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Oceana Lithium Limited (ASX: OCN, “Oceana” or “the Company”) is pleased to present its activities report for the December 2023 quarter.
Highlights
Solonópole Project, Ceará, Brazil
- Last nine RC drill hole assay results from shallow scout drilling campaign have confirmed new Lithium-Caesium-Tantalum (LCT) pegmatite targets for deeper drilling in un-weathered zones at Tin Mine, Zilcar II and Rolados.
- Anomalous Lithium grades (up to 0.95% Li2O) and Tantalum grades (up to 380ppm) returned from seven drill holes (NGR-RC-002, NGR-RC-009, NGR-RC- 014, SOL-RC-001, SOL-RC-002, SOL-RC-005 and SOL-RC-008), confirming their LCT nature.
- New data from geophysics and soil geochemistry anomalies indicates several swarms of pegmatite bodies striking in a NE-SW direction, showing more than one Lithium bearing pegmatite at the BJdB Pit; BJdB Central; Tin Mine; Zilcar II; and Rolados targets.
- RC results and other field data are being interpreted to define targets for the next follow-up diamond drilling campaign.
Napperby Project, Northern Territory, Australia
- Completion of field work for soil geochemistry infill program with 107 sample points along ~30km of sample lines to better define and understand the anomalies highlighted by previous soil sampling programs.
Corporate
- Company remains well-funded with cash at 31 December 2023 of ~$3.35m.
OPERATIONS
Solonópole Project, Ceará State, 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 to four hours by road from the state capital Fortaleza and deep-water Port of Pecém, and is well serviced by sealed highways and high voltage electricity.
Figure 1: Solonópole Project permits and targets drilled in May – June 2023 (red dots)
As announced by Oceana on 7 August 2023, 3 November 2023 and 5 January 2024, the shallow scout RC holes (NGR-RC-001 to NGR-RC-022) completed at Bom Jesus de Baixo (“BJdB”) Prospect confirmed the presence of thick pegmatites in five different outcropping areas (BJdB Pit, BJdB Central, BJdB East, “Tin Mine” and “Lidiane”) on Permit 800306 (Figure 2).
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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.
Forward Water Technologies
Overview
Forward Water Technologies (TSXV:FWTC) is helping lithium mining companies and other industries reduce their environmental impact through its innovative wastewater treatment technology that enables industrial operations to reduce liquid waste volume by up to 95 percent.
Environmental, social and governance (ESG) ratings continue to be a key business strategy for organizations as they impact public perception and partnership possibilities. For water-intensive industries, such as mining, sustainable wastewater management is critical.
Transformative wastewater technologies are critical for both businesses and the world’s population. In fact, unless sufficient progress is achieved, UNICEF and WHO estimate that 1.6 billion people will be without access to safe drinking water by 2030, and 2.8 billion will be without access to safe sanitation and hygiene. Water treatment technologies can disrupt current trends and improve global access to safe drinking water.
Through its Forward Osmosis (FO) technology, Forward Water is providing an environmentally friendly alternative to traditional wastewater disposal. Traditionally, wastewater disposal requires transporting untreated wastewater for deep well disposal or high-intensity thermal treatment.
Forward Water’s FO system is installed at the client site, and wastewater is treated to reduce waste volume and produce valuable clean water for reuse in the manufacturing process. Then, the significantly reduced volume of wastewater is transported and disposed of, significantly saving on transportation and disposal costs.
The FO technology targets three massive sectors: industrial wastewater, mining and food manufacturing. Forward Water’s unique and patented FO technology achieves high-rate water extraction within a low-energy continuous process. The process reduces waste and allows up to 95 percent water recovery, ready for reuse.
Forward Water’s Li-FO™ technology is ideal for lithium-brine mining operations, allowing mines to “fine tune” brine sources to improve concentration by up to 20 times. This results in improved recovery and makes lower-concentration brines economically viable. Forward Water is currently embarking on an early development testing project to further evaluate and refine the technology’s viability in lithium mining.
In 2023, the company’s wholly owned subsidiary, Forward Water Technologies Inc., licensed specific intellectual property from FUJIFILM Corporation to solidify the protection of its water treatment technology platform.
CleanTech Lithium (AIM:CTL,Frankfurt:T2N,OTC:CTLHF) has contracted FWT to provide advisory services for the support and development of CleanTech Lithium's direct lithium extraction (DLE) process in Chile. The collaboration will use FWT’s industrial forward osmosis system in the hyper-concentrating of CleanTech Lithium's eluate and its conversion into battery-grade lithium carbonate through Conductive Energy's DLE process.
Howie Honeyman, CEO, explained in an interview how the company’s technology can improve lithium mining operations. “A lot of lithium being mined today around the world is coming from underground aquifers that store the lithium brine. The challenge is that the lithium is surrounded by other minerals and salts, requiring chemical ‘tweezers’ to pluck out that lithium. What we can do is, at multiple places in that process, we can concentrate that lithium-containing water stream, which makes it far easier for these miners to handle the volumes they need to extract that lithium.”
An experienced management team with technical expertise leads the company towards further refining and deploying its technology. The team includes experts in materials science, chemistry and engineering. Additional experts in corporate administration and financing round out the leadership team to lead the company toward its goals.
Company Highlights
- Forward Water Technologies has developed a patented wastewater treatment technology that reduces wastewater volume and improves reusability across multiple industries, including mining and food manufacturing.
- The company’s Forward Osmosis (FO) technology disrupts the traditional method of wastewater disposal by reducing the amount of waste that must be transported and disposed of, directly reducing costs.
- The FO technology also improves water reusability by up to 95 percent, reducing the expense of importing water for industrial processes.
- The Forward Water Technologies Li-FO™ process is applicable in the lithium mining sector by improving concentration by up to 20 times, allowing organizations to improve extraction efficiency.
- The company has partnered with a lithium-brine extraction operation to evaluate its Li-FO™ technology.
- Forward Water Technologies is in early negotiations to deliver an FWTC forward osmosis pilot system on-site in Chile to support a customer's lithium extraction process.
- Forward Water Technologies has licensed specific intellectual property from FUJIFILM Corporation to solidify the protection of its water treatment technology platform.
- The company has been contracted by CleanTech Lithium to provide advisory services for the support and development of CleanTech Lithium's direct lithium extraction processes in Chile.
- An experienced management team with a blend of relevant technical expertise leads the company toward refining and marketing its technology.
Key Project
Forward Osmosis Water Treatment
Forward Osmosis is a naturally occurring process in which water is spontaneously drawn across a membrane when one solution is higher in salt concentration than the other. The difference in salinity, known as the osmotic gradient, creates a low-energy water treatment process.
Forward Water Technologies has leveraged the naturally occurring process to innovate its patented, three-step FO technology, enabling a 95 percent wastewater reduction and 95 percent water recovery.
Project Highlights:
- Patented Three-Step Process: Forward Water Technologies FO process achieves low-energy and high-rate water extraction with a unique three-step design:
- Water Extraction: Water is drawn across the FO membrane into a salt draw solution. The combination of the patented draw solution and unique membrane “locks” the draw solution on one side of the membrane, creating a true closed-loop process.
- Water/Salt Separation: Next, a switchable water salt (SWS) achieves water/salt separation as low-grade heat is applied, and it phases from liquid to gas. As the gas leaves the solution, clean water is left behind. The energy necessary for this step is often found in many facilities in the form of waste heat.
- Salt Draw Reconcentration: Finally, as the gas leaves the solution, it is captured within the closed-loop system and is passively cooled, causing it to phase back into liquid form as an SWS. The SWS liquid is collected and recycled back to the front of the membranes in the water extraction step, creating a continuous process.
- Widely Applicable Water Treatment: The low-energy process allows organizations across several industries to improve water reclamation and reduce wastewater by up to 95 percent. Additionally, the process allows for up to 20 times concentration, making the process amenable to lithium-brine extraction and other potential applications.
- Significant Cost Savings: The primary value proposition for the FO process is cost reduction in wastewater transportation and disposal. With the process in place, more water is reclaimed for reuse in manufacturing, which reduces the raw volume of wastewater that must be transported and disposed of.
Management Team
Howie Honeyman - Chief Executive Officer and President
Dr. Howie Honeyman has 20 years of experience commercializing new technologies at Xerox, Cabot, E Ink, Natrix Separations and as former CTO of GreenCentre Canada. Honeyman commercialized high-capacity, high-throughput membranes for bioprocessing as SVP of Natrix Separations, which has since been acquired by Millipore-Sigma. Since 2015, Honeyman has been leading Forward Water to become a premier wastewater treatment solution. Honeyman is also an inventor of record on over 50 US patents and holds a PhD in chemistry from the University of Toronto.
Michael Willetts - Chief Financial Officer
Michael Willetts has over 25 years in financial leadership roles primarily in manufacturing, from large multinational businesses to startups, both public and private. He previously worked as an engineer in the automotive industry before entering into finance at Ford Motor Company. Willets went on to progressively larger finance roles in several international automotive suppliers (Textron, GKN, DSM) and Canadian manufacturers (Armtec, Stronach International, AirBoss of America). Willetts is currently providing fractional CFO services through WD Numeric Corporate Services in the manufacturing, SaaS and cannabis industries. Willetts graduated with a BASc, BComm and MBA from the University of Windsor.
Wayne Maddever - Chief Operating Officer
Dr. Wayne Maddever received his Ph.D. in materials science engineering from the University of Toronto. Since 1985, he has held senior executive management positions with technically based businesses in start-up, turnaround or acquisition situations where his skills in change management have brought considerable success in the commercialization of new technologies. His experience in both private and public companies, domestically and internationally, spans a broad variety of industries, including bio and advanced materials, precision manufacturing, recycling, waste-to-energy and medical devices. He holds a number of patents in several fields. He is a fellow of the Canadian Academy of Engineering. In addition to his duties as COO of Forward Water, he is currently portfolio manager at Bioindustrial Innovation Canada, one of the major shareholders of Forward Water.
Grant Thornley - VP Engineering Solution Sales
Grant Thornley is a business strategist with more than 25 years of experience. He has developed and grown international water/wastewater markets through innovative growth hacking techniques and processes, synergized with product development and positioning, data analytics and acceleration of go-to-market strategies through alliances and partnerships. Having expertise in chemical, mechanical and biological treatment processes as well as designing hundreds of municipal and industrial applications, Thornley brings a knowledge-to-action approach to helping clients solve problems and realize new opportunities in water reuse, energy conservation and CO2 reduction.
Leonard Seed - Director of Engineering & Operations
Leonard Seed has over 18 years of experience developing and commercializing new water and wastewater treatment technologies, primarily in a start-up environment. Seed is named as an inventor on over seven patents and has authored several publications. Seed is a professional engineer and has an MSc in environmental engineering from the University of Guelph. Leonard holds inventorship on seven US patents and is an instructor at Mohawk College teaching aspects of water treatment technologies and leading research efforts on forward osmosis.
Philip Jessop - Executive Research Director
Dr. Philip Jessop is a professor and Canada Research Chair of Green Chemistry at the Department of Chemistry, Queen’s University in Kingston, Ontario. He also serves as the technical director of GreenCentre Canada and executive research director at Forward Water Technologies. After his Ph.D. (British Columbia, 1991) and a postdoctoral appointment (Toronto, 1992), he became a contract researcher in Japan working for R. Noyori (Nobel Prize 2001). As a professor at the University of California-Davis (1996-2003) and since then at Queen’s, he has studied green solvents and the chemistry of carbon dioxide. Distinctions include the NSERC Polanyi Award (2008), Killam Research Fellowship (2010), Canadian Green Chemistry & Engineering Award (2012), Eni Award (2013), Fellowship in the Royal Society of Canada (2013), a Canada Research Chair Tier 1 (2013 to 2020), and the NSERC Brockhouse Prize (2019). He serves as chair of the editorial board for the journal Green Chemistry, has chaired three international conferences, and helped create GreenCentre Canada, a national center of excellence for the commercialization of green chemistry technologies. Forward Water is a spin-off company based on Dr. Jessop’s switchable solvents.
Quarterly Activities Report for the Period Ended 31 March 2024
Highlights
Solonópole Project, Ceará, Brazil
- Anomalous lithium values above 100 ppm (and up to 631 ppm) found in 383 soil samples within existing and new target areas.
- Integration and interpretation of these soil sample results with data from geophysics, geological mapping (138 line-km), trenching and RC drilling (~2,000m) further enhance prospectivity of existing and new targets.
- Combined datasets confirmed several swarms of pegmatite bodies striking in a NE-SW and E-W directions and identified new high priority areas.
- Nira interpreted to be the most prospective new target, with 180 soil samples of >100 ppm Li and as high as 524 ppm Li covering an area of at least 1km2.
- Nira also features 17 pegmatite outcrops with average widths of up to 30 meters and strike lengths from 200m to 600m.
- Planning for the next follow-up drilling campaign is underway.
Napperby Project, Northern Territory, Australia
- Oceana’s Napperby Project covers some of Arunta Province’s hottest granites plutons, the Wangala Granite (uranium) and Ennugan Mountains Granite (uranium/thorium).
- Both granite plutons show outstanding uranium/thorium ratios and are almost fully encapsulated within Napperby’s EL32836 and ELA32841.
- Follow-up exploration activities will target uranium and Rare Earth Elements (REEs) in parallel with Lithium-Caesium-Tantalum (LCT) pegmatites.
Corporate
- Experienced geologist and mining executive, Aidan Platel, appointed as non- executive director.
- Brazilian-based geologist, Mike Sousa, appointed as Exploration Manager and Competent Person.
- The Company remains well-funded with cash at 31 March of ~$2.67m.
OPERATIONS
Solonópole Project, Ceará State, 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 to four hours by road from the state capital Fortaleza and deep-water port of Pecém, and is well serviced by sealed highways and high voltage electricity.
Figure 1: Solonópole Project permits and targets drilled in May – June 2023 (red dots)
Large-Scale Soil Sampling and Geological Mapping at Solonópole Lithium Project
The large-scale infill soil sampling program that commenced in March 2023 continued over the project area (Figure 2). The optimized sampling grids are along 200m spaced lines with 25m sampling stations, aligned north south to cut across all typical pegmatite strike directions in this area.
As at 31 March 2024, over 10,300 soil samples had been collected from Solonópole and 8,741 soil samples had been analysed by X-Ray Fluorescence (XRF) for Lithium-Caesium-Tantalum (LCT) pathfinders, of which 1,908 soil samples have lab results validated by Oceana´s internal QA/QC. Anomalous lithium values above 100 ppm and up to 631 ppm were found in 383 soil samples within existing and new target areas.
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.
Results From First Drilling at Abbotts North Confirm LCT System
HIGHLIGHTS
- Assay results from Abbotts North confirm continuation of LCT system
- Focus shifts to targets identified to the north and east of previous drilling
- Field work over these newly identified areas has commenced
- Premier1 is fully funded for second phase exploration in these areas
A total of 11 RC holes for 1,623m were drilled to test the main outcropping pegmatites at the Buttamiah Prospect. Additional studies of the outcropping pegmatites in the larger Buttamiah Prospect area including fractionation vectoring using K/Rb ratios suggest the core of the system to be located to the east of the previous drilling.
In addition, the data indicate that LCT pegmatites occur within the granites to the north of the drill area. Further mapping and sampling of pegmatites in these areas as well as over the remaining tenement package has commenced. Focus is to delineate drill targets of higher grades and greater thickness that have the potential to form a significant lithium deposit within the existing LCT system.
Premier1 is fully funded for any subsequent phase two drilling program.
Figure 1: Cross-section of intercepted pegmatites showing significant results >0.05% Li2O.
Figure 2: Geological map of the Buttamiah Prospect with collar locations of completed RC drilling.
Significant intercepts from RC drilling undertaken on the Abbotts North project in February 2024 are shown in Table 1a. Drill collar details are shown in Table 1b.
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This article includes content from Premier1 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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