Lightning Minerals Strikes 4.04% Li2O Spodumene in Brazil, Drilling Set for Q1 2025

A Breakthrough in Brazil's Lithium Valley

Lightning Minerals (ASX: L1M) has delivered a compelling quarterly update, revealing a significant spodumene discovery at its Esperança project in the Lithium Valley of Minas Gerais, Brazil. The discovery, with spodumene grading up to 4.04% lithium oxide (Li2O), marks a pivotal milestone for the company, underpinning its aggressive exploration strategy in one of the world's most prospective lithium regions.

The Esperança project, situated within a fertile geological setting proximal to S-type granites, has yielded artisanal workings with large spodumene crystals, confirmed by in-field Laser Induced Breakdown Spectroscopy (LIBS) and UV fluorescence analysis. This discovery not only validates the company's geological thesis but also provides a direct, walk-up drill target for the imminent drilling campaign.

Expanding Lithium Targets Across Brazil

Beyond Esperança, Lightning Minerals has identified multiple lithium drill targets across its broader Brazilian portfolio, including the Caraíbas and Canabrava projects. Soil sampling programs have returned anomalous lithium values up to 239ppm at Caraíbas and 113ppm at Canabrava, with extensive pegmatite outcrops mapped across all three project areas. These results, combined with advanced geophysical surveys that pinpoint six priority targets, provide a robust foundation for targeted drilling.

The company plans to initiate up to 2,000 meters of diamond drilling at Esperança, focusing on extending the spodumene discovery and testing for stacked pegmatite swarms. Concurrently, up to 1,500 meters of drilling is planned at Caraíbas to test the extensive lithium soil anomalies, while drill targeting at Canabrava continues pending infill soil assay results.

Strategic Partnership and Operational Momentum

In a strategic move to accelerate project development, Lightning Minerals executed a Memorandum of Understanding (MoU) with Invest Minas, a Brazilian government agency. This partnership is designed to streamline licensing, environmental approvals, and facilitate local supplier engagement, positioning Lightning Minerals advantageously within the regional lithium supply chain.

Operationally, the company has demonstrated strong momentum, completing Phase 1 exploration activities including soil sampling, ground reconnaissance, and geophysical interpretation. The appointment of Jamie Day, a seasoned lithium industry executive, to the board further strengthens the company's leadership as it transitions into the drilling phase.

Financial Position and Outlook

Lightning Minerals closed the quarter with a cash position of A$1.91 million, sufficient to fund the upcoming drilling campaign and ongoing exploration activities. The company reported exploration expenditure of A$234,000 during the quarter, primarily focused on its Brazilian assets.

With drilling set to commence in Q1 2025, the market will be watching closely for assay results that could confirm the scale and grade of these lithium deposits. The combination of high-grade spodumene discovery, multiple drill-ready targets, and government collaboration positions Lightning Minerals as a notable player in the global lithium sector.