Alderan and Gold Mountain reach agreement on Salitre lithium project

Alderan Resources Limited (ASX: $AL8) has announced the completion of earn-in and option agreements with Gold Mountain Limited (ASX: $GMN) and Mars Mines Limited to earn a majority interest in the Salitre lithium project located in Bahia state, Brazil. The project presents a significant opportunity for Alderan to gain a major position in a new high potential prospect, with the potential to extend the lithium anomaly to 9.0km if it links to the Salitre South anomaly 4.5km to the south. Lithium grades in soils range up to 134.5ppm against a background grade of less than 30ppm, indicating a favorable geological environment for lithium bearing pegmatites.

Executive commentary on Salitre lithium project

Earning into the Salitre lithium project through exploration expenditure on the ground is an excellent opportunity for Alderan to gain a major position in a new high potential prospect which can be fast tracked to drilling. The Salitre North lithium soil anomaly is 4.5km long and 1km wide and has the potential to extend to 9.0km if it links to the Salitre South anomaly 4.5km to the south. Lithium grades in soils range up to 134.5ppm against a background grade of less than 30ppm. The high lithium grades correlate strongly with caesium, beryllium, niobium and tin which are all indicators of the right geological environment for lithium bearing pegmatites. Alderan's next steps at Salitre will be to complete infill soil sampling and geological mapping between Salitre North and South while preparing to drill traverses of reverse circulation holes across the soil anomaly.

Summary of Salitre lithium project and outlook

Alderan Resources Limited has successfully completed earn-in and option agreements with Gold Mountain Limited and Mars Mines Limited to acquire a majority interest in the Salitre lithium project in Bahia, Brazil. The project presents a significant opportunity for Alderan to gain a major position in a new high potential prospect, with the potential to extend the lithium anomaly to 9.0km if it links to the Salitre South anomaly 4.5km to the south. The next steps for Alderan at Salitre will include infill soil sampling and geological mapping between Salitre North and South, while preparing to drill traverses of reverse circulation holes across the soil anomaly. Alderan's H2, 2024 programme at Salitre will include infill soil sampling in the gap between Salitre North and South and preparations to drill traverses of reverse circulation holes to identify the source of anomalous lithium in soils. The company's ambitions and goals include rapidly discovering, delineating, and developing critical metal and gold deposits for mining, with high potential for discovery as it lies in under-explored geological belts with similar geology to neighboring mining districts.