Analyst Positive Comment today28 Nov 2023 10:44
Orosur Mining* (OMI LN) 2.95p, Mkt Cap £4.9m – Initial Nigerian exploration results show up to 2% LiO2 over wide pegmatites
• Orosur provides an exploration update from its JV in Nigeria, Lithium West, where it is earning up to 70% equity by spending $5m over five years.
• The team has been mapping and sampling the western EL 43953, with the primary goal of regional interpretation.
• Hundreds of samples have been taken, with 70 analysed for lithium and pathfinder elements using XRF and LIBS.
• ‘Numerous swarms’ of pegmatites have been mapped, in line with the schist belt thesis, with similarities to the pegmatite fields in Brazil, that led Orosur to Nigeria.
• Pegmatites up to 30m wide were noted over several kilometres in strike.
• The Company reports multiple pegmatite samples returned elevated lithium readings via LIBS, several over 2% LiO2.
• The team also used pXRF to analyse the potassium/rubidium ratio, which it believes indicates later stage pegmatite development.
• Elevated K/Rb levels have been noted by the team, with management believing this indicates ‘very high levels of fractionation.’
• Going forward, the team will conduct additional soil sampling over the 43953 licence having completed work on prospects to the east over the past few days.
Conclusion: This is an exciting development for Orosur who wasted no time in beginning exploration work on their recently acquired licence. Initial LIBS readings of >2% LiO2 provides confidence in management’s belief that the targeted Nigerian pegmatites are lithium bearing. It will be interesting to see what form of lithium-bearing mineral later results highlight. If spodumene, this could mark a key moment in the Orosur story. It remains early days, however, and additional field work is required before drill targets are generated. However, the width and length of Orosur’s pegmatites, with evidence of lithium mineralisation, is promising.
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