New Lithium Target Zones Identified at Solonópole

Oceana Lithium Limited (ASX: OCN, “Oceana” or “the Company”) is pleased to report the final results from the phase one scout RC drilling campaign at its Solonópole Lithium Project in Ceará State, Brazil, which was successful in intercepting multiple thick pegmatites containing some anomalous Lithium and Tantalum grades at shallow depth.

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Solonópole Lithium Project, Ceará, Brazil

• Last nine RC drill hole assay results from shallow scout drilling campaign confirm new Lithium-Caesium-Tantalum (LCT) pegmatite targets for deeper drilling in un-weathered zones at Tin Mine, Zilcar II and Rolados.
• All assay results received from 30 shallow scout RC drill holes (~2,000m) and validated by internal QAQC.
• Anomalous Lithium grades (up to 0.95% Li2O) and Tantalum grades (up to 380ppm) returned from seven drill holes (NGR-RC-002, NGR-RC-009, NGR-RC-014, SOL-RC-001, SOL-RC-002, SOL-RC-005 and SOL-RC-008), confirming their LCT nature.
• Best intercepts were from SOL-RC-008 at Zilcar II, with maximum value over 1m of 0.95% Li2O and Lithium mineralised zone from 46m to 53m (7m not true width) averaging 0.49% Li2O, including 3m at 0.69% Li2O.
• Over 8,300 soil samples collected from Solonópole and analysed by XRF for LCT pathfinders, of which 1,908 soil samples have also been analysed by SGS laboratory for Lithium.
• New data from geophysics and soil geochemistry anomalies indicates several swarms of pegmatite bodies striking in a NE-SW direction, showing more than one Lithium bearing pegmatite at the BJdB Pit; BJdB Central; Tin Mine; Zilcar II; and Rolados targets.
• RC results and other field data are being interpreted to support the next follow-up diamond drilling campaign.

Napperby Lithium Project, Northern Territory, Australia

• Completion of field work for soil geochemistry infill program with 107 sample points along ~30km of sample lines to better define and understand the anomalies highlighted by 2022 soil sampling program.

Oceana’s Senior Geologist and Competent Person James Abson said: “The scout drilling program has returned anomalous Lithium and Tantalum grades on five (BJdB Pit, BJdB Central, Tin Mine, Zilcar II and Rolados) of the seven targets tested so far. Oceana is now planning additional exploration activities including a Diamond Drilling campaign at Solonópole, which is now supported by more robust geological, geochemical and geophysical datasets.”

Solonópole Lithium Project, Brazil

As announced by Oceana on 7 August 2023 and 3 November 2023, the shallow scout RC holes (NGR-RC-001 to NGR-RC-022) completed at Bom Jesus de Baixo (“BJdB”) Prospect confirmed the presence of thick pegmatites in five different outcropping areas (BJdB Pit, BJdB Central, BJdB East, “Tin Mine” and “Lidiane”) on Permit 800306 (Figure 1).

Figure 1: Map showing completed RC scout drill holes at Bom Jesus de Baixo Prospect

Best scout drilling final results from the prospect include anomalous Lithium grades in three drill holes (NGR- RC-002, NGR-RC-009 and NGR-RC-014):

• BJdB Pit Area: NGR-RC-002, with maximum value over 1m of 0.83% Li2O. A Lithium mineralised zone exists from 23m to 38m (15m not true width) averaging 0.34% Li2O, including 6m at 0.50% Li2O. This hole is proximal to where spodumene was previously identified in the BJdB pit.
• BJdB Central Area: NGR-RC-009, with maximum value over 1m of 0.42% Li2O. A Lithium mineralised zone exists from 7m to 17m (10m not true width) averaging 0.20% Li2O, including 3m at 0.31% Li2O.
• Tin Mine Area: NGR-RC-014, with maximum value over 1m of 0.45% Li2O. A Lithium mineralised zone exists from 4m to 7m (3m not true width) averaging 0.32% Li2O.

Although neither spodumene nor lepidolite was visually identified in the very fine RC chips, the geochemical assay signatures (low P, and low Rb and Cs) indicate that the Lithium bearing mineral is spodumene, which is known to be present at surface in a weathered state. XRD analysis will be undertaken to confirm this observation.

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