Enova Mining has some Brazilian REE results just in… (reporter’s hand to ear)… I’m getting word just now… they’re “impressive”
Meanwhile, our correspondents in Sweden tell us: Talga Group now has an earn-in agreement with mining giant SQM
And Bellevue Gold players on board to identify projects for fellow Scandinavian explorer Alicanto Minerals
Enova Mining (ASX:ENV)
Critical minerals explorer Enova has reported impressive assay results from its recent sampling at its Poços rare earth element (REE) project in Brazil.
Highlights include findings of rare earth elements (REE) exceeding 2,000 ppm TREO, with notable results such as 3 meters at 2,744 ppm TREO and 3 meters at 3,030 ppm TREO.
The highest assays reached 5,158 ppm TREO, indicating a potential high-grade REE deposit at Poços. These findings confirm the enriched REE potential in the area, suggesting it could host a substantial REE deposit worthy of further exploration.
Enova MD Mr. Eric Vesel Managing Director of Enova, added some further context:
“The assay results from the Poços sampling programme confirm the prospectivity of the tenements, which is not surprising for tenements within the alkaline complex. The largest tenement, located near the southern rim of the complex, was encouraging but with mixed results (above and below 1000ppm TREO).
“Overall, the Poços results have returned exceptional near-surface grades, which has significant unexplored deeper saprolite strata worthy of follow up exploration.”
Talga Group (ASX:TLG)
TLG is close to registering a double-digit gain at the time of writing after it announced that it’s entered into an Earn-in Agreement with SQM Australia, a subsidiary of Sociedad Química y Minera de Chile S.A. (NYSE: SQM), for Talga’s Aero lithium project in Sweden.
SQM will invest up to US$19.0 million over seven years to earn up to a 70% interest in the project.
Talga will manage the project during this period and retain 100% of the graphite rights within Aero. The agreement also allows for potential collaboration on new lithium projects in Sweden, pending Swedish foreign direct investment clearance.
Aero forms part of Talga’s suite of battery metal assets separate to its advanced stage Li-ion battery graphite anode business – the Vittangi Anode project, which is some 20km north of Svappavaara in Sweden.
Aero covers 270km2 area south and east from Gällivare, where Talga has reportedly found lithium-prospective pegmatites over ~50km total strike with surface sample results up to 1.9% Li2O.
Talga MD Mark Thompson said: “We are delighted to partner with SQM on our Aero lithium project in Sweden, which provides an important chance to build a European lithium supply for the green transition and EU localisation objectives.
“As one of the few potentially large-scale lithium hard rock opportunities in Europe, Aero might be significant to the region’s battery and electric vehicle industry.”
Alicanto Minerals (ASX:AQI)
Still on Sweden, actually, we have Alicanto Minerals in the news and the gains.
Today, its share price is on the up off the back of a management restructure that will see MD Rob Sennitt leave and former Bellevue Gold (ASX:BGL) chair Ray Shorrocks step in as executive chair.
While Susan Field will take on fellow Bellevue alumnus Michael Naylor’s CFO role, the company has pledged that Naylor and Firefly Metals (ASX:FFM) MD Steve Parsons, formerly the MD at ASX 200 listed Bellevue, will be helping to review potential acquisitions that could reinvigorate the explorer.
The success of Bellevue, which recently entered commercial production in WA, means the star power behind its former players still attracts eyeballs and investor interest at the junior end of the market.
Alicanto has thus far been focused on two projects of near Viking antiquity: the Falun copper-gold project and the Sala zinc-silver project. Both projects have a long history of high-grade production but have been the subject of very limited exploration in recent times.
The company notes that over their operating lives Falun produced in the order of 28mt at 4% copper, 4g/t gold, 5% zinc, 2% lead and 35g/t silver while Sala produced approximately 200Mozs of silver at an average grade of 1,244g/t.
The lift came despite a $1.6m raising for exploration and working capital purposes conducted at a hefty 31.58% discount to the explorer’s last closing price.
Vital Metals (ASX:VML)
(Up on no news)
Vital Metals is a junior explorer and developer focused on rare earths, technology metals and gold projects located across Canada and Africa.
It’s main game? The Nechalacho Rare Earths Project in Canada, and secondary to that, the Wigu Hill Project located in Tanzania.
There’s nothing fresh today that necessarily backs up a 50% move for the stock, so we’ll revert to its most recent news from a handful of days prior.
On June 17 the company advised it has signed an agreement to sell its stockpiled rare earth material to the Saskatchewan Research Council in Canada for C$3,000,000.
This stockpiled rare earth material came directly from earlier mining on Nechalacho’s North T deposit.
Vital is now focused on developing the Tardiff deposit at Nechalacho and plans to deliver a Scoping Study for Tardiff, which it says will lead on to project advancement “as part of a national vision to support value chain integration in Canada”.
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