Join our daily newsletter At The Bell to receive exclusive market insights
- Si6 Metals (ASX:SI6) secures shareholder approval for the acquisition of a 50 per cent interest in four projects in Brazil from Foxfire Metals
- The projects include three REE licenses and three lithium licenses strategically located in Brazil
- An exploration program is scheduled to commence in 2024, with a primary focus on the Caldera project in south Minas Gerais for REE and lithium targets
- Si6 is up 11.1 per cent, trading at 0.5 cents at 12:06 pm AEDT
Si6 Metals (ASX:SI6) has secured shareholder approval to expand its exploration portfolio with the acquisition of a 50 per cent interest in four Brazilian projects.
The projects encompass 10 exploration licenses covering approximately 17,000 hectares in the South American nation.
Si6 partnered with Foxfire Metals, a company specialising in exploring for critical minerals in under-explored regions of Brazil, to secure the licenses.
“The Board of Si6 is thrilled that our shareholders have approved the acquisition of the Brazil assets and the company is excited to commence an exploration program initially at the highly prospective Caldera REE project nearby significant REE discoveries recently made by Meteoric and Viridis,” Si6 Managing Director Jim Malone said.
Exploration focus and next steps
Si6 secured three lithium licenses in the North Minas Gerais-based Lithium Valley project, known for its significant lithium spodumene resources.
The Caldera project, adjacent to major REE discoveries by Meteoric and Viridis, is set to undergo field reconnaissance, mapping, and soil sampling as part of the initial exploration phase.
Si6 plans to finalise the acquisition in early 2024 and commence exploration activities promptly.
Completion of the acquisition requires filing paperwork to transfer the licenses for registration with the Brazilian mining regulator.
Si6 shares shot up 11.1 per cent, trading at 0.5 cents at 12:06 pm AEDT.
