Osun, Jurassic Mines inks joint venture on lithium mining in Nigeria

Orosur Mining Inc. has sealed a joint venture agreement with Nigerian company Jurassic Mines Ltd to explore for lithium mineralization in Nigeria.

This joint venture represents a strategic move for Orosur Mining into the promising lithium exploration sector, particularly in Nigeria, which has shown significant potential in recent years. The joint venture will encompass four exploration licenses, covering approximately 322 square kilometers within Nigeria’s primary pegmatite belt.

Exploration

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.

Orosur has established a new UK subsidiary, Lithium West Limited, through which it may acquire up to 70% equity in the lithium exploration project in Nigeria. The equity acquisition will be done in phases.In the first phase, Lithium West can earn a 51% equity stake in the project by investing up to $3 million over a maximum of three years. An additional 19% equity, totaling 70%, can be acquired by Lithium West by spending an extra $2 million over a maximum of two years.

Orosur Mining initially explored opportunities in Andean brines and Brazilian pegmatites for its entry into the lithium space. However, competition and high entry costs in those regions led them to consider Nigeria, which had a geological profile similar to northeastern Brazil, where they could leverage their extensive local expertise.

Orosur’s CEO, Brad George, expresses confidence in their ability to develop this opportunity in Nigeria alongside their South American assets, highlighting the company’s commitment to early-stage, low-entry-cost strategies based on detailed geological understanding.