences in Minas Gerais.
Malone says: “The Lithium Valley Project is also of equal interest to us as it is located amongst tier one discoveries by Latin Resources and Sigma Lithium to name a few, close to S-Type G4 Supersuite granites that are typically known to host lithium in spodumene-bearing pegmatites.”
All of the licences are considered prospective for lithium, rare earths, gold, base metals, and platinum group elements (PGEs), covering over 17,000 hectares of land in 3 different states of Brazil.
Si6 Metals is a diversified critical metals explorer with a portfolio of assets in Botswana, Brazil, and Western Australia.
As of 30 September 2023, the company had $2.505 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Si6 Metals
