Oceana Lithium

High Priority Lithium Targets Identified at Monaro Lithium Project, James Bay

Oceana Lithium Limited (ASX: OCN, “Oceana” or “the Company”) is pleased to announce that the first phase of field exploration work has been completed at the Monaro Lithium Project in James Bay, Québec. Oceana has an option to acquire a 100% interest in the Monaro project (refer ASX Announcement 5 July 2023), which comprises 207 mineral claims covering an area of 104km2 along the western portion of the Duhesme Lake metavolcanic-sedimentary greenstone belt that can be traced about 40km along strike and 4-5km across (Figure 1).


Highlights

  • First phase field exploration program completed at Monaro Project
  • Elevated levels of Rubidium (Rb) and low Potassium (K) to Rubidium ratios coincident with favourable geology and magnetic signatures have delineated several high-priority Lithium targets for further investigation
  • 175 rock samples submitted to ALS Laboratories in Val-d’Or, Québec for whole- rock analysis, with results expected in December 2023
  • Oceana has identified over 356 new pegmatite targets to date. Of these, 317 have been ground-checked, leading to the discovery of 131 new pegmatite bodies and 68 pegmatite boulders
  • High-resolution LiDAR survey flown over the Monaro claims assisted with pegmatite target identification, measurement and prioritisation
  • Monaro’s geology containing both amphibolites and wacke para-gneiss fits well within the current LCT pegmatite spodumene-bearing targeting model for the James Bay area

Experienced Québec-based contractor Explo-Logik conducted a helicopter- supported field program over the project area, under the supervision of Oceana’s Senior Exploration Manager James Abson. The field program consisted of pegmatite outcrop mapping, sampling with onsite XRF analyses for key LCT pegmatite pathfinder elements (Rb, K, Nb, La, Y, Ga, Tl, P, Mn, Cs, Nb, Sn, P and Ta), the determination of K/Rb ratios and pegmatite boulder prospecting.

A high-resolution LiDAR survey was flown during the field season and identified 13 additional targets, which were then confirmed by field inspection.

A total of 152 samples of white mica and feldspars were collected from pegmatite outcrops and a further 23 samples from pegmatite boulders were analysed by XRF to obtain K/Rb ratios. A total of 175 rock samples (including cut channel samples) collected have been sent to the ALS lab in Val-d’Or, Québec for whole-rock analysis. Some of these samples will also be used for petrographic analysis.

Figure 1: Regional players and greenstone locations around the Monaro Project

The XRF measurement of field samples has established four zones with low K/Rb ratio in relation to geology (Figure 2), including two from outcrops and one boulder with samples showing K/Rb < 30, and clear geochemical trends of highly fractionated pegmatites. These are consistent with established models of fractionated pegmatites and Lithium fertility1. The following encouraging preliminary observations have been made:

  • Some of the pegmatites mapped to date are over 1km long and up to 80m wide (Figure 2, Figure 4 and Photo 2);
  • The pegmatite K/Rb ratios calculated from 175 outcrop samples and boulders range from highly evolved (a population of 8 pegmatite outcrops and 1 pegmatite boulder with K/Rb ratios ranging from 24.3 to 40.8 and up to 3,179ppm Rb), to poorly evolved with a K/Rb ratio of up to 200;
  • The more highly evolved ratios are contained within four zones within the amphibolite lithologies, concentrating within the NE trending limb and the most southerly SE trending limb of the property;
  • There appears to be an EW and a NE-SW pegmatite strike direction, as well as a white-grey muscovite variety of pegmatite (possibly older) and a pink-white variety of pegmatite (possibly younger). The former type is possibly of higher interest, especially if with low K/Rb ratio and intruded into the amphibolites;
  • It appears that the low K/Rb ratio samples also flank the contact with amphibolite/supracrustal rocks and granitoids, as observed in the Geology Map and Regional Total Magnetic Intensity Map (Figure 2 and Figure 3), and
  • Monaro’s geology containing both amphibolites and wacke para-gneiss fits well within the current LCT pegmatite spodumene-bearing targeting model for the James Bay area.

Figure 2: Map showing pegmatites’ K/Rb ratios in relation to geology and prospective high-priority target areas (lowK/Rb ratios and high Rb concentrations reveal potential for Lithium bearing pegmatites)

Drill-ready outcrop targets for first phase drilling will be identified once the whole rock results are received, as well as planning for further focused geophysics, channel sampling and soil/till sampling campaign over the highly evolved pegmatite areas to identify additional Lithium-bearing drill targets.

Exercise of the Option over Monaro

Oceana acquired an option to purchase a 100% interest in the 207 mineral claims that comprise the Monaro project in July 2023. The option expires on 31 December 2023, but subject to the listing rules, may be extended at the sole discretion of Oceana to 31 March 2024 (refer to ASX Announcement dated 5 July 2023 and the Company's Notice of General Meeting dated 27 October 2023).

Shareholders will be asked at the forthcoming AGM to be held on 28 November 2023 to vote on the issue of ordinary shares and performance rights (together Consideration Securities) forming part of the deferred consideration option exercise price for the acquisition. The Directors have unanimously recommended that shareholders vote in favour of the issue of the Consideration Securities performance rights (refer to section 6 of Explanatory Statement to Notice of Meeting, ASX Announcement dated 27 October 2023). This will allow the Company to, following further exploration results and should it wish to exercise the Monaro Option, issue the Consideration Securities.


Click here for the full ASX Release

This article includes content from Oceana Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Highlights


  • SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of  US$6,155.9 million for the same period last year.

  • Net loss (1),(2) for the nine months ended September 30, 2024 of (US$524.5) million or (US$1.84) per share, compared to net income (2) of  US$1,809.5 million or US$6.33 per share for the same period last year.

  • Solid sales volumes in lithium, iodine, and fertilizer businesses.

  • SPN and Potassium businesses posted healthy growth showing market recovery.

  • Slight increase in iodine prices, due to strong market demand and limited supply.

  • First lithium sales from the SQM International lithium division.

SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time).

Participant Dial-In (Toll Free): 1-844-282-4852

Participant International Dial-In: 1-412-317-5626

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ

SANTIAGO, Chile , Nov. 20, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ),(2)   for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.

(PRNewsfoto/Sociedad Quimica y Minera de Chile, S.A. (SQM))

Gross profit (3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .

The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.

SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."

He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."

Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China , we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."

Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the completion and implementation of the proposed partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes and sales prices, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

News Provided by PR Newswire via QuoteMedia

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