Significant Continuous Pegmatite Intercepts Up To 37m Wide Returned From Solonópole Project, Brazil

Oceana Lithium Limited (ASX:OCN) (Oceana or the Company) is pleased toreport the completion of the phase one scout drilling campaign at its Solonópole Lithium Project in Ceará State, Brazil (Figure 1), which has been successful in intercepting multiple thick pegmatites.

Highlights

• Shallow RC drilling at the Bom Jesus de Baixo (BJdB) and Soledade West prospects at Solonópole has returned individual pegmatite intercepts of up to 37m wide and combined intercepts of up to 46m1. Best combined pegmatite intercepts include1:
  • 46m from surface to end of hole (EoH), including 37m continuous from surface1 (NGR-RC-15, Tin Mine target)
  • 21m from surface to EoH, including 18m continuous from 21m to 39m1 (SOL-RC-06, Zilcar II target)
  • 19m from surface to EoH, including 18m continuous from 39m to 57m1 (SOL-RC-08, Zilcar II target)
• Bom Jesus de Baixo Prospect (800306): Phase 1 scout drilling completed across three initial targets BJdB Pit (spodumene-bearing), BJdB Central and BJdB East plus new targets Lidiane and Tin Mine
• Soledade West Prospect (800238): two targets (Zilcar II and Rolados) tested and new pegmatite bodies identified
• Assay results from first 10 holes of the 30-hole, ~2,000m Phase 1 program are expected in the next 4-6 weeks
• Follow-up drilling, including infill drilling across the three initial BJdB targets and other targets, is planned upon receipt and analysis of initial assays

Oceana’s Senior Exploration Geologist James Abson said: “I am very encouraged by the pegmatite intersections at the new Soledade West Prospect and the additional noteworthy pegmatite intersections from Bom Jesus de Baixo. Some of the intersections are starting to hang together nicely and it is pleasing to see pegmatites intercepted at other locations within the various Li-anomalous soil grids. I am excited for the first set of assay results to arrive back from the laboratory later this quarter.”

All pegmatites intercepted remain open along strike and down dip. Infill drilling and 3D modelling are planned for the Bom Jesus de Baixo pegmatites Pit, Central and East, to confirm if these pegmatite bodies are linked along strike. Logistics and planning are being fast-tracked for follow-up Phase 2 Scout drilling at Soledade West Prospect and infill drilling at the Bom Jesus de Baixo Prospect, with particular focus on the Tin Mine target to test down-dip and lateral extensions to confirm the dimension of this significant pegmatite body.

Figure 1: Solonópole Project – Bom Jesus de Baixo (800306) and Soledade West (800238) Prospects – Main Targets (red dots)

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