Australian mining company Enova Mining entered a binding option agreement to acquire 100% of several prospects in Brazil, including those in the prolific Pocos de Caldas/Caldeira Rare Earth Complex and Lithium Valley.

The deal involves a landholding of 67,579 hectares and includes plans for a drilling program on the rare earth tenements.

The tenements are convenient to access due to their proximity to established highways, infrastructure, and commercial ports.

Enova's proposed acquisition remains subject to due diligence, shareholder approval, and an initial report on mineral exploration.