Brazil Minerals, Inc. Adds Lithium Project Area to Its Mineral Bank

Brazil Minerals, Inc. Adds Lithium Project Area to Its Mineral Bank

Chamber Articles Category: Industry News Post Date: 01/31/18 Source: Nasdaq By: Brazil Minerals, Inc.
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Brazil Minerals, Inc. (OTC:BMIX) (the "Company" or "Brazil Minerals") announced today that it has added a premier mineral right for lithium to its mineral bank. This 288-acre claim is within a new and large province that could place Brazil within the top five world producers of lithium. Demand for lithium is rapidly increasing in connection with its use in batteries for electric vehicles and smart phones.

A recent study by CPRM ("Companhia de Pesquisa de Recursos Minerais"), the Brazilian geological survey, revealed new lithium mineralization with high potential for economic exploitation in an area of the Jequitinhonha Valley in northeast Minas Gerais state. This location is roughly 200 miles from the diamond, gold, and sand properties that Brazil Minerals owns along the same river valley. The CPRM study was carried out between 2012 and 2017 and funded by the Brazilian government as part of its interest in incentivizing discovery and development of resources in strategic minerals, such as lithium. The identified lithium deposits are associated with pegmatite formations, a photograph of which is attached.

With this discovery, Brazil is expected to increase its lithium reserves by 20 times. Today, the country has 0.4% of the world's reserves, which would then grow to account for 8%, becoming the fifth country in the ranking of reserves. Other South American countries, Argentina, Chile and Bolivia, together, make up about 70% of the world's known lithium reserves, estimated at more than 13 million tons. Read Full Article