MEDIA RELEASE: FOXFIRE METALS Ltda
9th of March 2023
FIRST RARE EARTH DISCOVERY IN “lithium valley” NORTH MINAS GERAIS.
Foxfire Metals Ltda declares the FIRST known discovery of rare earths in Lithium Valley, North of Minas Gerais in Brazil.
The new discovery returned rare earth elements (REEs) of up to 3050ppm as well as elevated Lithium, Rubidium, Niobium and Zirconium.
HIGH LIGHTS:
Assay results of soil and rock chip samples collected over 13 locations that cover an area of 3500 hectares indicated that:
- 100% of the samples were mineralised with REEs (with 16 of the 17 REEs detected.)
- 90% of the samples contained Lithium.
- 100% of the samples contained elevated Nb, Rb and Zr
Highest TREE (Total Rare Earth elements) assay returned 3050 ppm.
Average TREE returned 2055 ppm over selected samples.
REE used in Magnets : These REEs represent 25.5% average of the TREE in the samples ( viz:- Average ppm :Nd 378ppm, Pr 108ppm, Dy 23ppm, Ho 4ppm and Tb 5.5ppm)
Light REE Average: 86 % of TREE for 1768 ppm
Heavy REE Average : 14 % average of TREE for 287ppm
TREE Average: 2055ppm
Every sample contained REEs plus Nb, Rb, Zr and 90% of the samples contained Lithium.
Mineralisation confirmed in all of the 13 collection points over the 3500 hectare area.
Foxfire Metals Chairman Mr Patrick Volpe said: “This is a major breakthrough with the discovery for rare earths in an area not previously known to host REE in the Lithium Valley, in the northern part of Minas Gerais .”
“This virgin discovery for REEs returning up to 3050 ppm REE, is a major and potentially game changing event for the area known as “Lithium Valley “. Foxfire is very excited with the results which reported elevated TREEs in soils and rock chip samples as well elevated lithium.”
“The breakthrough discovery lies within one of the world’s most sort after highly prospective lithium areas located in the Brazilian lithium producing districts and lithium belt of Minas Gerais. (Lithium Valley).“ The potential for Rare Earth exploration can now opened up in the region.”
Mr Volpe said, “Foxfire has secured over 250,000 hectares of research ground in the lithium valley making Foxfire one of the largest land holders in the region.”
“We are currently conducting exploration in the Lithium Valley on selected area of our extensive tenement portfolio that covers some of the most prospective pegmatite in the area. “
“Further results are expected to be announced over the next 3 months as we push through our aggressive exploration program that commenced in late 2022:” he said.
“Foxfire Metals is undergoing a restructure program that is an exciting phase for shareholders ahead of a planned listing on the Australian Stock Exchange in 2023.” Mr Volpe said.
Foxfire Metals mining rights cover the North, South, East and West of the lithium valley close to companies including :
- Sigma Lithium Incorp. (TSX-V).
- Rio Tinto Limited (ASX)
- Latin Resources Limited (ASX)
- Lithium Iconic Limited (TSXV)
- Atlas Lithium Inc (NASDAQ)
As well as other major companies in the region.
Technical information contained in this news release has been reviewed and approved by Dr. Paul Woolrich (BSc Geology, MSc Geochemistry, PhD Metallurgy) who is a Member of the MAusIMM, and a Qualified Person as defined under National Instrument 43-101 and is a Technical Director of Foxfire Metals Pty Ltd.
About Foxfire Metals Pty Ltd:
Foxfire Metals Pty Ltd is an emerging Brazilian explorer and developer well supported by its management and shareholders.
Based in Melbourne, Australia with its operation focused in Brazil, its principle business is to explore for base and precious metals, REEs & Lithium in Brazil where Foxfire has been operating since 2013.
Its portfolio covers in excess of 380,000 hectares in various states Including Minas Gerais, Bahia, Goias, Piaui Mat Grosso, Ceara, and Amazonia.
The Board and Management are highly regarded with inhouse and in country technical expertise with global presence and history of successful discoveries and mine development.
Investment opportunities : Foxfire has a prospective portfolio of exploration assets that has made discoveries for gold and base metals and for lithium and REEs.
Foxfire recently entered into a joint venture on 8 of its ~180 licenses with Canadian, Spark Energy and Minerals Inc. including 3 rare earth license in Minas Gerais covering part of the new Foxfire Metals’ REEs + Li discovery area.
Corporate Strategy:
Foxfire Metals is preparing to list on the Australian Stock Exchange in 2023 and is also actively seeking to enter corporate arrangements with international partners to fast track its exploration opportunities with several negotiations in play.
