OzAurum Resources Ltd (ASX:OZM) has advanced its Boca Rica Lithium Project as well as niobium and rare earth element (REE) assets in Brazil, preparing to drill at Boca Rica within a few weeks while also seeking further lithium opportunities in the area.
At the 3,871-hectare Boca Rica Project, the company is preparing to drill a recently identified spodumene zone in the next three to four weeks, once weather permits and environmental permits are in place.
OZM believes Boca Rica has the potential for a significant lithium discovery, as it hosts a lithium-caesium-tantalum (LCT) pegmatite swarm that extends over 1.7 kilometres.
Culmination of extensive fieldwork
“The Boca Rica project offers us scale with 3,871 hectares that provides the opportunity to make a significant lithium discovery and has been the culmination of extensive fieldwork in Brazil looking for opportunities like this,” OzAurum CEO and managing director Andrew Pumphrey said.
“Once we have received the environmental permits, we will immediately mobilise the company-owned diamond rig to site to begin diamond drilling.
“The company will pay A$181,818 in the next six weeks and secure the right to complete exploration over the next 12 months on Boca Rica, Antares and Braspedras without any further 'Consideration Payments' thus providing ample time to assess the lithium prospectivity of these projects.
“As well we are still actively negotiating on other additional advanced lithium acquisition opportunities.
“We are very excited by the Brazil lithium, niobium + REE opportunities and look forward to exploring and providing updates to shareholders.”
Niobium and REE exposure
OZM has already lodged applications for 50,000 hectares of tenure prospective for niobium and REE near known Brazilian carbonatite complexes at the Catalao II and Salitre projects which are currently being mined for niobium and phosphates.
The company is particularly interested in seven circular features across that 50,000-hectare tenure that it has identified as prospective for niobium and REEs.
OzAurum expects its new tenure to be granted within the next 2-3 months, a welcome addition to its portfolio as the vendor of the Linopolis Lithium Project has failed to deliver OZM mineral rights as per its term sheet.
The company will now focus its efforts on Boca Rica, well-funded with $1.6 million in cash to pursue its exploration strategy in Brazil, while also advancing negotiations for mature lithium opportunities in the State of Minas Gerais Brazil.