Enova Mining Ltd (ASX: ENV) has committed to proceed with the acquisition of Poços de Caldas REE and Lithium Valley tenements in Brazil.
The company has reported that due diligence has de-risked the project opportunity, leading to the decision to proceed with the option agreement, as announced on the 18 December 2023.
This was carried out by a highly experienced team, led by Dr Klaus Petersen/Geologist Leonardo Souza. The work represents a culmination of geological field investigation, research of available data, and checks regarding the status/ownership of tenements.
Pursuant to the option agreement, completion of the transaction is subject to Enova shareholder approval. Enova will finalize and distribute a notice of general meeting to shareholders as soon as possible. With shareholder approval, Enova can complete the transaction and complete the transfer of assets to a Brazilian registered Enova held company.
The board’s intention is to promptly commence exploration, firstly focusing on identifying drill targets with rare earth potential at Poços de Caldas. At the same time, it will commence general exploration (multi-spectral survey, mapping, and geochemical sampling) in the other tenement areas. Tenements at Carai are considered priority.
Enova remains committed to the development of the Charley Creek rare earth project with ongoing activities proceeding without disruption. The company will also continue to review projects and business opportunities as they arise.
To find out more, please visit www.enovamining.com
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