Oceana Lithium

Solonópole Lithium Project – Exploration Update

Oceana Lithium Limited (ASX: OCN, “Oceana” or “Company”) is pleased to report the preliminary results of the phase one scout RC drilling campaign at its Solonópole Lithium Project in Ceará State, Brazil (Figure 1), which was successful in intercepting multiple thick pegmatites and some anomalous Lithium grades at shallow depth.


Highlights

  • Preliminary assay results received from 21 out of 30 shallow scout RC drill holes at Solonópole
  • Anomalous lithium grades returned from four drill holes (NGR-RC-002, NGR-RC-009, SOL-RC-001 and SOL-RC-005)1
  • Approximately 6,200 soil samples collected from Solonópole and analysed by XRF for lithium-caesium-tantalum (LCT) pathfinders
  • Series of high-resolution drone geophysics (magnetometry) surveys flown over high-priority LCT pegmatite target areas (BJdB, Lapinha, Urubu, Rolados, Nira and Zilcar)
  • Oceana is the first listed Lithium exploration company to complete RC drilling in this highly prospective Lithium region of Brazil
  • RC results and other field data to be used to plan a robust diamond drilling campaign

Oceana’s Senior Exploration Geologist James Abson said: “Although early days, I am encouraged by the preliminary results of the scout drilling program, as the anomalous Lithium grades intercepted suggests that the Lithium mineralization observed at surface continues at depth. The follow-up Diamond Drilling campaign being planned by Oceana will not only assist to confirm the exact extension of this Lithium mineralization at the BJdB targets but also test other new pegmatites intercepted at other locations within the various Li-anomalous soil grids. The following Diamond Drilling campaign at Solonópole will now be supported by robust geological and geophysical data sets generated by Oceana.”

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 the deep-water Port of Pecém and is well serviced by sealed highways and high voltage electricity.

Figure 1: Solonópole Project permits and targets drilled between May and July 2023 (red dots)

As reported by Oceana on 7 August 2023, a ~2,000 metre RC scout drilling program comprising 30 mostly shallow holes up to 60m in depth was completed in July 2023. The first phase of scout drilling was planned on a 20m x 20m grid to assist in determining the actual pegmatite dimensions and dip at each location, as well as preliminary results for Lithium grade and mineralogy. Oceana is still at an early stage of exploration, testing new hypotheses and exploration methods to increase the geological knowledge of the region for Lithium.

These shallow holes returned individual pegmatite intercepts of up to 37m wide and combined intercepts of up to 46m1. Best combined pegmatite intercepts included:

  • 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)

The first 22 RC holes (NGR-RC-001 to NGR-RC-022) confirmed the presence of thick pegmatites in five different outcropping areas (BJdB Pit, BJdB Central, BJdB East, “Tin Mine” and “Lidiane”) on Permit 800306 (see Figure 2).


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.

OCN:AU
Oceana Lithium

Oceana Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Oceana Lithium (ASX:OCN)

Oceana Lithium


Keep reading...Show less
AM Resources Completes Compilation Work with the Discovery of 94 New Pegmatites for a Total of 281 Pegmatites on its 1,500 km² Land Package in Austria

AM Resources Completes Compilation Work with the Discovery of 94 New Pegmatites for a Total of 281 Pegmatites on its 1,500 km² Land Package in Austria

AM Resources Corporation(“AM Resources” or the “Company”) (TSXV: AMR) (Frankfurt: 76A), a dynamic junior mining company focused on the exploration and development of high-potential pegmatite lithium deposits, is pleased to announce that it has completed the compilation of government data on its newly acquired 1,500 km2 land package (see press release dated March 21, 2024) with the discovery of 94 new pegmatites. AM Resources has now identified a total of 281 pegmatites, consolidating its strategic position in one of Austria’s most prospective lithium areas.

  • Recently announced 1,500 km2 land package gives AM Resources control over a large area of the Austrian Pegmatite Belt.
  • Compilation of government data resulted in the discovery of 94 additional pegmatites across two groups, with sizes ranging from 40 metres to 2,100 metres.
  • Many pegmatites are strategically located within mica schists, indicating favorable conditions for lithium-bearing minerals.
  • Latest discoveries continue to reinforce AM Resources’ position in the Austrian Pegmatite Belt, located within proximity to European battery manufacturers.

AM Resources’ 1,500 km2 land package

Keep reading...Show less
Digger at mine site.

Piedmont Secures Mining Permit for Carolina Lithium Project

Piedmont Lithium (NASDAQ:PLL,ASX:PLL), one of North America’s leading lithium suppliers, announced on Monday (April 15) that the North Carolina Department of Environmental Quality (NCDEQ) has given its stamp of approval for the company's US$1.2 billion mining and processing plant project in Gaston County.

“This is an exciting day for all of us at Piedmont Lithium. I would like to thank the leadership and staff at NCDEQ and (the Division of Energy, Mineral and Land Resources) for their diligence in the process, as well as the members of our team who worked rigorously for more than two and a half years to ensure that every aspect of the Project met the state’s high standards for approval,” Keith Phillips, the company's president and CEO, said in a press release.

The permit allows for the construction, operation and reclamation of the proposed project, with the Belmont-based company planning to develop Carolina Lithium as a key part of the US supply chain for electric vehicles (EVs).

Keep reading...Show less

ALBEMARLE DONATES $1 MILLION TO CLEVELAND COMMUNITY COLLEGE TO FURTHER SUPPORT WORKFORCE DEVELOPMENT PROGRAMS

Donation to support training and apprenticeship programs for growing regional industries

Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, announced a $1 million donation to Cleveland Community College (CCC) for the purchase of equipment, supplies and facility improvements to benefit workforce training programs. The Shelby, NC -based college's programs are designed to strengthen the region's pipeline of skilled and diverse workers to support the growth of businesses and projects, such as the redevelopment of the Kings Mountain Mine.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Green lithium-ion battery.

Lithium Market Update: Q1 2024 in Review

Lithium prices remained subdued in the first quarter of 2024, well below highs set in late 2022 and 2023. Various factors, including oversupply and weak electric vehicle (EV) demand, kept prices muted over the 90 day period.

Even as a market glut weighs on prices, Fastmarkets is forecasting that lithium supply will increase by 30 percent by the end of the year. The firm notes in a January report that some new supply is being ramped up, while some high-cost output is being cut — it remains to be seen how the current price environment will impact these plans.

"Market participants expect downstream lithium demand to remain relatively weak and with no imminent concerns about supply shortages, we forecast a tentatively balanced market in 2024," Fastmarkets explains.

Keep reading...Show less
Cell phone with lithium battery symbol charged at 70 percent.

Top 7 Lithium Stocks of 2024

The lithium market exhibited greater stability in Q1 after fluctuating in 2023. Lithium carbonate prices, which began the quarter at US$13,377.44 per metric ton, concluded around US$14,874.31, up 11 percent.

Market oversupply prompted some lithium producers to trim their 2024 output targets in hopes that excess material will be absorbed. Spending for project expansions and new developments was also put on the back burner.

“We believe we are approaching the bottom of the market, considering the industry is moving fairly deep into the cost curve. This is likely to support lithium prices as producers consider further production cuts to balance the market and stem further losses," states a January report from price and market reporting agency Fastmarkets.

Keep reading...Show less
Neon battery and lightning shapes.

Top 4 ASX Lithium Stocks of 2024

In contrast to the volatility of 2023, Q1 2024 saw a more stable lithium market. Prices for lithium carbonate started the period at US$13,377.44 per tonne and finished at US$14,874.31, marking an 11 percent increase.

Strong electric vehicle sales in January helped support prices for the important battery metal, which continued to rise through February and March, reaching a quarterly high of US$16,109. This rally was fueled by reports from China indicating a sustained growth trend in lithium demand for batteries and energy storage technology.

Here the Investing News Network looks at the top four ASX-listed lithium companies by year-to-date gains. The list below was generated using TradingView’s stock screener on April 10, 2024, and includes companies that had market caps above AU$10 million at that time. Read on to learn more about their activities over the past year.

Keep reading...Show less
Oceana Lithium

Oceana Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×