The Boca Rica Project was identified after conducting site visits and reviews on over 100 lithium projects within the State of Minas Geras.
This project currently consists of 3,871ha covering an area of known Lithium-Caesium-Tantalum (LCT) pegmatite swarms that are extensive along strike for up to 1.7km.
This project offers us the opportunity to make a significant lithium discovery. A spodumene zone has been identified that is approximately 6m in true width. Two rockchip samples were taken of strongly weathered spodumene crystals only from a shallow underground adit that returned results of 1.16 % LiO₂ and 0.13% LiO₂. Strongly weathered spodumene crystals are typically low in lithium due to leaching of the lithium in the weathering process. Spodumene crystals in this zone are up 1m long and represent 20% of the zone. Once we have received the required environmental permits we will be mobilising the company owned diamond drilling rig immediately to drill diamond holes targeting the spodumene zone below the weathering profile. The depth of weathering is expected to be to a depth of 30 metres. The Boca Rica Projects consists of three tenements which are currently the subject of Term Sheets entered into with the respective Vendors.
Details of the Term Sheets: See ASX 15 March 2024 Brazil Exploration update
OzAurum has recently applied for 50,000ha of tenure adjacent to the Catalao and Salitre Carbonate complexes, both of which host significant Niobium and Phosphate resources and both are currently being mined for Niobium and Phosphate.
Brazil dominates the world supply of Niobium and the Catalao II carbonatite mining and processing operation by CMOC is a globally significant supplier of ferroniobium.
OzAurum has interpreted a number of circular features within its tenure and we are excited about the opportunity that these projects offer to discover carbonatite or clay hosted Niobium and Rare Earth Elements (REE).
Initial exploration plans at both the Catalao and Salitre projects will include geophysics and auger drilling geochemistry testing the interpreted circular features and extensive areas of laterite for carbonatite or clay hosted Niobium and REE. Grant of this new tenure is expected before the end of Q2 2024.
