Mineral exploration and development company Oceana Lithium started trading on the ASX on Friday under the code OCN.
The listing follows the successful and oversubscribed initial public offering of Oceana, which raised A$6-million in new equity. This included a A$1-million cornerstone investment from large lithium hydroxide producer Yahua International Industrial Group, which is a major supplier to electric vehicle manufacturers Tesla, BYD Auto and Sinopec.
Oceana said that the funds raised would enable it to aggressively pursue the multiple mineralised outcropped pegmatites identified at the Solonopole lithium pegmatite project in Ceara, Brazil, which covers an area of 114 km2 and is strategically located about three hours away from the Port of Fortaleza.
Significant pegmatite mineralisation has been identified along a 17 km corridor within the company’s exploration leases.
Based on their geochemical signature, the Solonopole pegmatites belong to the lithium/cesium/tantalum family of rare element pegmatites. High-grade outcropping rock samples have returned assay values of more than 9% lithium oxide and more than 1% tantalum pentoxide.
More than 15 historical artisanal mines have been identified on the leases to vertical depths of less than 10 m.
Surface mapping and sampling have started on the Solonopole project following a site visit from Oceana executive director Sebastian Kneer in May.
Oceana will rank targets for immediate drill testing upon completion of the initial sampling programme and a detailed review of the existing dataset. To date, none of the highly prospective prospects have been drill tested.
The funds raised would also be used to pursue the development of the Napperby lithium pegmatite project, which is located in the Arunta pegmatite field in the Northern Territory of Australia.
A reconnaissance site visit at Napperby was undertaken by Oceana’s consultants in late April.