OzAurum Resources Ltd (ASX:OZM) has its privately-owned diamond drill rig turning at the Boca Rica Lithium Project in Brazil, with managing director and CEO Andrew Pumphrey onsite to supervise the program, which is targeting lithium-caesium-tantalum (LCT) pegmatite swarms.
The company has previously identified a spodumene zone within the 3,871-hectare tenure, interpreted as an extensive LCT pegmatite swarm and observed over a 1.7-kilometre strike, offering scale for a potentially “significant” lithium discovery.
The first drill hole, BODH 001, is being drilled to a planned depth of 150 metres with the aim being to intersect the spodumene zone below the weathering profile.
More lithium acquisitions to come
“We are excited to commence diamond drilling at the Boca Rica Lithium Project in Brazil,” Pumphrey said.
“This project offers us scale to make a significant lithium discovery with current tenure area of 3,871 hectares.
“Additionally, we are still actively negotiating on additional advanced lithium acquisition opportunities.
“We are very excited by the Brazil lithium, niobium + rare earth element (REE) opportunities and look forward to exploring and providing updates to shareholders.”
OZM says it is well funded to undertake its exploration strategy in Brazil with A$1.4 million in cash.