REG - Orosur Mining Inc - Lithium JV, Nigeria

Orosur MiningAnnouncement

28/11/2023 07:00

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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."

 

 

For further information, visit www.orosur.ca (http://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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