OzAurum Resources kicks of diamond drilling at Boca Rica Lithium Project in Brazil
London, UK
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April 16, 2024 07:24 AM Eastern Daylight Time
OzAurum Resources Ltd (ASX:OZM) has commenced drilling at the Boca Rica Lithium Project in Brazil, using its own drilling rig which has been updated to meet Australian standards.
CEO and managing director Andrew Pumphrey tells Proactive's Stephen he has been in Brazil for the past few weeks preparing the site. The company has achieved significant milestones in enhancing site access and positioning the drilling rig on a steep hill.
The drilling program is set to explore below a weathered zone, aiming to reach fresh rock at approximately 80 metres depth, targeting a spodumene crystal formation previously discovered in an underground adit. This zone is anticipated to yield more extensive geological data and potential significant lithium deposits.
OzAurum is financially prepared for this phase, with cash of A$1.4 million and benefiting from lower operational costs due to owning its drilling equipment. Pumphrey said this cost-efficiency allows flexibility in its ongoing diamond drilling programme.
The results from the first drill hole will guide future drilling efforts. Pumphrey also mentioned that sample analysis by Brazilian labs could take about a month, with results expected to influence the next steps in their exploration.
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