SYDNEY, AUSTRALIA: OzAurum Resources Ltd has entered into a binding term sheet to acquire the Linopolis Jaime hard rock Lithium project in the State of Minas Gerais, Brazil (Project).
CEO and Managing Director, Andrew Pumphrey, commented: We believe this is an ideal opportunity for the Company to acquire strategic lithium projects in addition to the Mu/gabble and Patricia Gold Projects in Western Australia. In particular, the advanced Jaime Linopolis lithium Project with a +7m wide spodumene zone with an average grade of spodumene crystals of 6.94% Li02 offers an immediate drill target and potential for a new lithium discovery. Significant upside also exists with over 20 LCT pegmatites identified within the Project area to date.
Coarse spodumene crystals up to 1m in length are rare in lithium deposits and are also seen at Greenbushes and Mt Marion in Westem Australia.
Brazil is fast becoming a Tier 1 hard rock lithium producing jurisdiction in the world with Sigma Lithium leading the charge with a ‘targeted production rate of 104,000 tpa lithium carbonate equivalent “LCE” from a hardrock reserve base of 54.8 Mt @ 1.44% Li02 and also CBL’s underground lithium mine. Both are located only 200km’s north of the Project.
We are very excited by the opportunities that these projects will bring to the Company and look forward to exploring and providing updates to shareholders.”