TIDMOMI
RNS Number : 8331U
Orosur Mining Inc
28 November 2023
Orosur Mining Inc - Lithium JV, Nigeria
-- First results from mapping and sampling program on first licence.
-- Abundant pegmatites evident, with LiO2 results in excess of
2%, analysed by way of XRF and LIBS.
-- Two additional licences confirmed, expanding land position in
the key Lithium districts to 533km2.
London, November 28(th) 2023 . Orosur Mining Inc. ("Orosur" or
the "Company") (TSXV/AIM:OMI) , is pleased to provide an update on
exploration progress at its new Lithium West Joint Venture ("the
Project) in Nigeria,.
Details
As announced on Oct 16(th) 2023, the Company has entered into a
Joint Venture ("JV") with Nigerian company Jurassic Mines Ltd
("Jurassic"), whereby Orosur, via a new 100% owned UK subsidiary,
Lithium West Limited ("Lithium West"), may earn up to 70% equity in
the Project by spending US$5m over 5 years in two phases:
1. Phase 1 - Lithium West can earn 51% equity in the Project by
spending a total of US$3m over a maximum of three years.
2. Phase 2 - Lithium West can earn an additional 19% equity in
the Project, up to a total of 70%, by spending an additional US$2m
over a maximum of two years.
Results
Immediately upon signing of the JV, the Company's exploration
teams mobilised to site to begin preliminary reconnaissance mapping
and sampling, beginning on the western most Exploration Licence EL
43953. The decision to commence on EL 43953 was taken purely for
logistical reasons, with no consideration of prospectivity.
The objective of the program was to undertake preliminary
geological mapping of the licence, in order to confirm the regional
interpretation and prospectivity assessment that had led to its
selection and to take a number of samples for assay with a view to
planning further work.
Several hundred samples of various outcrops were taken, with
approximately 70 then being analysed by way of XRF and LIBS for
lithium content as well as a number of other pathfinder
elements.
XRF/LIBS are not as accurate as laboratory chemical assay, but
as no certified geochemical laboratory yet exists in Nigeria,
XRF/LIBS provide a faster, cheaper and sufficiently accurate
alternative for the purpose at hand.
Geological mapping quickly identified that the licence hosted
numerous swarms of potentially lithium bearing pegmatites,
consistent with granitic and gneissic lithologies and the major
country scale "schist belt" structures, that had been postulated as
the primary controlling structures.
Mapped pegmatite system were noted over substantial strike
lengths of several km's and of varying widths from sub metre, to
over 30m in one massive example.
The primary analysis of interest was for elemental lithium, with
secondary focus on the ratio of potassium ("K") to rubidium ("Rb")
as the K/Rb ratio is a key indicator of the degree to which a
granitic or gneissic body has undergone fractionation that may have
led to the late-stage development of pegmatites. A K/Rb ratio of
less than 100 is considered prospective, with less than 50 being
highly prospective.
Numerous pegmatite samples returned high levels of lithium, with
several over 2% LiO2, with substantial areas demonstrating K/Rb
ratios of less than 100 and several locations of less than 50
suggesting very high levels of fractionation.
This work program, while preliminary in nature, has demonstrated
this first licence to be highly prospective for the presence of
lithium bearing pegmatites and thus worthy of follow up.
Crews have since moved east to the other licences in the package
and it is anticipated that results from this work will be available
in coming weeks.
In the meantime, follow-up soil sampling programs over EL 43953
are being planned and it is hoped these will commence in the near
term once the other licences have been assessed.
Figure 1 - Li and K/Rb
New Licences
As previously noted, the JV commenced with four exploration
licences, for a total of 323km2, with more licences being examined
with a view to being secured and included in the JV.
The Company is pleased to announce that two additional licences
have now been confirmed, taking the total area of prospective land
under title to 533km2, representing one of the most dominant land
positions in Nigeria. While the total land area within the JV has
increased, the new licences are included within the original terms
of the JV agreement and thus no additional expenditure is
required.
Figure 2 - Licences
The Company continues to assess new licences and opportunities
and it is hoped this land position may be added to in the medium
term.
Orosur CEO Brad George commented:
"These outstanding results from our first field program in
Nigeria are exciting but not surprising. We pegged these licences
with a very clear understanding of the geological processes in play
and so we expected to find lithium. To then confirm this confidence
and to find so many lithium bearing pegmatites, some extremely
thick, is very positive and bodes well for work on the next 5
licences that is underway now."
F or further information, visit www.orosur.ca , follow on
twitter @orosurm or contact :
Orosur Mining Inc.
Louis Castro, Chairman,
Brad George, CEO
info@orosur.ca
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP - Nomad & Joint Broker
Jeff Keating / Kasia Brzozowska
Tel: +44 (0) 20 3 470 0470
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker/James Pope
Tel: +44 (0)20 3657 0050
Flagstaff Communications and Investor Communications
Tim Thompson
Mark Edwards
Fergus Mellon
orosur@flagstaffcomms.com
Tel: +44 (0)207 129 1474
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside information is now
considered to be in the public domain.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a minerals explorer
and developer focused on identifying and advancing projects in
Colombia, Argentina, Nigeria and Brazil.
Qualified Persons Statement
The information in this news release was compiled, reviewed and
verified by Mr. Brad George, BSc Hons (Geology and Geophysics),
MBA, Member of the Australian Institute of Geoscientists (MAIG),
CEO of Orosur Mining Inc. and a qualified person as defined by
National Instrument 43-101.
Orosur Mining staff and contractors follow standard operating
and quality assurance procedures to ensure that sampling techniques
and sample results meet international reporting standards.
Results contained in this announcement relate to reconnaissance
mapping and rock chip sampling. Rock samples were taken at
locations of outcrop of fresh or weathered material with several
samples being taken at each outcrop so as to provide a more
representative sample. Samples were not taken on a regular grid and
so some sampling bias will be present.
Representative samples varied in size from 500g to 2kg in mass.
Collected representative samples were bagged and labelled, before
being transported to a preparation facility in Abuja for crushing,
pulverising and homogenisation.
Small 10g sub samples were then taken to be formed into assay
pellets with a 30T hydraulic press. Pellets were then then analysed
with both XRF and LIBS analysers.
Both XRF and LIBS analysers are calibrated on a weekly basis via
the use of CRMs.
Forward Looking Statements
All statements, other than statements of historical fact,
contained in this news release constitute "forward looking
statements" within the meaning of applicable securities laws,
including but not limited to the "safe harbour" provisions of the
United States Private Securities Litigation Reform Act of 1995 and
are based on expectations estimates and projections as of the date
of this news release.
Forward-looking statements include, without limitation, the
exploration plans in Colombia and the funding from Monte Águila of
those plans, Monte Águila's decision to continue with the
Exploration Agreement, the formation of a new mining company or
mining venture to hold the project, the ability for Loryser to
implement the Creditor's Agreement successfully in Uruguay and
other events or conditions that may occur in the future. The
Company's continuance as a going concern is dependent upon its
ability to obtain adequate financing, to reach profitable levels of
operations and to reach a satisfactory implementation of the
Creditor's Agreement in Uruguay. These material uncertainties may
cast significant doubt upon the Company's ability to realize its
assets and discharge its liabilities in the normal course of
business and accordingly the appropriateness of the use of
accounting principles applicable to a going concern. There can be
no assurance that such statements will prove to be accurate. Actual
results and future events could differ materially from those
anticipated in such forward-looking statements. Such statements are
subject to significant risks and uncertainties including, but not
limited, those as described in Section "Risks Factors" of the MDA
and the Annual Information Form. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events
and such forward-looking statements, except to the extent required
by applicable law.
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