OzAurum Resources Ltd (ASX: OZM)) has entered into a binding term sheet to acquire he Linopolis Jaime hard rock Lithium project in the State of Minas Gerais, Brazil.
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 Mulgabbie 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% LiO2 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.”
The Linopolis Jaime Project is located on a strategically held area of over 20 lithium, cesium, tantalum (LCT) bearing pegmatites that have been mined intermittently for tantalite, beryl, tourmaline, brazilianite, and feldspar intermittently by the Pacheco family and other artisanal miners for over 50 years.
Additionally, the Linopolis Jaime Project has confirmed spodumene grades of up to 7.36% LiO2, with an average grade of 6.94% LiO2, within a +7m wide spodumene zone consisting of at least 20% volume coarse spodumene crystals up to 1m in length, mapped over approximately 7m.
There has been no lithium exploration within the project area previously, and this new ground is considered by OzAurum to be highly prospective for lithium discoveries, being located at the southern extension of the known LCT pegmatite belt and adjoins existing tenements granted for mining beryl.
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