Australian Gold Fields Announcement – GuruFocus.com

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VANCOUVER, BC, May 11, 2022 /PRNewswire/ — Australian Goldfields Limited (the “Company”) (CSE: AUGF) (OTC: GRXXF) (Frankfurt: G0A) announces its intention to change its name to Oz Lithium Corporation to better reflect the direction of its business. Further details on the name change, including effective date, new ticker symbol, ISIN and CUSIP will be announced in due course.

The Company holds three distinct concessions which are promising for lithium exploration. All are located in the Pilbara region of Western Australia. Recent developments in the fields have demonstrated the potential of lithium.

Lithium activity in the Pilbara region

  • In 2017, Mineral Resources (ASX: MIN) Wodgina Lithium Mine began production at one of the largest hard rock lithium operations in the world.
  • Pilbara Minerals (ASX:PLS) The Pilgangoora lithium operation and the Global Lithium Resources Marble Bar lithium deposit are also located in the Pilbara mining region.
  • December 2021Chilean lithium producer SQM (Sociedad Quimica y Minera de Chile
    NYSE: SQM) announced a joint venture with Kalamazoo Resources (ASX: KZR) on KZR’s Dom’s Hill Lithium project.
  • The AUGF Cuprite West and Cuprite East projects are strategically located on either side of the KZR Dom’s Hill property.

Prospective Pilbara Land Package Company for Lithium

The Nortia project, consisting of 19 blocks totaling 5,510 hectares, is located 30 kilometers east of the historic mining town of Nullagine. During a reconnaissance visit in February, five floating samples of pegmatite were collected from the southwestern portion of the claim group. All five showed anomalous lithium values ​​ranging from 8.3 ppm Li to 74.1 ppm Li. The source of the float could be a pegmatite body with a high lithium facies.

The Cuprite East (6,936 hectares) and Cuprite West (2,980 hectares) projects surround the Kalamazoo/SQM joint venture mentioned above. A recent program of 1,246 soil samples has been completed and results are expected in the near future. A LANDSAT program has been commissioned with Perry Remote Sensing, LLC, of Denver, Colorado. Sensor work is underway with a full report expected in May. announces its intention to change its name to Oz Lithium Corporation to better reflect the direction of its business. Further details on the name change, including effective date, new ticker symbol, ISIN and CUSIP will be announced in due course.

The Company holds three distinct concessions which are promising for lithium exploration. All are located in the Pilbara region of Western Australia. Recent developments in the fields have demonstrated the potential of lithium.

Lithium activity in the Pilbara region

  • In 2017, Mineral Resources (ASX: MIN) Wodgina Lithium Mine began production at one of the largest hard rock lithium operations in the world.
  • Pilbara Minerals (ASX:PLS) The Pilgangoora lithium operation and the Global Lithium Resources Marble Bar lithium deposit are also located in the Pilbara mining region.
  • December 2021Chilean lithium producer SQM (Sociedad Quimica y Minera de Chile
    NYSE: SQM) announced a joint venture with Kalamazoo Resources (ASX: KZR) on KZR’s Dom’s Hill Lithium project.
  • The AUGF Cuprite West and Cuprite East projects are strategically located on either side of the KZR Dom’s Hill property.

Prospective Pilbara Land Package Company for Lithium

The Nortia project, consisting of 19 blocks totaling 5,510 hectares, is located 30 kilometers east of the historic mining town of Nullagine. During a reconnaissance visit in February, five floating samples of pegmatite were collected from the southwestern portion of the claim group. All five showed anomalous lithium values ​​ranging from 8.3 ppm Li to 74.1 ppm Li. The results indicate that there may be pegmatites in situ that potentially host higher Li values. The source of the float could be a pegmatite body with a high lithium facies.

The Cuprite East (6,936 hectares) and Cuprite West (2,980 hectares) projects surround the Kalamazoo/SQM joint venture mentioned above. A recent program of 1,246 soil samples has been completed and results are expected in the near future. A LANDSAT program has been commissioned with Perry Remote Sensing, LLC, of Denver, Colorado. Sensor work is underway with a full report expected in May. The results will be used to guide the field team for on-site exploration.

The technical and scientific information contained in this press release has been reviewed by Mr. William Feyerabend, Consulting Geologist and Qualified Person under NI 43-101. Mr. Feyerabend participated in the production of this press release.

ON BEHALF OF COUNCIL

Adrian Hobkirk President and CEO
Such. : 954-684-8040
E : [email protected]
W: www.australiangoldfields.com

References

1) Geochemistry from DMIRS data file (E46_795.zip) for WAMEX report A117450. Available at: https://geoview.dmp.wa.gov.au/GeoView/?Viewer=GeoVIEW&layerTheme=WAMEX&Module=WAMEX

2) Geological study of Western Australia. Available at: https://www.dmp.wa.gov.au/Geological-Survey/Geological-Survey-262.aspx

3) Novo Resource Exploration Update (January 28, 2022). Available at: https://www.novoresources.com/news-media/news/display/index.php?content_id=491

4) Tembourah Metals (ASX: TMB) – Expanding its portfolio of battery metals (September 9, 2021). Available at: https://wcsecure.weblink.com.au/pdf/TMB/02419569.pdf

CSE has neither approved nor disapproved of the contents of this press release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This press release contains certain “forward-looking statements” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical facts about the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management as of the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ. materially from those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. We seek refuge.

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SOURCEAustralian Goldfields Limited

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