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Oceana Lithium Limited (ASX: OCN, “Oceana” or “the Company”) is pleased to announce that the results of recent soil sampling have defined a uranium anomaly in excess of 4.5km in length and up to 700m in width at its 100% owned Napperby Project in the Northern Territory, Australia.
Highlights
Napperby Project, Northern Territory, Australia
- Soil sampling results have delineated a large uranium anomaly in excess of 4.5km in length and up to 700m in width
- Re-examination of hyperspectral data by HyVista supports ‘roll-front’ style uranium mineralisation interpretation for the anomaly
- Follow-up mapping of the identified uranium and sulphide targets to commence, with results to refine / generate drill targets
- Field exploration activities will assess lithium-caesium-tantalum (LCT) pegmatites potential along with uranium and Rare Earth Elements
The Napperby Project is located within the highly prospective Arunta Province, which is endowed with some of the most prospective rocks for lithium (Li), Rare Earth Elements (REEs) and uranium (U) mineralisation in the Northern Territory.
As announced on 21 February 2024, the Paleoproterozoic Wangala and Ennugan Mountains granites have long been recognised as “Hot Granites” and known to be anomalously enriched in a range of elements including U, thorium and REEs. Both granite plutons show outstanding uranium/thorium ratios and are almost fully encapsulated within Oceana’s Napperby Project leases EL32836 and ELA32841 (under application), as shown in Figure 1.
A soil geochemistry infill sampling program was completed during the December quarter in the southeast corner of EL32836 to better define and understand the lithium anomalies highlighted by the 2022 soil sampling program (refer to ASX Announcement dated 28 November 2022).
A total of 107 samples were collected in the last campaign at 200m spacings for approximately 30 line-km, infilling the previous 2km line spacing to 500m. Although initially targeting lithium, the results from the soil sampling have defined a large arcuate uranium anomaly, as shown in Figure 2.
Figure 1: Map showing U/Th ratios and known uranium, thorium and REE mineral occurrences at Napperby Project
Figure 2: Large uranium anomaly in soils - Line spacing is 500m and sample centres of 200m
The uranium anomaly is mostly covered by Quaternary sediments and residual soils. The relatively low absolute values for the anomaly (500 – 3,680ppb U) are the result of using mobile metal ion sampling techniques which enables field teams to sample large areas without the need to carry large heavy samples around in the field. Because the samples are not crushed and pulverized, it is only unbound or weakly attached metal ions that are removed from soils and as such it is not the absolute values of elements that are of interest but the relative differences of values within a given data set.
Modelling and interpretation of the available hyperspectral data at Napperby was completed by HyVista Pty Ltd (HyVista). Modelling of the geochemical alteration zones interpreted from the hyperspectral data relative to the uranium surface anomaly confirmed that the anomaly has the potential to host significant “roll-front” type uranium mineralisation.
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
Fully-Permitted Drilling Program to Test Priority Gold, Silver and Lithium Targets at Corvette River in Quebec
Metals Australia has received all required permitting approvals for a major new drilling and trenching program. This fully-funded program will test new high-grade gold and silver targets and priority lithium bearing (LCT) pegmatite targets at the Company’s Corvette River Project.
The Project is along strike and on a parallel belt to Patriot Battery Metals’ world-class Corvette Lithium Project1 on the prolific Lac Guyer greenstone belt in the tier-one global mining jurisdiction of Quebec, Canada (see Figure 1).
High-Grade Gold with Silver and Copper Targets (see Figure 1 for locations):
- East Eade Gold Target on the Corvette South Trend, where previous rockchip sampling2 across a 300m wide complex fold-closure, never before drill-tested, included assays of up to 29.7 g/t gold (Au) and 12 g/t Au2 (see Figure 2).
- West Eade Gold Target on the Corvette South Trend (see Figure 3), which produced historical assays of up to 11.45g/t Au2 and more recent rockchip sampling results including 3.37 g/t Au over 3m2.
- Felicie Gold-Silver-Copper Target on the Corvette Trend (see Figure 1), where previous rockchip sampling produced grades of up to 4.16 g/t Au, 44.1 g/t silver (Ag) and 0.23% copper (Cu)2 from a zone of 180m strike-length open in all directions, and never before drill-tested.
Priority Lithium Pegmatite Targets (see Figure 1 for locations):
- CR1 Lithium-Caesium-Tantalum (LCT) Pegmatite3 which has been mapped over a 1.6km strike- length and across a 100m thick zone within the Company’s Felicie tenements. CR1 is located on the Corvette (CV) Lithium Trend, 2.5km west of the Patriot Battery Metals’ (ASX: PMT) CV9 pegmatite, which includes a 100m drill-intersection of spodumene-bearing pegmatite4 (Figure 1).
- CS1 LCT Pegmatite5 which produced high lithium results of 370ppm Li and 290ppm Li from the only two first-pass samples collected from the outcropping coarse-grained LCT pegmatite, located on the western side of the West Eade property (Figure 1). The two samples are located 44m apart on a north-south section, which indicates a more than 40m thick pegmatite zone, which remains open to both the east and west.
Figure 1: MLS’s Corvette River Project - key gold & lithium targets with proposed drilling on geology and magnetics
Metals Australia CEO Paul Ferguson commented:
“We are delighted to have received all necessary approvals to advance this priority drilling and trenching program at our Corvette River Project, which is located within one of Canada’s most prospective lithium, gold, and base metals regions.
In addition to the highly-prospective lithium pegmatite targets we have identified analogous to Patriot Battery Metals’ world-class Corvette Trend lithium deposits, we have also identified multiple new high- grade gold and silver target zones based on our geological team’s extensive re-interpretation of previous rockchip sampling results and magnetics. Significantly, these high-grade targets are located along Quebec’s highly-endowed Lac Guyer greenstone belt which, apart from the Corvette lithium discovery, also hosts many significant gold and silver deposits including Newmont Corp’s ~215,000 ounce per annum Eleonore gold mine6.
With the permitting now in place, Metals Australia is in the final stages of operational planning, budgeting, and contracting with our full-service exploration contractor, Magnor Exploration, to commence the drilling and trenching program as soon as possible.
I’d like to acknowledge the great work of the team at Magnor for working diligently with all required stakeholders, including members of the Cree First Nations community and the Quebec Ministry of Natural Resources and Forestry (MRNF) to apply, consult and achieve permit approvals as quickly as they have. This has all occurred in a positive and collaborative manner and we are now looking forward to demonstrating our credentials as a responsible explorer.
Supported by the Company’s extensive cash reserves, the initiation of the Corvette River drilling and trenching program is a further demonstration of the board’s strategy to accelerate exploration and development across its suite of assets in Canada and Australia in the wake of the recent strategic workshops to identify our next development project after the Lac Rainy graphite project. In addition to Corvette River and Lac Rainy, we expect to provide further announcements over the Quarter regarding plans we are finalising to unlock value from our other exploration assets, which we believe will provide catalysts for a valuation re-rating of Metals Australia shares, which are trading well below cash backing.”
Click here for the full ASX Release
This article includes content from Metals Australia Ltd, 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.
Top 9 Lithium-producing Countries (Updated 2024)
Manufacturers commonly use lithium carbonate or lithium hydroxide in these batteries rather than lithium metal. Lithium-ion batteries also include other important battery metals, such as cobalt, graphite and nickel.
As demand for lithium continues to rise, which countries will provide the lithium the world requires? The latest data from the US Geological Survey shows that the world’s top lithium-producing countries are doing their best to meet rising demand from energy storage and EVs — in fact, worldwide lithium production rose sharply from 2022 to 2023, coming in at 180,000 metric tons (MT) of lithium content last year (not including US production), compared to 146,000 MT in 2022.
What are the top lithium-producing countries?
Australia, Chile and China were the top three lithium countries in 2023, and Brazil and Zimbabwe rose significantly in the ranks. Read on for an overview of global lithium production by country. As the EV lithium-ion battery market continues to grow, it’s likely these countries will vie for larger roles in supplying the metal in the years to come.
1. Australia
Mine production: 86,000 MT
Kicking off this lithium production by country list is Australia, which produced 86,000 MT of lithium last year, up from 74,700 MT the year before. Following that increase, it's likely the country's lithium production will see a decline in 2024 as demand for EVs has stalled in the current slowing economic climate, leading to much lower lithium prices. In fact, Australia's lithium miners have already begun to curb production rates.
Who owns Australia's largest lithium mines? The Greenbushes lithium mine in Western Australia is operated by Talison Lithium, a subsidiary that is jointly owned by miners Albemarle (NYSE:ALB), Tianqi Lithium (OTC Pink:TQLCF,SZSE:002466) and IGO (ASX:IGO,OTC Pink:IPDGF). Greenbushes has been in operation for over a quarter of a century, making it the longest continuously running mining area in the state. Mount Marion, a joint venture between Mineral Resources (ASX:MIN,OTC Pink:MALRF) and Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460,HKEX:1772), is another key lithium mine in Australia. The mine is located in the Yilgarn Craton, southwest of Kalgoorlie.
Australia also holds over 4.8 million MT of identified JORC-compliant lithium reserves, which puts it behind Chile. It is worth noting that most of the country’s lithium supply is exported to China as spodumene.
2. Chile
Mine production: 44,000 MT
Lithium miners in Chile increased the nation's output from 38,000 MT of lithium in 2022 to 44,000 MT last year, making it the second top lithium producer in the world. Unlike Australia, where lithium is extracted from hard-rock mines, Chile’s lithium is found in lithium brine deposits.
The Salar de Atacama salt flat in Chile generates roughly half the revenue for SQM (NYSE:SQM), a top lithium producer. The Salar de Atacama is also the home of another top lithium brine producer — US-based Albemarle.
In April 2023, market participants and lithium miners were surprised by the Chilean government's plans to nationalize the lithium industry. While ultimately it wasn't a true nationalization, the country is moving to gain controlling stakes in lithium assets in the Salar de Atacama and Maricunga through its state-owned mining company Codelco.
SQM has signed an arrangement with Codelco that will allow it to continue operations in the Salar de Atacama until 2060. The two companies will create a new entity for the operations, with Codelco owning 50 percent plus one share of the company. Albemarle recently agreed to a deal that will give it the option to raise its production quota by meeting certain conditions. In March 2024, Chile also opened over two dozen other salt flats for private investment.
3. China
Mine production: 33,000 MT
China came third for lithium production in 2023, beating fourth place Argentina significantly. The Asian country saw its lithium supply grow to 33,000 MT last year from 22,600 MT the year prior.
China is the largest consumer of lithium due to its electronics manufacturing and EV industries. It also produces more than two-thirds of the world’s lithium-ion batteries and controls most of the world’s lithium-processing facilities. China currently gets the majority of its lithium from Australia, but it is looking to expand its capacity.
In January of this year, China announced the discovery of a massive million-metric-ton lithium deposit in the country's Sichuan Province. However, China's lithium production capacity is unlikely to increase much in 2024 as slowing EV demand in the country has in turn dampened demand for lithium.
4. Argentina
Mine production: 9,600 MT
Lithium producer Argentina’s output ticked up by 3,010 MT from 2022, with the nation putting out 9,600 MT in 2023.
It’s well known that Bolivia, Argentina and Chile make up the Lithium Triangle. Argentina’s Salar del Hombre Muerto district hosts significant lithium brines, and its reserves are enough for at least 75 years.
At present, lithium mining in the country consists of two major brine operations currently in production and 10 projects that are in development. Analysts at consultancy firm Eurasia Group project that Argentina’s lithium production has the potential to grow approximately tenfold by 2027, as per CNBC.
One of the largest lithium miners in Argentina is Arcadium Lithium (ASX:LTM,NYSE:ALTM), the result of the January 2024 merger of Livent and Allkem. The new entity is the third largest lithium producer in the world.
5. Brazil
Mine production: 4,900 MT
Lithium production in Brazil has taken off in the last several years, catapulting it onto the list of the top lithium-producing countries. After achieving output of 400 MT or less from 2011 to 2018, the country’s production hit 2,400 MT in 2019. Brazil saw another significant jump last year, when its lithium output rose by 2,270 MT over 2022's 2,630 MT.
Brazil's government plans to invest more than US$2.1 billion by 2030 into expanding the nation's lithium production capacity. At the state level, in 2023 the Minas Gerais government launched the Lithium Valley Brazil initiative, which is aimed at promoting investment in lithium mining. The program includes four publicly listed lithium companies with assets in the state's Jequitinhonha Valley: Sigma Lithium (TSXV:SGML,NASDAQ:SGML), Lithium Ionic (TSXV:LTH,OTCQX:LTHCF), Atlas Lithium (NASDAQ:ATLX) and Latin Resources (ASX:LRS,OTC Pink:LRSRF).
6. Zimbabwe
Mine production: 3,400 MT
Zimbabwe's lithium output has grown exponentially in a short space of time. Just a few years ago, in 2021, the African nation's output came in at only 710 MT. As of 2023, that figure has grown by 378 percent to reach 3,400 MT of the battery metal. Total reserves in Zimbabwe stand at 310,000 MT, as per the US Geological Survey.
In December 2022, Zimbabwe banned the export of raw lithium in an effort to build out the nation's capacity to process battery-grade lithium domestically. The ban excludes companies that are already developing mines or processing plants in Zimbabwe. Lithium concentrate is now on track to become Zimbabwe's third biggest mineral export, behind gold and platinum-group metals, reported Reuters in November 2023.
Lithium-producing countries in Africa have attracted much attention from Chinese firms in recent years, especially Zimbabwe. Sinomine Resource Group (SZSE:002738), for example, bought a stake in Zimbabwe's emerging lithium industry with the purchase of the Bikita mine, the African nation's oldest lithium mine.
Zimbabwe's other key lithium mines include Zhejiang Huayou Cobalt's (SHA:603799) Arcadia mine and state miner Kuvimba Mining House’s Sandawana mine. A few other advanced lithium projects reached the pilot plant production stage in 2022 and 2023: Premier African Minerals' (LSE:PREM) Zulu lithium-tantalum project; Chengxin Lithium's (SZSE:002240) Sabi Star lithium-tantalum mine; and Lonosphere Investment's open-pit mine in Mataga Mberengwa. Pilot plant stage production is not typically included in total global lithium supply estimates.
6. Canada
Mine production: 3,400 MT
Canada's lithium production for 2023 was on par with Zimbabwe's 3,400 MT. The North American nation substantially increased its production of the battery metal with a rise of more than 553 percent from the previous year.
While Canada is home to a wealth of hard-rock spodumene deposits and lithium brine resources, much of it remains underdeveloped. In an effort to grow a strong North American lithium supply chain for the battery industry, the government has invested in a number of lithium projects, including C$27 million for E3 Lithium (TSXV:ETL,OTCWX:EEMMF), a lithium resource and technology company, and C$1.07 million to Prairie Lithium.
Taking it further, in November 2023, the Canadian government launched the C$1.5 billion Critical Minerals Infrastructure Fund. The fund seeks to address gaps in the infrastructure required for the sustainable development of the nation’s critical minerals production, including battery metals like lithium.
Canada's efforts were rewarded in early 2024, when BloombergNEF gave the nation the top spot in the fourth edition of its Global Lithium-ion Battery Supply Chain Ranking.
8. Portugal
Mine production: 380 MT
Portugal's lithium production dropped by two-thirds in 2022, coming in at 380 MT compared to 900 MT in the previous year. For 2023, the European nation's lithium output remained at 380 MT. The dramatic decline is attributed to public backlash against the environmental impact of lithium mining.
Most of Portugal's lithium comes from the Gonçalo aplite-pegmatite field. Despite this lithium-producing country’s comparatively low output, Portugal’s lithium reserves stand at 60,000 MT.
9. United States
Mine production: withheld
In the final place on this top lithium-producing countries list is the US, which has withheld production numbers to avoid disclosing proprietary company data. Its only output last year came from two operations: a Nevada-based brine operation, most likely in the Clayton Valley, which hosts Albemarle’s Silver Peak mine, and the brine-sourced waste tailings of Utah-based US Magnesium, the largest primary magnesium producer in North America.
There are a handful of major lithium projects underway in the US, including Lithium Americas’ (TSX:LAC,NYSE:LAC) Thacker Pass lithium claystone project, Piedmont Lithium’s (ASX:PLL,NASDAQ:PLL) hard-rock lithium project and Standard Lithium’s (TSXV:SLI,OTCQX:STLHF) Arkansas Smackover lithium brine project.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
