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Quarterly Activities/Appendix 5B Cash Flow Report
Oceana Lithium Limited (ASX:OCN)(Oceana or the Company) is pleased to present its activities report for the June 2023 quarter.
Highlights
Solonópole Project, Ceará, Brazil
- Oceana’s footprint in the Solonópole Lithium Project increased following exercise of option to acquire two advanced lithium exploration permits (800306 and 800307) covering an area of 10km2, bringing total project holding to 124km2.
- High-grade lithium mineralization at surface (spodumene, amblygonite, and lepidolite) returning assays of up to 3.61% Li2O has been identified at the Bom Jesus de Baixo Prospect (BJdB).
- A maiden ~2,000m scout drilling program commenced at the Bom Jesus de Baixo Prospect, at other targets identified from ongoing soil sampling programs, and along possible strike extensions of artisanal workings.
- Multiple thick pegmatites intercepted in maiden scout drilling at the Bom Jesus de Baixo Prospect, with individual intervals of up to 16m and combined intervals of up to 20m (ASX Announcement dated 21 June 2023).
- Hyperspectral survey completed with high quality data acquired.
- Several potential pegmatite bodies/dykes have been identified through alteration mineral maps that warrant further field investigation.
- Soil geochemical program also reveals several large linear Li anomalies, some of which are on the strike extension of pegmatite outcrop.
- Following quarter end, Oceana announced an exclusive six-month option to purchase 100% of the Monaro Lithium Project covering 104km2 of highly prospective Archean rocks in James Bay area, Québec, Canada.
Corporate
- The Company remains well-funded with cash at 30 June 2023 of ~$2.7m, with a further $4.1m raised following quarter end.
Solonópole Project, Brazil
The Solonópole Project area is located in the state of Ceará, north-eastern Brazil and consists of ten (10) exploration permits covering approximately 124km2 (Figure 1), owned by Oceana’s subsidiary Ceará Litio. The project is approximately three hours by road from the state capital and deep-water port of Fortaleza and is well serviced by sealed highways and high voltage electricity
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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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Oceana Lithium
Overview
A lot can change in two years — just look at Brazil.
Best described as a bit player in the lithium space only two years ago, the country has since become one of the premier destinations for lithium exploration and development. It all started with the runaway success of Sigma Lithium (NASDAQ:SGML, TSXV:SGML). Since then, multiple high-profile mining companies have established themselves in the country.
This growth is unlikely to stop anytime soon, particularly in light of recent investments into Brazil's battery manufacturing sector by companies including BorgWarner and Inventus Power. Within the next several years, Brazil could become a major global supplier. That's good news for the lithium market, as we are rapidly approaching the point at which demand will greatly outstrip supply.
Oceana Lithium (ASX:OCN) is well-positioned to get us past that point — and to tap into Brazil's fast-growing lithium mining industry. An early-stage exploration company with significant opportunity for discovery across its projects, Oceana's flagship Solonópole project displays considerable promise. The company also maintains highly prospective projects in both Australia and Brazil.Oceana's acquisitions were no accident. The company's well-informed exploration strategy stems from veteran geologists and mining professionals with decades of experience between them. It's already identified multiple drill targets in Solonópole, all of which are highly prospective and known to contain lithium.
Company Highlights
- Oceana Lithium is an exploration company with two strategic and highly prospective projects in Solonópole, Ceará State, Brazil (Solonópole Lithium Project) and Northern Territory, Australia (Napperby Project) — all tier-one mining jurisdictions.
- Brazil in particular is an emerging international destination for lithium, with multiple promising discoveries in recent years.
- Recent investments in battery manufacturing within the country also present a huge opportunity for lithium exploration.
- Napperby is a large-scale exploration project situated in Australia's Northern Territory, and has the potential to host uranium, lithium and several other rare and valuable resources, including rare earth elements and tantalum.
- The company is well-funded to advance exploration on all its projects, with $3.35 million in cash on 31 December 2023.
- Investors can expect strong newsflow over the coming months from both projects.
Key Assets
Solonópole Lithium Project, Ceará State, Brazil
Located three to four hours by sealed road from the major port of Pecém and the capital city Fortaleza, Oceana's Solonópole project consists of 10 permits covering 124 square kilometers of highly prospective ground. Detailed field mapping by Oceana's Brazilian subsidiary Ceara Litio has identified a significant mineralized pegmatite corridor within the company's claim. The permits also cover several historic artisanal mining sites previously tapped for lithium, tantalum, niobium and tin.
Highlights:
- A Historic Artisanal Hotbed: Oceana has identified more than 50 small-scale artisanal mines during field exploration. Mining at these sites only reached depths of a maximum of 10 meters due to the need to blast hard rock material.
- Mineralisation: Oceana has a body of data that suggests high-grade mineralization at Solonópole, including:
- Regional geological review of the Solonópole Pegmatites was completed in 2012 by Brazilian Geological Survey (CPRM). Analytical results (XRD) confirmed spodumene, lepidolite and amblygonite being the main lithium bearing minerals .
- A regional reconnaissance program completed by a previous explorer which collected 246 grab samples in 2016 and 2017 containing:
- Lithium oxide (Li2O): 9 percent.
- Tantalum (Ta): 1 percent.
- Niobium (Nb): 1 percent.
- Tin (Sn): 1,000 ppm.
- Beryllium (Be): 2.5 percent.
- First-pass soil geochemistry results highlighting the presence of residual soil anomalies.
- An Ideal Location: Solonópole is situated in one of Brazil's two historic lithium mining regions, giving Oceana access to experienced labour and extensive pre-existing infrastructure. The project is also well-suited for exploration activities, as it is arid and sparsely populated farmland. It also has access to renewable energy (solar farms and hydro power).
- Experienced In-country Team: Oceana has invested heavily in developing an in-house exploration team headed by experienced resident geologist Mike Sousa and a strong corporate and legal management team based in Belo Horizonte headed by Cintia Maia and Carolina Carvalho who are both fluent in English.
- Exploration Work: Large-scale infill soil sampling program conducted since March 2023 collecting over 10,000 soil samples, and first pass 2,000-metre RC drilling program across priority targets was completed in August 2023. Phase 1 RC drilling campaign identified new lithium-caesium-tantalum (LCT) pegmatite targets for deeper drilling in un-weathered zones. New data from geophysics and soil geochemistry anomalies indicate several swarms of pegmatite bodies striking in a NE-SW direction, showing several lithium-bearing pegmatites at the Bom Jesus de Baixo (BJdB) Pit; BJdB Central; Tin Mine; Nira; Lapinha; Urubu; Zilcar II and Rolados targets.
Map showing completed RC scout drill holes at Bom Jesus de Baixo Prospect
Napperby Project, Northern Territory, Australia
A large-scale exploration project situated in Australia's Northern Territory, Napperby covers 1,160 square kilometers. The 100 percent owned project is also located within the Northern Arunta pegmatite province, expected to soon become a hotbed of mining and exploration. It displays similar geology to the Pine Creek pegmatite province, which hosts the Finniss lithium project owned by Core Lithium (ASX:CXO).
Highlights:
- A Prime Location: Napperby is accessible via both the Stuart Highway and Tanami Highway. It's also close to Central Australian Railway with access to the port city of Darwin. Rio Tinto Resources (ASX:RIO) also owns a large exploration application permit immediately to the south of Napperby’s EL32863. ELA32841 is under application.
- Confirmed Pegmatites: Historical exploration of the region identified multiple pegmatite dykes with both tin and tantalum mineral occurrence. Additionally, a 2005 analysis by the Northern Territory Geological Survey confirmed these as LCT pegmatites.
- Exploration Work: Oceana has completed a hyperspectral survey to acquire high-quality data over the project area. Soil geochemical program completed reveals several large linear lithium anomalies, some of which are on the strike extension of pegmatite outcrop.
- Uranium Potential: Napperby has the potential to host uranium, lithium and several other rare and valuable resources, including rare earth elements and tantalum.
Board and Management Team
Dr. Qingtao Zeng - Non-executive Chairman
Doctor Qingtao Zeng has been extensively involved in the lithium exploration and development sector and is well-connected with potential off-take partners having acted as intermediary for the supply or purchase of spodumene concentrate for a number of producers. He has been engaged as a consulting geologist in a range of geological and commercial environments. Zeng completed a PhD in geology at the Centre of Exploration Targeting (CET) of University of Western Australia in 2013. He has published several academic papers on structure control orogenic gold systems in different geological scales and is a member of Australasian Institute of Mining & Metallurgy (MAusIMM) and Society of Economic Geologists (SEG). He is currently managing director of Australasian Metals Ltd, and a non-executive Director of Kodal Minerals, MetalsTech and Winsome Resources Ltd.
Aidan Platel - Non-executive Director
Aidan Platel is an experienced geologist and mining executive with over 25 years’ experience in the minerals industry. He has a broad skill set covering exploration, study execution, project development, mining, mineral processing and corporate financing within the minerals and mining service sectors. He holds a Bachelor of Science degree (Honours in Geology) from UWA and has a Master of Business Administration from the Curtin Graduate School of Business.
Platel has held numerous executive and non-executive director roles in ASX listed exploration companies over his career. He has a proven track record of exploration success, having helped discover and develop several major deposits including the world-class Santa Rita Nickel deposit (>1Mt contained Ni metal) in Brazil. Platel is currently managing director and chief executive officer of Charger Metals NL and non-executive director of Olympio Metals.
Dan Smith - Non-executive Director and Company Secretary
Dan Smith has more than 15 years’ experience in financial markets, including 10 years’ experience with ASX Listing Rules compliance and corporate governance. Smith is a fellow member of the Governance Institute of Australia and holds a Bachelor of Arts in International Relations from Curtin University. He acts as company secretary for numerous ASX, AIM and NSX-listed companies.
Caue (Paul) Araujo - Chief Executive Officer
Caue Araujo is a qualified Australian-Brazilian geologist with over 20 years of experience as a mining industry professional. Following his early training with Vale in Brazil, his subsequent roles have included general manager of SRK Consulting Brazil, regional director of investment and business planning at Hatch (Australia and Asia), and global general manager – mine finance with mining industry advisory group Palaris Australia. He has a strong aptitude for the technical and economic evaluation of mineral resource projects, having been involved in the development of numerous projects during his career working with finance providers and equity investors including emerging lithium miners and mine gate concentrate producers. Araujo is a member of the Australasian Institute of Mining & Metallurgy (MAusIMM) and the Australian Institute of Company Directors. He has an MBA (project management, business and finance) from Ibmec University, Brazil. Through his diverse experience, he has refined his abilities to lead and manage multi-disciplinary teams. He is well-acquainted with key chemical companies, battery producers and EV manufacturers in the supply chain and their requirements to secure environmentally responsible long-term sources of lithium supply.
Mike Sousa - Exploration Manager and Competent Person, Brazil
Mike Sousa is a passionate and results driven geoscientist with over seventeen years exploration and project development experience, in his native Brazil and internationally, in battery minerals, gold, phosphates, niobium and rare earth elements. His experience includes planning and execution of exploration programs from early to advanced stage and mine expansion projects. Sousa has worked in senior roles in various states in Brazil for junior, mid-tier and major national and international companies including Equinox Gold, Lithium Ionic, OZ Minerals, Anglo American, Vale and Glencore. He brings to Oceana profound local knowledge and established relationships with professional service providers as well as local stakeholders. Sousa is a member of the Australian Institute of Mining and Metallurgy – MAusIMM (CP).
Cintia Maia - Company Administrator, Brazil
Cintia Maia is manager, corporate and director of the company’s Brazilian operating subsidiary, Ceará Litio Mineração Ltda. She is an experienced corporate manager and administrator and a qualified accountant with over 20 years’ experience.
Maia is familiar with reporting requirements for Australian public companies, having previously worked as CFO for GRD Minproc, AMEC Canada and a number of other mining and industrial companies. She brings a wealth of practical experience to her role as the Company’s senior corporate officer in Brazil.
Carolina Carvalho - Manager Corporate Affairs, Brazil
Carolina Carvalho is an experienced corporate lawyer, having spent more than 15 years working with medium and large multinationals operating in Brazil. She has worked in mergers and acquisitions, tax planning and strategic business development across a number of industries including mining.
Quarterly Cashflow Report - March 2024
Jindalee Lithium Limited (Jindalee, the Company) has released its Quarterly Cash Flow Report.
Click here for the full ASX Release
This article includes content from Jindalee Lithium Limited, 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.
Quarterly Activities Report
- Grant applications lodged with two US Government agencies (Defense and Energy) with strong support from state politicians, agencies and potential industry partners
- Exceptional metallurgical testwork results to feed into McDermitt PFS, with value enhancement opportunities identified
- Board and management enhanced with the commencement of Ian Rodger as CEO and Wayne Zekulich as Non-Executive Chair
US LITHIUM
McDermitt Lithium Project (Jindalee 100%)
In February 2023, Jindalee Lithium Limited (Jindalee or the Company) announced an updated Mineral Resource Estimate (MRE) at Jindalee’s 100% owned McDermitt Lithium Project (USA) (Figure 1)1.
The 2023 MRE for McDermitt contains a combined Indicated and Inferred Mineral Resource Inventory of 3.0 Billion tonnes at 1,340 ppm lithium (Li) for a total of 21.5 Million tonnes lithium carbonate equivalent (LCE) at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the United States (US) by contained lithium in Mineral Resource, and a globally significant resource (Table 1), with the deposit remaining open to the west and south (Figure 1).
Table 1 – Summary of 2023 McDermitt MRE1 at the reporting cut-off of 1,000 ppm. Note: totals may vary due to rounding.
Exploration Target
On 21 November 2023 Jindalee announced an independently estimated Exploration Target Range (ETR) at McDermitt of 300 – 700 Million tonnes at 1,100 – 1,400 ppm Li (at 1,000ppm Li cut-off) (Table 2, Figure 1)2.
The Exploration Target surrounds and abuts the 2023 MRE and is extrapolated from 62 holes drilled at McDermitt from 2018 to 2022. Material for the MRE extends to a maximum distance of 1,200m from the nearest hole, with the ETR extending to a maximum of 1,500m from the nearest hole (Figure 1).
Click here for the full ASX Release
This article includes content from Jindalee Lithium Limited, 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.
Quarterly Activities Report for Period Ending 31 March 2024
Avenira Limited (ASX: AEV) (“Avenira” or “the Company”) is pleased to provide its Activities Report for the quarter ending on 31 March 2024 (“the Quarter”).
Highlights
- During the Quarter, Sichuan Hebang Biotechnology Corporation Limited (“Hebang”) was progressing a Scoping Study for the development and operation of the Yellow Phosphorus Plant (“YP”) at Wonarah. The YP Scoping Study will form the basis for Avenira and Hebang to negotiate binding agreements covering the funding, construction and offtake of the YP Project.
- Successful capital raising announced on 18 March 2024 with gross proceeds of $1.251 million and net proceeds to AEV of $1.193 million (Capital Raising).
- The Company repaid the secured convertible loan owed to Au Xingao Investment Pty Limited including principal, interest and costs.
Events Subsequent to the Quarter
- Advanced Lithium Electrochemistry Ltd (“Aleees”) and Avenira agreed to deferral of the two remaining USD$750,000 tranches owing under the License and Technology Transfer Agreement entered into on 26 September 2023 until 1 January 2025 and 1 April 2025.
- Hebang has provided to Avenira a draft executive summary of the YP Scoping Study which is currently under review by Avenira.
Yellow Phosphorus Project
On 4 December 2023, Avenira announced that it had secured a binding strategic equity investment of A$2 million and a non-binding Strategic Cooperation and Offtake Memorandum of Understanding (“MOU”) from Sichuan Hebang Biotechnology Corporation Limited (“Hebang”)1.
The MOU outlined Hebang’s commitment to contribute to the investment, construction and operation of a Yellow Phosphorous Plant at Wonarah with an initial nameplate capacity of 50ktpa.
The Scoping Study will leverage on Hebang’s extensive experience and capabilities in building, commissioning and operating plants around the world.
Avenira will provide further details regarding the YP Scoping Study upon Hebang and Avenira agreeing to its findings.
Hebang is a company listed on the Shanghai Stock Exchange with over 6,700 employees, that focuses on the manufacture of agricultural (including feed nutrients and herbicides) and photovoltaic products. Its products assist in weed control and increase yields in food crops to feed the world’s growing population, with yellow phosphorus being one of its key ingredients in the manufacturing process.
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This article includes content from Avenira Limited, 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.
Quarterly Report - March 2024
HIGHLIGHTS
Previous Galaxy Resources CFO Joins Lithium Universe Team
- Appointment of Mr John Sobolewski as CFO
- Highly experienced in modelling DFS stage projects
- Previously CFO of Galaxy Resources
- Previously CEO of Mintrex
- Instrumental in the funding of Mt Cattlin Mine and Jiangsu Refinery
Comprehensive Test Program For Lithium Carbonate Refinery In Progress
- Metallurgical testing on various international sources of spodumene
- Spodumene feedstock optionality whilst Canadian supply develops
- Targeted Refinery site has river and port access for global spodumene supply
- First program achieves 99.7% LiCO3 above the battery grade spec of 99.5% LiCO3
Lithium Universe Secures Quebec Prime Industrial Land For Lithium Refinery
- Secured prime industrial property in the Bécancour Waterfront Industrial Park (BWIP)
- Strategic location, hydroelectricity, gas, road, rail, and spodumene import facilities
- The site has the capability for three 16,000 tpa Lithium Carbonate refineries
- Located within 1km of General Motors/POSCO Cathode factory and Ford/EcoPro BM Cathode factory and 140km from Northvolt's EV battery facility at Saint-Basile-le-Grand
- Favourable terms including no option fee until July 2024 and option term of 3 years
Completion of Port Study for Spodumene Import to Lithium Carbonate Refinery
- Completion of port study focussed on identifying optimal import of spodumene to Bécancour Lithium Refinery
- Spodumene feed, to be sourced from within Canada or external locations such as Brazil, Africa, or Australia
- Ability to directly import spodumene into the Bécancour lithium refinery
- Trois-Rivières, Sorel, Québec, Montreal, and Bécancour ports evaluated
- Preferred port for the project will be the Bécancour port
Lithium Universe Launches Share Purchase Plan
- Share Purchase Plan (SPP) offered to raise working capital and reward former Mogul Games Group Limited and IPO shareholders
- SPP at an issue price of $0.02 per share
- Represents a 9.09% discount to the closing price of $0.022 per share on 12 March 2024 and a 9.09% discount to the 5-day VWAP prior to the announcement
Closing the Lithium Conversion Gap in North America
- Lithium Universe to play pivotal role in closing the lithium conversion gap
- Target conversion contracts with OEMs who have spodumene off take
- Target "take or pay" agreements with OEMs to reduce market/price risks
- LFP batteries expected to capture 87% of the ESS market share by 2033
- Strong Federal and Provincial government financing support within the industry
- Lithium Universe committed to building through the lithium cycle
Click here for the full ASX Release
This article includes content from Lithium Universe Limited, 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.
QXR Quarterly Activities Report for Period Ended 31 March 2024
HIGHLIGHTS
Liberty Lithium Brine Project, USA
- Two diamond drillholes were completed with numerous brine aquifers intersected in drillhole #2 and a similar geological sequence to Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA.
- Detailed downhole geophysics and packer sampling are being analysed by brine specialists.
- QXR entered into a Letter of Intent with Stardust Power Inc., a development stage American manufacturer of battery-grade lithium products, to assess the Liberty Lithium brines.
Pilbara Iron Ore Project
- Encouraging Iron Ore Samples with up to 58.5% Fe in rockchip samples were returned from over 4km of a Banded Iron Formation (BIF) at Western Shaw, together with a comprehensive review of prior exploration.
Gold Projects – Queensland
- QX Resources holds gold project areas within the Drummond Basin that include two historical open pit gold mines. A detailed review is underway due to the success of a previous trenching program (Big Red and Red Dog) and significant anomalies nearby.
OPERATIONS
Liberty Lithium Brine Project, USA
The Liberty Lithium Brine Project, located in SaltFire Flat, California, covers contiguous claims over 102km2 (25,300 acres), being one of the largest single lithium brine projects in the USA (Figure 1). The Company entered an Option to Purchase Agreement and an Operating Agreement to earn a 75% interest in the large scale Liberty Lithium brine project in California, USA, from vendor IG Lithium LLC (ASX announcement 5 October 2023). An extensive lithium brine surface anomaly with elevated lithium results up to 215mg/L Li extends over 10km (ASX announcement 26 July 2023). Geophysical analysis shows a large basin over 1,000 metres deep and indicating brine aquifer targets at depth. The Project’s geological setting mirrors Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA 1.
Two vertical diamond drill holes were completed (369m & 443 metres depth), spaced 4km apart (Figure 2,3). Holes were centred over an extensive lithium brine surface anomaly and significant MT geophysical target, interpreted as a series of conductive brine bearing aquifers at depth. Brine horizons were intersected in both holes with numerous brine aquifers intersected in drillhole #2 (ASX announcement 8 Feb 2024).
Fine grained lake sediments with sandy layers were common from the top of hole underlain by gravels, conglomerates and coarse alluvial fan material. The geology intersected is similar in profile to the producing sequences of Clayton Valley NV, where Albemarle’s producing lithium brine deposit is located.
Detailed downhole geophysics and brine sampling was conducted with specific aquifers sampled using packer sampling. The intervals were determined from the downhole geophysical and geological logs.
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This article includes content from QX Resources, 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.
Quarterly Activities/Appendix 5B Cash Flow Report
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) Pursuit Minerals Limited (ASX:PUR) (Pursuit or the Company) is pleased to present its activities report for the quarterly period ended 31 March 2024.
HIGHLIGHTS
1. Commencement of Stage 1 Drilling Program at the Rio Grande Sur Lithium Project.
2. Completion of commissioning of Lithium Carbonate Pilot Plant.
3. Discussions underway with provincial Government for evaporation pond environmental permitting.
4. $1.36 million in cash and equivalents available at quarter end.
PROJECT DEVELOPMENT
During the March 2024 quarter, Pursuit Minerals Ltd (“Pursuit” or “Company”) has continued to advance through numerous engineering and geological studies, permitting approval processes and stakeholder engagement activities at our flagship Rio Grande Sur Lithium Project.
Rio Grande Sur (RGS) Lithium Project Argentina
The Rio Grande Sur Project comprises of 5 tenements prospective for lithium on the Rio Grande Salar in the Salta province of Argentina, in addition to a Lithium Carbonate Pilot Plant located in the city of Salta. The five tenements cover approximately 9,233 hectares (Table 1).
Click here for the full ASX Release
This article includes content from Pursuit Minerals, 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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