Enova Mining Ltd (ASX: $ENV) Announcement Overview

Enova Mining Ltd (ASX: $ENV) has entered into a binding option agreement to acquire 100% of the CODA Rare Earth Prospect, comprising an area of 15,334 Ha or 153.3 sq.km. The agreement is subject to a 30-day Due Diligence period and Shareholder Approval. The CODA tenements offer an immediate walk-up drilling opportunity, strategically located in the mining friendly state of Minas Gerais, Brazil.

Executive Commentary on Rare Earth Acquisition

Enova's Managing Director, Mr. Eric Vesel, expressed enthusiasm about the acquisition, highlighting the potential for Rare Earth enriched Ionic Absorption Clay (IAC) exploration tenements in Minas Gerais, Brazil. He emphasized the advanced nature of the exploration land package and the impressive drilling results, anticipating a quick evolution to a resource drilling campaign post-acquisition. Mr. Vesel also noted the strategic location of the tenements and the company's commitment to building on its prosperous future.

Summary of Enova Mining's Rare Earth Acquisition

Enova Mining Ltd (ASX: $ENV) has secured a binding option agreement to acquire the CODA Rare Earth Prospect, demonstrating its commitment to expanding rare earth exploration in Brazil. The potential acquisition offers immediate drilling opportunities and is strategically located in a mining-friendly state. The company aims to conduct a thorough Due Diligence period and seek Shareholder Approval to proceed with the acquisition. Enova's ambitions include commencing an aggressive exploration campaign and leveraging the strategic location of the tenements. The company remains fully funded for Phase 1 Exploration and Drilling, reflecting its commitment to a prosperous future in the rare earth sector.