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Brascan Gold Acquires Land Package Near Sigma Lithium in Brazil
VANCOUVER, British Columbia, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Brascan Gold Inc. (the “Company”) (CSE: “BRAS”), is pleased to announce it has entered into an op
About this update from Westgold Metals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Brascan Gold Inc. (the “Company”) (CSE: “BRAS”), is pleased to announce it has entered into an option agreement to acquire a 100% interest in the Brasil-Li Property with BHBC EXPLORAÇÃO MINERAL LTDA. and RTB GEOLOGIA E MINERAÇÃO LTDA, both limited companies incorporated and existing under the laws of Brazil (together the “Optionor”). The Brasil-Li Lithium Property (the “Property”), is a 2,956.15 hectare mineral claim package comprising 1.5 contiguous claim blocks in Brazil’s Minas Gerais State, a mining-friendly jurisdiction located approximately 45 kms from Sigma Lithium’s Grota do Cirilo property, the largest lithium hard rock deposit in the Americas. Sigma Lithium is located in an emerging world class hard rock Lithium District in the State of Minas Gerais, Brazil. Lithium Ionic (V.LTH), CBL and Latin Resources are very active in exploration and discovery of new lithium deposits. Latin Resources (LRS A$275M mkt), Sigma Lithium (V.SGML C$4.1bn mkt) and Lithium Ionic (V:LTH C$288M mkt) indicate the potential valuations possible for the Brasil-Li property upon exploration, discovery and development of a new lithium resource in the district. Claims map of the Brasil-Li Lithium Property in relation to CBL and SIGMA. Salinas Formation in blue, intruding granitoids in various shades of pink to red (After CPRM Geology Map, 2016). Brascan notes that no Qualified Person working for Brascan has verified the reported occurrences, and the information is not necessarily indicative of the mineralization on Brascan’s property. The Property covers mapped metasediments of the Salinas Formation (unit 1), comprising mica-quartz and quartz-mica schists, as well as locally occurring metaconglomerates and micaceous quartzites (CPRM Geology map, 1:250:000 scale; 2016). This is the same unit of the Salinas Formation that has been mined by CBL for spodumene lithium for almost 30 years, and contains Sigma’s Grota do Cirilo deposit. Brascan intends to start prospecting, sampling, detailed mapping and multispectral analysis of satellite data immediately to identify potential exploration targets. Brascan’s option to acquire a 100% right, title and ownership interest in the Property over a 3-term period comprising $100,000 in total cash payments, issuance of 1,500,000 common sha...