Oceana Metals Limited has commenced its maiden 20,000-metre diamond drilling campaign at the Serra Negra rare earths project in Minas Gerais, Brazil, targeting the central corridor of the carbonatite complex.

The initial drilling program is focused on a 1.5-kilometre by 1.5-kilometre zone where historical core re-sampling returned high-grade rare earth element intercepts, including 50 metres at 4.0% total rare earth oxides from 53 metres in hole LG42 and 22 metres at 4.7% total rare earth oxides from 101 metres in hole LG26.

“Our initial drilling program will provide more information about the nature and extent of the mineralisation, with the aim of generating a maiden rare earth resource. This is the first REE-focussed drilling this carbonatite complex has seen and we are pointing our rigs at a target corridor which the assays show contains grades and thicknesses in the top tier of carbonatite-hosted rare earth deposits globally.” — Mick Wilson, Managing Director

The current campaign is being carried out using an initial fleet of two portable diamond rigs, with additional rigs expected to be introduced as access and productivity improve across the project area.

Oceana entered a binding agreement to acquire 100% of the Serra Negra project in April 2026 for up to US$10.3 million in upfront and deferred consideration plus a 2.5% net smelter royalty. The company reports that completion of the acquisition is expected imminently as remaining conditions precedent are satisfied.

The drilling data will be integrated with ongoing historical core re-sampling and high-resolution drone geophysics to support a maiden Mineral Resource Estimate for Serra Negra in the coming months, with the first assay results from the current drilling program anticipated in early Q4 2026. 

Read the full announcement: Maiden REE drilling campaign commenced at Serra Negra