Emerita Resources Enters Option Agreement to Acquire Falcon Metais’ Lithium Project, Brazil
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Emerita Resources Corp. has entered into a binding letter agreement with Falcon Metais Ltda. pursuant to which Falcon has granted to Emerita an option to acquire a 100 percent interest in the Falcon Litio MG Project on or before June 13, 2018. The project is adjacent to Brazil’s only lithium mining operation owned by Companhia Brasileira de Litio (CBL) and the northwestern property boundary of the project is just 500 meters from the CBL mine.
If Emerita exercises the option and acquires the project, Falcon will retain a transferable 2 percent net smelter royalty on all commercial sales from the project.
Pursuant to the agreement, Falcon will hold the project in trust for Emerita until Emerita exercises the option and the project is assigned and transferred to Emerita. If Emerita does not exercise the option by the option expiry date, Falcon will retain the project.
“The proximity to the producing operation along with the geological evidence observed in the field, indicate further mapping, sampling and drilling are merited,” said Dr. Fernando Tallarico, P.Geo, an independent consultant of Emerita.
“This transaction is an exciting development for Emerita. We will continue to pursue advanced projects in the Iberian Peninsula, however, we have been able to leverage our strong contacts in Brazil to acquire an option on a project in a proven environment for lithium immediately adjacent to a producing mine,” said Joaquin Merino, president and CEO of Emerita.
To read more details about this transaction, CLICK HERE
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties with a primary focus on exploring in Spain and Brazil. The company’s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
To stop by Emerita’s website, CLICK HERE
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