Lithium Ionic has closed the acquisition of the remaining 15% stake in select Salinas properties, gaining 100% ownership of the lithium-rich assets in Minas Gerais, Brazil.

The acquisition was executed through its subsidiary, Neolit Minerals Participações, marking a significant expansion of the company's foothold in the region known as the 'Lithium Valley.'

The company settled the deal by paying the Brazilian Real equivalent of $2m in cash and issuing 2.5 million of its shares.

Additionally, Lithium Ionic is obligated to pay the Brazilian Real equivalent of $1m by 4 April 2025.  

Located about 100km north of its Itinga group of properties, the Salinas properties expand Lithium Ionic's control to 14,182 hectares within a geological belt hosting some of the world's largest and highest-grade lithium-bearing pegmatites.

The acquisition of Neolit in March 2023 initially gave Lithium Ionic a 40% stake in the properties, which increased to 85% in October after meeting certain exploration commitments.

Following seven months of drilling from May to November 2023, a NI 43-101 compliant mineral resource estimate (MRE) reported in April this year indicated a significant 14.76 tonnes (t) lithium deposit on just one of the nine Salinas tenements, which spans 662 hectares.

This deposit accounts for about 25% of the company's total global MRE of 60.1t.

An independent Brazilian consultancy, GE21 Consultoria Mineral Ltda, based in Belo Horizonte, Minas Gerais, is currently conducting a preliminary economic assessment for the Salinas properties.

This assessment is expected to be completed in the second half of 2024.

Last month, Lithium Ionic signed a binding agreement to acquire sole ownership of Salinas.

At that time, CEO Blake Hylands said: “The MRE we have already established at Salinas represents a cornerstone asset in our portfolio of projects and we strongly believe that our plans to explore adjacent properties could significantly scale our mineral resources.”