Oceana Metals (ASX:OCN) has commenced its maiden 20,000m diamond drilling program targeting rare earth elements (REE) at the Serra Negra Project in Minas Gerais, Brazil.
Targeting a 1.5km by 1.5km central corridor, the program marks the first REE-focused campaign at Serra Negra in over a decade.
Initial drilling, where recent re-sampling of historical core returned 50m @ 4.0% total rare earth oxides (TREO) from 53m within a 114m @ 2.3% TREO zone, alongside 22m @ 4.7% TREO from 101m within an 84m @ 2.1% TREO zone. The two holes sit approximately 300m apart on the same section.
Managing Director Mick Wilson says initial drilling aims to provide more information about the nature and extent of mineralisation at Serra Negra, ultimately leading to the definition of a maiden REE resource.
“This is the first REE-focused drilling this carbonatite complex has seen and we are pointing our rigs at a target corridor … the assays [of which demonstrate] grades and thicknesses in the top tier of carbonatite-hosted rare earth deposits globally.”
Oceana says operations have commenced, with portable rigs supplied by Energold Drilling. Access agreements and environmental approvals have likewise been secured for phase one.
The company notes re-sampling of 8,000m of historical drill core remains ongoing with further assays pending.
Oceana expects initial assay results from the maiden drilling program in early Q4 2026, alongside an expansion of drilling capacity. A maiden mineral resource estimate is expected in the coming months.
The company held $8.16 million in cash at 30 June 2026, with an additional $12.6 million received from tranche two of a placement in July 2026. Completion of its acquisition of Songeo Mineração is expected imminently.
Oceana Metals is a mineral explorer focusing on rare earths, lithium, and other critical battery and energy transition metals.
Write to Paula Fabe at Mining.com.au
Images: Oceana Metals
