More Highly Anomalous Rare Earth and Lithium Assays in Brazil Itaipe

Alderan Resources Limited (ASX: AL8) (Alderan or the Company) is pleased to advise that stream sediment samples collected from its Itaipe lithium project area in Minas Gerais, Brazil contain highly anomalous grades of neodymium (Nd) and praseodymium (Pr) rare earth elements (REE) and lithium (Li). Assays received to date highlight that three of Alderan’s seven lithium exploration areas, Carai, Itambacuri and now Itaipe have lithium and rare earth anomalies requiring followup exploration. ¹ Assay results for the final three areas are expected this month.

HIGHLIGHTS

• Highly anomalous rare earth element and lithium stream sediment assays have been obtained for the Itaipe area
• Alderan now has three project areas in Brazil with highly anomalous rare earth element and lithium assays in stream sediment samples over a combined area of more than 30 km² – Itaipe, Carai and Itambacuri
• Itaipe neodymium and praseodymium rare earth assays grade up to 72ppm and 23ppm respectively – 6x their respective background grades in the area
• Itaipe lithium grades range up to 87ppm against a background grade of 5ppm Li
• Itaipe grade correlations are very strong between neodymium, praseodymium, samarium, terbium, gadolinium and dysprosium suggesting a favourable geological environment for rare earth elements
• Next steps in Q3 2024 at Itaipe, Carai and Itambacuri will include detailed stream sampling of anomaly areas to define the prospects for detailed soil sampling, geological mapping and drilling
• Update on Frisco Copper-Gold Project in Utah USA: rehabilitation bond for new drill sites paid to Utah Dept of Oil, Gas & Mines and Stage 1 drill site permits awaited; revised target for drill start is first half August

The highest neodymium and praseodymium assays in the Itaipe stream sediment samples grade up to 72.1ppm and 22.8ppm respectively. Neodymium background grades across all samples is less than 10.0ppm and the average grade is 20.8ppm while the background grade for praseodymium is less than 5.0ppm and average 6.3ppm across all samples. There are very strong positive correlations between neodymium and praseodymium, samarium, terbium, gadolinium and dysprosium suggesting a favourable geological environment for rare earth elements.

Lithium is anomalous in a number of drainages in the Itaipe area. The background lithium grade through the area is approximately 5ppm and the average grade for all samples is 9.9ppm. Anomalous samples with grades up to 87.5ppm, 43.6 and 41.3ppm occur in the southwest and central portions of the project area. There are strong positive correlations between lithium and caesium, beryllium, rubidium and niobium which also suggests a favourable geological environment for lithium mineralisation.

Managing Director of Alderan, Scott Caithness, commented:

“Alderan now has three project areas in Brazil, Itambacuri, Carai and Itaipe, with highly anomalous lithium and rare earth element assays in stream sediments samples for followup exploration. At Itaipe,…