The company is moving forward with the acquisition after completion of due diligence Enova Mining has announced plans to proceed with an option agreement it entered into with B Geologia E Mineração Mineração Paranaí Ltda and Rafael Viola Mottin on 18 December 2023 Enova was granted an option to acquire a 100% interest in the Carai Salinas East and Santo Antônio permits in the state of Minas Gerais Enova noted that it will proceed with the acquisition of the Poços de Caldas Rare Earth and Brazil Lithium Valley Tenements after confirming that due diligence has de-risked the project opportunity It added that the due diligence was carried out by a team led by Dr Klaus Petersen and geologist Leonardo Souza Due diligence identified considerable outcrops of saprolite clay within Enova’s Poços rare earth elements project areas in Brazil’s prolific Poços de Caldas/Caldera Alkaline Complex the team discovered numerous pegmatite outcrops in the tenement regions of Resplendor which are indicative of potential lithium mineralisation Don’t let policy changes catch you off guard Stay proactive with real-time data and expert analysis These resources offer a solid foundation for growing the corporation’s operations in a favourable mining business climate Completion of the transaction is subject to Enova shareholder approval and will allow the company to transfer assets to a Brazilian-registered Enova-held company Enova Mining said in a statement: “The Board intends to promptly commence exploration firstly focusing on identifying drill targets with rare earth potential at Poços de Caldas we will commence general exploration (multi-spectral survey mapping and geochemical sampling) in the other tenement areas Tenements at Carai are considered priority “Enova welcome the Option Agreement vendors as future stakeholders Their experience and advice in establishing our business in Brazil will be invaluable and allow us to focus on the core business of exploration.” Enova added that it is committed to developing the Charley Creek rare earth project with ongoing activities proceeding without disruption It will also continue to review projects and business opportunities as they arise Give your business an edge with our leading industry insights View all newsletters from across the GlobalData Media network The dates displayed for an article provide information on when various publication milestones were reached at the journal that has published the article activities on preceding journals at which the article was previously under consideration are not shown (for instance submission All content on this site: Copyright © 2025 Elsevier B.V. This Premium article is exclusively available for subscribers Obtain insights from exclusive interviews Dive into articles covering trending industry topics Already subscribed? Click here to login This website is using a security service to protect itself from online attacks The action you just performed triggered the security solution There are several actions that could trigger this block including submitting a certain word or phrase You can email the site owner to let them know you were blocked Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page Enova Mining (ASX:ENV) will be proceeding with an option agreement following confirmation that due diligence has de-risked the Poços which has a market capitalisation of $13.45 million entered into a binding option agreement with vendors B Geologia E Mineração LTDA (RTB) and Rafael Viola Mottin to acquire these Brazilian tenements.  Enova has made a $30,000 cash payment and will also make a $120,000 cash payment to RTB.  The company will also issue 190 million shares and 100 million unlisted options at $0.012 with a 5-year expiry date to RTB within 5 days after shareholder approval.  Enova will be finalising and distributing a notice of general meeting to shareholders as soon as possible.  Enova can complete the transaction and transfer of assets to a Brazilian registered Enova-held company.  The company says that on completing due diligence the land package is considered prospective and of ‘exceptional’ exploration value.  the assets provide a sound basis to expand on Enova’s operations in a ‘positive’ mining business environment like Minas Gerais The majority of the tenements strategically sit in Brazil’s prolific Poços de Caldas / Caldeira Rare Earth Complex and Lithium Valley in Minas Gerais.  Enova Mining is a minerals explorer focused on its critical minerals and rare earths assets Write to Aaliyah Rogan at Mining.com.au         Unico Silver makes ‘multiple new discoveries’ at Cerro Leon Unico Silver (ASX:USL) says the final results from phase-two diamond drilling at.. 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ASX shifts down a gear Stay Informed on up-to-the-minute mining news Get the best articles straight to your inbox ASX ends winning streak as energy sector tumbles05 May Military Metals discusses antimony exploration in Slovakia05 May Unico Silver makes ‘multiple new discoveries’ at Cerro Leon05 May Critica readies to drill satellite rare earths targets    05 May Australian Mines’ exploration activities at the Jequie project have unearthed some precious targets in Brazil Special Report: Australian Mines has completed a full geological field reconnaissance and remote sensing program at the Jequie North and South target areas only four months after acquiring the tenement package in Brazil Australian Mines’ (ASX:AUZ) Jequie project is in the highly prospective well-endowed neighbourhood of Brazil’s Bahia state home to several large-scale mining operations including the adjacent 510Mt Rocha de Rocha REE project Rocha de Rocha, partly owned by the Gina Rinehart-backed explorer Brazilian Rare Earths (ASX:BRE), holds an exploration target of 8-12bt at 1000-1500ppm total rare earth oxides (TREO) over some 1,410km2 of mining claims Exploration across AUZ’s ~826km2 of ground has so far unearthed the right ingredients for charnockites leucogranites and weathered clay and saprolite profiles leading the explorer to expand its holding further with 17 new tenements making it one of the largest landholders in the region A recent geological field reconnaissance and remote sensing program has turned up more hard rock boulder outcrops and surface saprolite clay systems successfully identifying two high-priority areas (Jequie North and Jequie South) and multiple targets for immediate follow up This work has been carried out on what it considers to be the best 10% of its tenement positions in terms of REE prospectivity The explorer is planning to follow up both areas with focused geochemical programs (stream sediments and/or soil line sampling) for the topography and regolith being evaluated “We have made great progress over a very short time with our disciplined and systematic approach to exploring our large tenement position in this rapidly emerging world class REE district,” AUZ CEO Andrew Nesbitt says “With this approach we have been able to reduce and focus our search space into what we consider the most prospective tenements and now intend to test multiple priority targets within these areas defined by our Jequie North and South projects.” Both projects and associated targets have been prioritised based on enhanced measured outcrop radioactivity associated with favourable host rock lithologies (leucogranites and charnockites) These rocks are coincident with elevated airborne thorium anomalies AUZ intends to carry out ~24 km of soil traverses with individual samples dug at 50m intervals along the traverses exploration at Jequie South will start with a stream sediment program consisting of 35-40 stream sediments sample a total of 43 of the 72 licences or licences submitted for exploration status have now been granted AUZ expects the remaining areas will be approved shortly This article was developed in collaboration with Australian Mines a Stockhead advertiser at the time of publishing This article does not constitute financial product advice You should consider obtaining independent advice before making any financial decisions Investor Guide: Critical Minerals 2025 featuring Barry FitzGerald Get the latest breaking news and stocks straight to your inbox company profiles and industry insights from Australia’s best business journalists – all collated and delivered straight to your inbox every day