The trading halt will remain in place until the beginning of trade on Wednesday, October 16, or when an announcement is made to market – whichever occurs earliest.
Proposed joint venture
On September 5, 2019, the company went into a trading halt in relation to a proposed joint venture after switching its focus to the world-class Minas Gerais lithium region of Brazil after enduring an ongoing lengthy wait for permitting in Argentina.
The company is excited by the lithium potential presented by the prolific yet underexplored region and has several priority targets in the Jequitinhonha Valley region.
In lithium region
These targets are in proximity to the projects of active eastern Brazilian pegmatite province players Sigma Lithium Resources Corp (CVE:SGMA) (OTCMKTS:SGMLF) and Companhia Brasileira de Lítio (CBL).
Sigma has drilled out a world-class lithium resource base which stands at 45.7 million tonnes at 1.38% Li2O to date while CBL is mining spodumene pegmatites, producing a spodumene concentrate.
The former is focused on 10 high-grade hard-rock lithium pegmatites, nine of which were past-producing lithium mines, and has reported more than 200 pegmatites within its tenure.
CBL’s concentrate is transferred to a chemical plant in Divisa Alegre, Minas Gerais, where it is transformed into industrial-grade lithium hydroxide.