Mr. Brad George reports

OROSUR MINING INC ANNOUNCES LITHIUM JV, NIGERIA

Orosur Mining Inc. has provided an update on exploration progress at its new Lithium West joint venture in Nigeria,.

Details

As announced on Oct. 16, 2023, the company has entered into a joint venture (JV) with Nigerian company Jurassic Mines Ltd., whereby Orosur, via a new 100-per-cent-owned U.K. subsidiary, Lithium West Ltd., may earn up to 70-per-cent equity in the project by spending $5-million (U.S.) over five years in two phases:

1. Phase 1 -- Lithium West can earn 51-per-cent equity in the project by spending a total of $3-million (U.S.) over a maximum of three years.
2. Phase 2 -- Lithium West can earn an additional 19-per-cent equity in the project, up to a total of 70 per cent, by spending an additional $2-million (U.S.) over a maximum of two years.

Results

Immediately upon signing of the JV, the company's exploration teams mobilized to site to begin preliminary reconnaissance mapping and sampling, beginning on the westernmost exploration licence EL 43953. The decision to commence on EL 43953 was taken purely for logistical reasons, with no consideration of prospectivity.

The objective of the program was to undertake preliminary geological mapping of the licence, in order to confirm the regional interpretation and prospectivity assessment that had led to its selection and to take a number of samples for assay with a view to planning further work.

Several hundred samples of various outcrops were taken, with approximately 70 then being analyzed by way of X-ray fluorescence (XRF) and laser-induced breakdown spectroscopy (LIBS) for lithium content as well as a number of other pathfinder elements.

XRF/LIBS are not as accurate as laboratory chemical assay, but as no certified geochemical laboratory yet exists in Nigeria, XRF/LIBS provide a faster, cheaper and sufficiently accurate alternative for the purpose at hand.

Geological mapping quickly identified that the licence hosted numerous swarms of potentially lithium-bearing pegmatites, consistent with granitic and gneissic lithologies and the major country-scale schist belt structures that had been postulated as the primary controlling structures.

Mapped pegmatite systems were noted over substantial strike lengths of several kilometres and of varying widths from submetre, to over 30 m in one massive example.

The primary analysis of interest was for elemental lithium, with secondary focus on the ratio of potassium (K) to rubidium (Rb) as the K/Rb ratio is a key indicator of the degree to which a granitic or gneissic body has undergone fractionation that may have led to the late-stage development of pegmatites. A K/Rb ratio of less than 100 is considered prospective, with less than 50 being highly prospective.

Numerous pegmatite samples returned high levels of lithium, with several over 2 per cent LiO2 (lithium superoxide), with substantial areas demonstrating K/Rb ratios of less than 100 and several locations of less than 50 suggesting very high levels of fractionation.

This work program, while preliminary in nature, has demonstrated this first licence to be highly prospective for the presence of lithium-bearing pegmatites and thus worthy of follow-up.

Crews have since moved east to the other licences in the package and it is anticipated that results from this work will be available in coming weeks.

In the meantime, follow-up soil sampling programs over EL 43953 are being planned and it is hoped these will commence in the near term once the other licences have been assessed.

New licences

As previously noted, the JV commenced with four exploration licences, for a total of 323 square km, with more licences being examined with a view to being secured and included in the JV.

The company is pleased to announce that two additional licences have now been confirmed, taking the total area of prospective land under title to 533 square km, representing one of the most dominant land positions in Nigeria. While the total land area within the JV has increased, the new licences are included within the original terms of the JV agreement and thus no additional expenditure is required.

The company continues to assess new licences and opportunities and it is hoped this land position may be added to in the medium term.

Orosur chief executive officer Brad George commented:

"These outstanding results from our first field program in Nigeria are exciting but not surprising. We pegged these licences with a very clear understanding of the geological processes in play and so we expected to find lithium. To then confirm this confidence and to find so many lithium-bearing pegmatites, some extremely thick, is very positive and bodes well for work on the next five licences that is under way now."

About Orosur Mining Inc.

Orosur Mining is a minerals explorer and developer focused on identifying and advancing projects in Colombia, Argentina, Nigeria and Brazil.

Qualified person statement

The information in this news release was compiled, reviewed and verified by Mr. George, BSc, honours (geology and geophysics), MBA, member of the Australian Institute of Geoscientists (MAIG), CEO of Orosur Mining and a qualified person as defined by National Instrument 43-101.

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