TIDMOMI
RNS Number : 1474Q
Orosur Mining Inc
16 October 2023
Orosur Mining Inc - Lithium JV, Nigeria
-- Company signs Exploration JV to cover four licences across the Nigerian Lithium belt.
-- Exploration programs to start immediately.
-- Full exploration team and infrastructure in place.
London, October 16(th) 2023 . Orosur Mining Inc. ("Orosur" or
the "Company") (TSXV/AIM:OMI) , the minerals explorer and developer
operating in Colombia, Argentina and Brazil, is pleased to announce
that as a continuation of the Company's strategy of securing high
quality mineral exploration opportunities in key jurisdictions, the
Company has signed a joint venture ("JV") agreement to explore a
number of exploration licences across Nigeria (the "Project") which
the Company considers to be highly prospective for Lithium
mineralisation.
The Company has long been examining an entry into the Lithium
space to add to its diversified portfolio of high-quality
exploration assets but had found few attractive South American
opportunities.
Nigeria however is rapidly emerging as one of the most
prospective regions of Africa for the discovery of lithium
pegmatite mineralisation and as such is now seeing a very high
level of interest and activity. The Company's executive team has
substantial operating experience and high-level relationships in
Nigeria, and the Company has been leveraging these factors over the
last 12 months to gain substantial land positions in Nigeria's
prime lithium pegmatite districts.
A team of experienced geologists is in place, with all necessary
equipment and logistical support such that field programs will be
commencing immediately. Work will start initially with preliminary
reconnaissance, and it is expected that results and additional work
can advance quickly.
Details
The Company has signed a 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 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.
The Project at inception will comprise four exploration licences
across Nigeria's primary pegmatite belt, covering a total of circa
322km2. Other prospective areas are currently being examined and it
is possible that additional licences may be added to the Project in
the near term.
All licences have been specifically chosen due to their location
within the major lithostructural corridors that are known to
control lithium pegmatite mineralisation in this region.
Geology
Nigeria has long been known to have substantial potential for
pegmatite mineralisation, however historically these pegmatites
were largely exploited at the artisanal level for other metals such
as Niobium and Tantalum. As such, little geoscientific information
was publicly available related to any lithium potential.
However, in early 2018, the Nigerian Ministry of Mines and Steel
Development began to undertake major geoscience mapping projects
across the bulk of Nigeria's crystalline basement rocks to better
define the mineral potential as the key plank in a far-sighted
strategy to reduce the country's dependence on oil. These projects
covered a range of commodities and were referred to as the National
Integrated Mineral Exploration Project (NIMEP). This work indicated
that the country indeed had substantial lithium pegmatite
potential, especially in the southern regions.
Fig 1 Schematic, Nigerian Geology
As a result, Nigeria has, in the last 12 months, seen a sharp
increase in small scale artisanal lithium mining of obvious
outcropping pegmatites, with a corresponding and similarly sharp
increase in modern exploration across the region by international
public and private companies.
Orosur began to examine opportunities in Nigeria in mid-2022,
focusing on regional geological assessment and land selection,
leading to this current JV with Jurassic.
Rationale and Experience
The Company has been examining options to enter the lithium
space for some years, based initially on Andean brines and
Brazilian pegmatites. However, it became apparent that these
regions had become extremely competitive, with correspondingly high
entry costs, which the Company felt were not commensurate with the
quality of projects on offer.
Nigeria was then examined because of the extensive in-country
experience of the Company's executive team and because the
Country's lithium pegmatite potential is, to a large extent, a
geological mirror image of the pegmatite fields in northeastern
Brazil. The Company commenced the process of examining entry
strategies, based upon a detailed assessment of geological
potential, rather than simply on what was being offered.
Orosur worked closely with its new Nigerian partner, Jurassic,
to carry out regional targeting exercises that ultimately led to
these first four licences being pegged as vacant ground,
specifically for this JV, rather than vending into pre-existing
licences.
In addition, the Company has, via its long-standing
relationships and experience, aligned itself with a highly
experienced local exploration consultancy which will provide the
Company with access to exploration teams with associated field
logistics, drill rigs, assay equipment and extensive geological
knowledge, thus allowing the Company to operate in the region
without any major upfront investment or addition of substantial
overhead.
Orosur CEO Brad George commented:
"Orosur has been examining entry into the lithium space for
several years, but as with our other projects, we have pursued an
early stage, low entry cost strategy, based upon detailed
geological understanding of the local mineralising systems. Nigeria
is clearly on a different continent, but with the extensive
Nigerian experience of myself and our Chairman Louis Castro,
together with our partner's excellent local team, we are entirely
confident in our ability to develop this exciting opportunity in
Nigeria in harmony with our equally exciting South American assets
which we will continue to progress as planned."
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.
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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