Oceana Puts Serra Negra Rare Earths Target to the Drill Test

Serra Negra Drilling Moves From Target Definition to Resource Work

Oceana Metals Limited (ASX:OCN) has started the most consequential phase yet of its Serra Negra rare earths campaign, putting two diamond rigs into a planned 20,000m program aimed at building the data set for a maiden JORC Mineral Resource Estimate.

The opening holes are focused on a 1.5km by 1.5km central corridor within the much larger Serra Negra carbonatite complex in Minas Gerais, Brazil. That corridor contains the project’s strongest current evidence of rare earths mineralisation, but the company stresses that this announcement contains no new Exploration Results: the headline grades come from re-sampled historical core.

Historical Intersections Anchor the First Drill Holes

The initial drilling will step out around historic holes LG42 and LG26, approximately 300 metres apart on the same section. Re-assaying recorded 50 metres at 4.0% total rare earth oxide from 53 metres in LG42, within a 114-metre mineralised zone grading 2.3% TREO to the end of hole, while LG26 returned 22 metres at 4.7% TREO from 101 metres within an 84-metre zone grading 2.1% TREO to end of hole. The LG26 interval is described as partial.

Planned holes are spaced about 100 metres apart and will generally test to roughly 150 metres depth. Oceana says the historic drilling was sparse and was not designed to define the limits of an REE system, leaving the current campaign with two jobs: test extensions around known mineralisation and establish a modern geological and geochemical foundation for resource estimation.

Scale-Up Depends on Assays and Field Productivity

The campaign begins with portable rigs, with additional track-mounted or truck-mounted equipment expected as access and productivity allow. Energold Drilling Corp. has been appointed contractor for the initial phase, while access agreements and environmental approvals have been secured across the priority Phase 1 area.

Oceana expects first assays from its own drilling in early Q4 2026. That timing will matter more than the headline metreage: the market still needs to see whether the historical high-grade intersections can be reproduced, connected and extended sufficiently to support a compliant resource.

Core Sampling and Geophysics Broaden the Search

About 8,000 metres of historical core is also being re-sampled, with further assays pending. High-resolution drone LiDAR and magnetic surveys have been completed, and interpretation is due during September. Oceana says initial geophysical responses correlate with known rare earths and niobium occurrences, although the interpretation remains underway and any later targets still require drilling.

The company reports approximately A$8.16 million in cash at 30 June 2026, plus a further $12.6 million received before costs from Tranche 2 of its July placement. Completion of the Songeo Mineração acquisition is expected imminently but remains conditional on outstanding conditions precedent, adding a corporate milestone alongside the exploration timetable.