Lightning Minerals completes due diligence for Bengal Mining acquisition

–News Direct–

Lightning Minerals Ltd (ASX: L1M) managing director Alex Biggs sits down with Jonathan Jackson in the Proactive studio to talk about the completion of due diligence for its transaction to acquire Bengal Mining Pty Ltd. Bengal, through its subsidiary Tigre Mineracao Ltda, holds option agreements over two lithium projects, Carabas and Sidrnio, in Brazils Lithium Valley district in Minas Gerais. Completion of due diligence is a crucial step towards finalising the proposed acquisition, pending shareholder approval at an Extraordinary General Meeting (EGM) on June 13, 2024. The company is set to start ground reconnaissance by contract geologists at the projects this week. Additionally, Biggs and exploration manager Jarrad Woodland are scheduled for a site visit in early June. The projects are 20 kilometres south of Latin Resources' Colina project in the prolific Lithium Valley. Multiple pegmatites have been identified at Carabas, with peak lithium rock chip assay results grading up to 0.53% Li2O. Significant tantalum, rubidium and caesium rock chip assay results have also been noted as positive exploration indicators. Strong aeromagnetic geophysical trends have been observed to correlate with regional mineralised trends. The projects are within the Salinas Formation, which hosts other significant lithium resources in the region. The proposed acquisition is based on resource milestones of 5 million, 10 million and 30 million tonnes, indicating substantial potential at both project and company levels. Biggs will also attend the Lithium Summit 2024 in Belo Horizonte.