Savannah Resources was granted full ownership of the high-grade Aldeia mining lease adjacent to its Barroso lithium project in Portugal after previous owner requested the transfer of rights.
The Aldeia licence block is adjacent to Savannah's C-100 lease. It was awarded to a Portuguese company Aldeia & Irmão for an initial duration of 25 years with a possibility of an extension.
Savannah acquired the Aldeia lease in 2019. The transfer of the block was completed after the conclusion of all the legal and financial processes associated with the acquisition.
"We are delighted to have reached the final step in the acquisition and transfer process with the Aldeia mining lease, which will form an integral part of the Barroso lithium project in years to come," said Savannah's CEO Emanuel Proença.
"We now look forward to the Portuguese State officially transferring the lease over to Savannah's ownership in due course."
The JORC-compliant resource of the Aldeia lease amounts to 3.5 million tonnes of ore at 1.30% Li2O, representing about 11% of Barroso’s total reserves. The project hosts more than 39 million tonnes of high-grade spodumene.
The €3.25 million ($3.8 million) acquisition is funded partly through a recent oversubscribed equity raise and structured as staged payments to Portugal’s Directorate General for Energy and Geology.
Theodor Lisovoy, Managing Editor, Rough&Polished
