Spark Energy Minerals Inc. (CSE: SPRK) (OTC Pink: SPARF) (FSE: 8PC) has announced a major update on its exploration activities at the Arapaima Lithium Project in Minas Gerais, Brazil’s rapidly developing “Lithium Valley.” Covering a vast 64,359-hectare area, the project is advancing with a dedicated exploration plan aimed at uncovering high-grade spodumene—a primary lithium source essential for the battery sector.
Spark has deployed three geology teams to investigate top-priority lithium targets at Arapaima. The teams are focused on two main initiatives:
Jon Hill, Spark’s VP of Exploration, highlighted the company’s preparation for intensive on-site investigation: “The initial analysis revealed an encouraging concentration of spodumene in key areas. We’re now poised to translate this data into actionable exploration on the ground in Brazil’s most promising lithium region.”
The current exploration phase is expected to conclude by the end of 2024, with initial results available in early 2025. Positive findings may fast-track drilling activities as early as the second quarter of 2025.
To bolster the exploration efforts, Spark has secured new financing, launching a private placement valued at $150,000. This initiative will offer up to 1,000,000 units at $0.15 per unit, each comprising a common share and a two-year warrant exercisable at $0.30.
Additionally, Spark has raised $451,875 since October 1, 2024, through the exercise of 2,503,000 share purchase warrants (at $0.125 each) and 1,390,000 stock options (at $0.10 each).
Reflecting on the momentum, Spark’s CEO Eugene Hodgson commented, “This funding reflects the strong support from our management and investors, positioning us to accelerate our work on the high-value targets in the Arapaima Project.”
With this funding, Spark is ready to advance its exploration in Minas Gerais, contributing to the sustainable lithium supply chain within Brazil’s Lithium Valley.
Spark Energy Minerals’ focused exploration and recent funding highlight the company’s commitment to uncovering valuable lithium resources within Brazil's Lithium Valley. As fieldwork progresses, Spark is well-positioned to validate promising spodumene targets, laying the groundwork for potential drilling in 2025 and further supporting Brazil’s role in the global battery metals market.
Source: https://www.newsfilecorp.com
