Orosur Mining Inc (AIM:OMI, TSX-V:OMI) jumped almost 6% in early trade after announcing an entry into Nigeria for lithium exploration.
This has been done via the creation of a joint venture with Nigerian firm Jurassic Mines, under which Orosur’s new subsidiary Lithium West Ltd will work on four exploration licences in the country.
“The company has long been examining an entry into the lithium space [...] but had found few attractive South American opportunities,” Orosur said.
“Nigeria, however, is rapidly emerging as one of the most prospective regions of Africa for the discovery of lithium.”
Lithium West could earn up to 70% equity in the project under the agreement, by spending US$5 million on operations over the coming years.
Shares rose 5.8% to 2.27p.