Xplore Acquires the Energia Lithium Exploration Properties in the Eastern Brazilian Pegmatite Province, Minas Gerais, Brazil
Xplore Acquires the Energia Lithium
Exploration Properties in the Eastern Brazilian
Pegmatite Province, Minas Gerais, Brazil
Toronto, Ontario--(Newsfile Corp. - September 22, 2022) -
Xplore Resources Corp
.
(TSXV: XPLR)
(
"Xplore
or the
"Company"
), is pleased to announce it has acquired the Energia Lithium Properties
(
"Energia"
).
The four (4) claims acquired through staking, total 4,585 hectares and are located within
the Eastern Brazilian Pegmatite Province
("EBPP"
), Minas Gerais, Brazil Ref. Figure 1). The EBPP is
200 kilometre wide, 800 kilometre long "S" shaped area, elongated along an NNE-SSW axis that
transects the states of Bahia, Minas Gerais and Rio de Janeiro. The EBPP is recognized as a premium
exploration district for lithium-cesium-tantalum (
"LCT"
) pegmatites.
The four tenements, staked by the Company's 100% owned Brazilian subsidiary Baru Exploração
Mineral Ltda. (
"Baru"
), lie within Neoproterozoic Araçuaí orogeny which hosts the Grota do Cirilo lithium
mine, currently being developed by Sigma Lithium Corporation. Grota do Cirilo is the largest lithium hard
rock deposit in the Americas, producing environmentally sustainable, battery-grade lithium concentrate
on a pilot scale since 2018. Sigma is currently developing a large-scale commercial operation with a
planned capacity of 220,000 tonnes of battery grade lithium concentrate annually.
Wes Hanson, P.Geo., President and CEO of Xplore, comments, "The Energia lithium properties lie
approximately 40-50 kilometres SSW of Sigma Lithium's Grota do Cirilo project, along the dominant
regional structural fabric. These are grassroots exploration properties that are largely unexplored but
show evidence of historical, artisanal mining for gemstones, some of which are indicative of LCT
pegmatite potential. The EBPP has seen extensive activity with numerous properties currently being
evaluated for potential LCT pegmatites. Access and infrastructure in the region are excellent and we
plan to commence initial mapping and sampling of the properties as soon as possible with the objective
of identifying LCT pegmatites. These new claims increase Xplore's lithium portfolio to over 11,000
hectares, in two of the world premium exploration districts. Xplore has 6,786 hectares in northwestern
Ontario with the Surge and Perrigo properties, which are adjacent to Green Technology Metals claims
and now 4,585 hectares in the EBPP. Lithium and phosphate are essential elements for the manufacture
of Lithium-Iron-Phosphate (LFP) batteries. Demand for both elements is expected to increase as global
automobile manufacturers transition to electric vehicles to meet future consumer demand."
The Company further announces it has made application to the TSX Venture to amend the terms of
8,580,000 common share purchase warrants (the "Warrants") issued in connection with a non-brokered
private placement (see news release dated July 31, 2020 and October 7, 2020 for further information).
The Warrants were issued in relation to a non-brokered private placement of units comprised of one
common share and a common share purchase warrant. Each Warrant currently entitles the holder to
purchase one common share of Company at a price of $0.15, with 8,080,000 Warrants expiring on
September 28, 2022 and an additional 500,000 Warrants expiring on September 29, 2022. Xplore has
applied to the TSX Venture to amend the extend the expiry term of the Warrants by 12 months to
September 28, 2023 and September 29, 2023.
All other terms of the Warrants will remain the same.
The
extension of the Warrants is subject to TSX Venture approval.
Figure 1 - Energia Lithium Property - General Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7519/138051_e9db465f941b8ad1_002full.jpg
About Xplore Resources (TSXV: XPLR)
Xplore Resources is a Toronto based mining exploration company listed on the TSX Venture Exchange
under symbol XPLR and is focused on the acquisition and development of copper and gold projects in
the Americas. The Company is led by a highly experienced management team and is comprised of
industry experts with executive and senior management experience in geology, banking, private equity,
investor relations and law.
Qualified Persons
Mr. Wes Hanson, P. Geo., President & CEO of Xplore and registered in the Provinces of Ontario is the
"Qualified Person" under
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101")
and is responsible for the technical contents of this news release and has approved the
disclosure of the technical information contained herein.
ON BEHALF OF THE BOARD
"Wesley C. Hanson"
President & CEO
For further information, please contact:
Phone: +1 647-362-9675
Email:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
1933 ACT.
THE TSX VENTURE EXCHANGE INC. HAS IN NO WAY PASSED UPON THE MERITS OF THE
PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE
CONTENTS OF THIS PRESS RELEASE.
Notice on forward-looking statements:
Information set forth in this news release contains forward-looking statements. These statements
reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees
of future performance. Xplore cautions that all forward-looking statements are inherently uncertain,
and that actual performance may be affected by a number of material factors, many of which are
beyond Xplore's control. Such factors include, among other things: risks and uncertainties relating to
Xplore's ability to complete the proposed Transaction; and other risks and uncertainties, including
those to be described in the Filing Statement to be filed by Xplore on
SEDAR.com
. Accordingly,
actual, and future events, conditions and results may differ materially from the estimates, beliefs,
intentions, and expectations expressed or implied in the forward-looking information. Except as
required under applicable securities legislation, Xplore undertakes no obligation to publicly update or
revise forward-looking information.
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