For personal use only
ABN 71 142 411 390
Interim Financial Report
31 December 2021
2
For personal use only
Contents | |
AUDITOR'S INDEPENDENCE DECLARATION....................................................................................... | 8 |
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE | |
INCOME............................................................................................................................................... | 9 |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ............................................ | 10 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY............................................. | 11 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ......................................................... | 12 |
NOTES TO THE FINANCIAL STATEMENTS............................................................................................ | 13 |
DIRECTORS' DECLARATION .............................................................................................................. | 19 |
INDEPENDENT AUDITOR'S REVIEW REPORT...................................................................................... | 20 |
3
DIRECTORS' REPORT
For personal use only
Your directors submit the financial report of eMetals Limited ("the Company"), and its controlled entities (Group) for the half-year ended 31 December 2021. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:
Directors
The names of directors who held office during or since the end of the period and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated.
Mathew Walker | Executive Director |
Gary Lyons | Non-executive Chairman |
Teck Wong | Non-executive Director |
Review and Results of Operations
Principal Activities
The principal activity of the Group during the financial period was mineral exploration within Australia.
No significant change in the nature of these activities occurred during the financial period.
Review of Operations
Highlights during the period and since the end of the period include:
SALMON GUMS PROJECT
Salmon Gums holds two exploration license applications known as E63/2126 and E63/2127 (Applications) in the south of Western Australia situated respectively 82 kilometres east and 18 kilometres northeast of the small town of Salmon Gums (Figure 1).
The Applications cover areas underlain by meta-granites of Archaean to Proterozoic age. These granitic rocks are situated within the Albany - Fraser Orogen on the south and southeastern margins of the Yilgarn Craton.
Outcrop of the meta-granites within the Applications is rare with most of the tenement overlain by Cainozoic sediments, aeolian sands and salt lakes. Whilst there are no known occurrences of mineralization in either area very little prospecting or exploration has been historically conducted.
From a study of the open file reports available on WAMEX(A106697, A97441), the previous exploration which has been conducted has predominantly been for gold and to a lesser extent for uranium and base metals. In the period 2006 to 2008 Toro Energy Ltd completed 10 air-core drillholes within E63/2127 and assayed the resulting spoil for iron, copper, gold, nickel, lead, zinc, and uranium in a search for uranium mineralization. In the period 2011 to 2012 AngloGold Ashanti (Australia) Ltd completed fence lines of auger drillholes across E63/2127 in a search for gold. Results from this small amount of exploration activity for a variety of commodities were inconclusive and it is notable that no exploration for rare earth element mineralization (REE) over the tenement area has been conducted.
DIRECTORS' REPORT | 4 |
For personal use only
Figure 1: Salmon Gums Minerals Pty Ltd - Project Location.
Mount Ridley Mines Ltd (ASX: MRD) (MRD) has recently discovered REE mineralisation approximately 35 kilometres southeast of E63/2127 and at a similar distance southwest of E63/2126. This mineralisation is situated in a clay horizon in similar lithologies to the Mount Ridley occurrence and derived from granitoid rocks. The mineralisation appears to average approximately 0.1% TREEO with even higher levels recorded up to approximately 1% TREEO (refer announcement ASX:MRD, 13 September 2021, Rare Earth Element Targets Extended). The MRD REE mineralisation occurs over a strike length of approximately 25 kilometres oriented in a northeast direction and appears to be similar to the clay-hosted REE mineralisation currently mined in China. Additionally, Salazar Gold Pty Ltd has recently discovered significant REE mineralisation approximately 20 kilometres southeast of E63/2126. Whilst the nature of this mineralisation remains unknown it is considered significant that REE occurrences are located in close proximity to the Applications.
Whilst the Applications have no known REE mineralisation, they have only been explored previously for gold and to a lesser extent base metals and uranium. It is not surprising that there has been no previous exploration for REE in this region as there is practically no outcrop mitigating against prospectors discovering any sort of mineralisation. Additionally, this 'China' style of REE occurrences nearby require a specific soil sampling and drilling target program which has never been carried out on the Salmon Gums ground.
The proximity of other known REE mineralisation would suggest that the Project area is also prospective for this type of mineralisation. This clay-hosted REE mineralisation discovered by MRD nearby may extend onto or be duplicated within the targeted tenements and further investigations on the Salmon Gums ground is warranted.
DIRECTORS' REPORT | 5 |
TWIN HILLS GOLD PROJECT |
For personal use only
The Twin Hills Project consists of a single granted exploration license (E29/950) located approximately 30 kilometres northeast of Menzies and 150 kilometres north of Kalgoorlie in the Eastern Goldfields of Western Australia. The tenement covers an area of approximately 30 square kilometres and extends over about 10 kilometres of strike of the greenstone sequence that hosts the excised historical Twin Hills gold mine. The tenement covers the north and south extension of the shear zone which is the interpreted host of mineralisation at Twin Hills.
The Company's initial round of RC drilling in February 2021 returned significant gold mineralisation from several holes, with previously reported best results of:
- THRC008 12m @ 0.62ppm from 40m, and 1m @ 4.10ppm from 44m, and 2m @ 2.24ppm from 49m
- THRC014 3m @ 1.97ppm from 44m
- THRC015 1m @ 4.4g/t from 32m
Based on the mineralisation discovered to date and the sparse drill spacing, EMT drilled a further 25 aircore holes (using RC hammer where appropriate) to ~40m depth and followed up the initial RC results with a further 6 RC holes for 550m drilled to test around the initial discovery holes. Refer to the ASX release dated 4 August 2021 for a list of all drill hole details.
RC holes were sampled on a 1m basis and assayed via aqua regia digest. Aircore holes were sampled by scoop on a 4m basis and assayed via aqua regia digest.
Results
Significant results for the RC holes are reported below:
THRC018 | 1m | @ 1.22g/t Au from 32m |
THRC021 | 5m | @ 23.67g/t Au including 1m @ 113.47g/t Au from 62m |
THRC022 | 2m | @ 0.78g/t Au from 64m |
2m | @ 0.84g/t Au from 88m |
Significant results for the AC holes are considered to be >4m at >0.1g/t Au. These results are from composite samples and have not been resampled on a 1m basis.
THAC009 | 8m @ 0.31g/t Au from 52m |
THAC013 | 4m @ 0.13g/t Au from 36m |
12m @ 0.23g/t Au from 48m | |
THAC016 | 4m @ 0.12g/t Au from 56m |
Results show anomalous gold in fresh amphibolite and granitoid with numerous assays reporting in excess of 100ppb Au. The high-grade result in THRC021 occurs within a sheared porphyry dyke and amphibolite. The orientation of mineralization is unknown at this stage however the anomalous zone is interpreted to strike NW-SE and potentially plunge to the southeast below THAC009 (8m @ 0.31g/t Au).
Further work is required to define the orientation, continuity and depth of the high grade gold on the Project. EMT is planning a further round of infill and extensional drilling along the southern and northern extent of the mineralized zone.
THE RAJ TANTALITE PROSPECT
The Raj Prospect is a swarm of tantalite bearing pegmatites hosted within amphibolite and metasediment where previous reconnaissance results had shown a swarm of feldspar-quartz mica pegmatites up to 400m in length
contained up to 0.1% Ta2O5 (see ASX release dated 12 November 2020).
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
EMetals Limited published this content on 23 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2022 07:18:05 UTC.