Yes! You can make some beautiful oil paint using just the semi precious stone, lapis lazuli and linseed oil. Historically, this is the original “ultramarine.” It meant, from over the seas, because no one in Europe knew exactly from where the pigment originated.
It turns out there was and still is an ancient lapis mine in the mountains of Afghanistan. This mine supplied the lapis for the Sistine Chapel ceiling, by Michealangelo as well as Vermeer’s paintings and even the golden mask with lapis in the tomb of King Tutanhkamen. The other secret that surrounds this pigment is this: How do you crush the stone and keep the best blue, while removing the imperfections? This was a secret known only to secret Arab cultures, who bought the stones and made the fine blue pigment, which they then shipped and sold for a dear price in Europe. Then, as now, the price of the best lapis pigment has always been about or even more than the price of gold, by weight. 
Here, you see raw lapis and what it looks like after I pounded it between pieces of linen. Using a large ball and peen hammer.
Using two pieces of steel to grind it further into powder. Notice blue on linen.
OK, that is as far as I took it. To powder it finer would require another system. This was an experiment, really, so This is what I used.
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Eventually, some Europeans did find out how to buy the rough lapis and make their own pigment. I used an old recipe I found in a book by Cenini. It requires certain measures of mastic, which is the sap of the pastachio tree. Also beeswax, fir balsam and linseed oil. All this you work into a mass, shown in the jar. Then you add your powdered lapis stone in an equal amount.
Once it’s all mixed together, you have a beautiful ball of what feels like very sticky blue Play-Doh. This ball you work and work with your hands for several days.
Finally, comes the way to separate the good blue from the gray and ash. There is also usually fool’s gold (iron pyrite) in lapis. The trick is to use a strong lye, which disolves the mass little by little as you work it with sticks. Lye will burn your hands, so care must be taken. The first three washing provide the very best quality for pigment. The rest is useful for other things, where the blue does not need to be so beautiful.
You can see the difference! It did work for me but was a lot of trouble. I discovered that grinding it much finer would be better. At any rate, the old recipe did work. I now use it in my paintings.