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Oceana Metals Limited (ASX:OCN)

ALERT: Price-sensitive ASX Announcement for OCN
Current share price for OCN : $0.385 -0.11 (-22.22%)+
Announcement
Release
14 May 2026 8:22AM
Price at Release
$0.495
Full Release
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Summary
Oceana Metals Limited is set to commence a 20,000-meter drilling program at the Serra Negra Project in Brazil, focusing on rare earth elements. The company plans to re-assay 8,000 meters of historical drill core to further understand the scale of mineralisation. Oceana has conducted preliminary screenings with promising results and is preparing detailed geophysical surveys to aid exploration. With substantial funding of approximately A$17.6 million, the company is well-positioned for the planned activities. Key management appointments have been made in Brazil to facilitate these efforts.
Key Points
  • Oceana Metals Limited is preparing for an initial 20,000-meter drilling program at the Serra Negra Project in Brazil.
  • The project aims to define the scale and continuity of rare earth element mineralisation at Serra Negra.
  • Approximately 8,000 meters of historic drill core are being re-assayed for rare earth elements.
  • Oceana has completed a portable XRF screening indicating the presence of significant rare earth element readings in the historical core.
  • Tenders for detailed geophysical surveys, including drone aeromagnetics and ground gravity, have been sought.
  • Oceana is well-funded with a pro forma of approximately A$17.6 million to execute its drilling and exploration plans.
  • Ms. Marina Silva and Ms. Cintia Maia have been appointed to key management roles in Brazil to support the project.
  • The drilling applications have been submitted, and tender processes for drilling contractors are underway.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.