Lightning Minerals secures option to acquire Esperança Lithium Project in Brazil

Lightning Minerals Ltd (ASX: L1M) managing director Alex Biggs joins Proactive’s Tylah Tully to discuss the company’s lithium pursuits in Brazil, as it enters into a binding exclusive call option agreement for the acquisition of the Esperança Project, located 5 kilometres south of its recently acquired projects in Minas Gerais, Brazil. The agreement provides L1M with a 24-month option to acquire Esperança at a low cost, enhancing its land package in proximity to the Caraíbas and Sidrônio lithium projects. The decision was made following a site visit by Biggs, who confirmed the presence of pegmatite formations with potential for hard rock lithium mineralisation. The Esperança Project, within the Salinas Formation which is known for its prolific lithium resources, adds potential to L1M's exploration portfolio. The company plans to extend ongoing exploration activities at Caraíbas and Sidrônio to include Esperança, aiming to identify drill targets. The agreement terms involve an initial payment of A$13,500, with another A$13,500 due within 12 months, followed by monthly payments of A$32,400 over the 24-month period. If L1M proceeds with the acquisition, an additional A$270,000 will be paid, plus a A$540,000 bonus contingent on defining a significant mineral resource. #Proactiveinvestors #LightningMinerals #ASX #LithiumExploration #BrazilMining #MinasGerais #LithiumValley #EsperançaProject #MiningAgreement #ResourceAcquisition #MineralExploration #Pegmatite #HardRockLithium #SalinasFormation #CaraíbasProject #SidrônioProject #GeologicalSurvey #MiningInvestment #ExplorationCampaign #LithiumResources #MiningProjects #ASXL1M #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews