onlyThe Manager
Market Announcements Office Level 40, Central Park,
use152-158 St George's Terrace P rth WA 6000
ACN: 142 411 390
T: 08 6489 1600
F: 08 6489 1601
E:info@emetalslimited.com.au
W:www.emetalslimited.com.au
Directors
Gary Lyons, Chairman Mathew Walker, Director Teck Siong Wong, Director
S nu Cheema, Company Secretary
I ued Capital (ASX Code: EMT) 850,000,000 Ordinary Shares
35,000,000 | Unquoted | options |
xercisable | at $0.05 | on or |
b fore 31 December 2022 | ||
410,000,000 | Quoted | options |
personalexercisable ("EMTO" at $0.03 on | ||
or before 30 September 2025 | ||
For |
26 July 2022
QUARTERLY ACTIVITIES REPORT TO 30 JUNE
2022
The Directors of eMetals Limited (ASX:EMT)(eMetals)(Company) are pleased to submit the Quarterly Activities Report and Appendix 5B for the quarter ending 30 June 2022.
HIGHLIGHTS
Two tenement applications following the acquisition of Salmon Gums Minerals Pty Ltd (ACN 651 315 258) have been granted at the highly prospective Salmon Gums Project in the Albany Fraser Range Province of Western Australia.
The Company now holds four granted tenements (E63/2049, E63/2066, E63/2126, E63/2127) covering an area of 219 blocks for a total of 630 square kilometers of the Eucla Basin prospective for Ionic Adsorption Clay (IAC) style rare earth element (REE) mineralisation.
Heritage agreement progressed during the June Quarter at the Salmon Gums Project in preparation of a program of works application.
Additional prospective tenure applied for and granted at the Twin Hills Gold Project.
SALMON GUMS PROJECT
Salmon Gums holds four exploration licenses (E63/2049, E63/2066, E63/2126, E63/2127) covering an area of 219 blocks for a total of 630 square kilometers of the Eucla Basin in the Albany Fraser Range Province of southern Western Australia (Project).
The Project 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 Project is rare with majority of the tenements overlain by Cainozoic sediments, aeolian sands and salt lakes. Whilst there are no known occurrences of mineralisation in either area, limited prospecting or exploration has been historically conducted.
From a study of the historical 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, lignite and base metals. The majority of previous exploration involved the completion of various geophysical surveys
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Suite 9, 330 Churchill Avenue, Subiaco WA 6008 PO Box 866, Subiaco WA 6904
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including aero magnetics, gravity and radiometric. In some cases, this work was followed up by limited soil geochemistry, but no anomalies of significance were defined. Most significantly several of the early explorers completed shallow drill evaluation of various targets.
Figure 1 - EMT Projects
In the period 2006 to 2008 Toro Energy Ltd (Toro) completed 10 aircore drillholes within E63/2127 and assayed the resulting spoil for iron, copper, gold, nickel, lead, zinc, and uranium in a search for uranium mineralisation. On E63/2049 Toro completed six aircore drillholes to a maximum depth of 53 meters but once again no drill intersections of significance were reported for the targeted minerals. On adjoining lease E63/2066 two drillholes reached a maximum depth of 44 meters but no significant results were reported. In 2009 to 2013 Anglogold Ashanti Australia Ltd (Anglo) completed 17 aircore drillholes to a maximum depth of 67 meters in a search for gold mineralisation. No significant results were returned, and the tenements were abandoned. Prior to the aircore drilling Anglogold Ashanti had completed fence lines of auger in an effort to detect gold in calcareous soils. Minor gold anomalism was detected but was deemed insignificant. The holes were also analysed for REE mineralisation and produced a maximum result of 1,108 ppm REE oxides (REO) plus Yttrium.
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In 2021 the Company completed 29 aircore drillholes in a traverse along an existing north- northeast oriented four-wheel drive track predominantly in E63/2049 and to a lesser extent in E63/2066 (refer ASX release 25 February 2022 and 4 August 2022). A number of the drill holes intersected significant REO with six drillholes having intercepts above 0.1% REO plus Yttrium. The best result was 10 meters from 44 meters at 0.14% REO plus Yttrium. These results are significant and may be indicative of a substantial mineralised system. It is significant to note that four of the six drill holes containing greater than 0.1% REO plus Yttrium occur proximal to each other.
Figure 2 - Salmon Gums Project tenure
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TWIN HILLS
The Twin Hills Project consists of three granted exploration licenses (E29/950, E29/1163, E29/1164) located approximately 30 kilometers northeast of Menzies and 150 kilometers north of Kalgoorlie in the Eastern Goldfields of Western Australia. The tenement covers an area of approximately 50 square kilometers and extends over about 10 kilometers 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. Tenements E29/1163 and E29/1164 were granted on 1 July 2022 and the Company is currently conducting a desk top review of historical WAMEX data.
Figure 3 - Twin Hills Drill Program
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only
CORPORATE
CATEGORY
Issued Ordinary Shares
Options ($0.05 - 31 Dec 2022)
Options ($0.03 - 30 September 2025)
ASX CODE | NUMBER | |
EMT | 850,000,000 | |
Unlisted Options | 35,000,000 | |
Listed Options | 410,000,000 | |
For personal use
The Company engages Cicero Group Pty Ltd for accounting, administrative and company secretarial services at $6,000 per month (exclusive of GST). Company Director Mathew Walker is a shareholder in Cicero Group Pty Ltd as disclosed in the Prospectus lodged on 5 November 2019. Payments of monthly and accrued Director fees, superannuation and provision of administration/consulting services totaled $20k during the June quarter.
eMetals provides the following disclosures required by ASX Listing Rule 5.3.
EXPENDITURE ITEM | $'000 | Notes and Expenditure details | ||||||
70 | • Logistics planning, reconnaissance and geological mapping | |||||||
Exploration Program | and | • DD program for project acquisitions | ||||||
• Analysis and reporting | ||||||||
Due Diligence costs | ||||||||
• Technical geologist and consultants. | ||||||||
• Tenement legal, administration, reporting and management | ||||||||
168 | • Staff Costs | |||||||
Administration, Corporate | • Legal expenses | |||||||
• Compliance and listing fees | ||||||||
and working capital | ||||||||
• Marketing and IR | ||||||||
• Accounting and Company secretarial | ||||||||
Other | (59) | • GST BAS. | ||||||
TENEMENT SCHEDULE AND UPDATES
Interest | Current | Application | Expiry | |||||
Tenement | Status | Project | (%) | Area | Grant Date | Date | Date | |
E09/2114 | LIVE | NARDOO WELL | 100 | 25 | 28/08/2015 | 8/08/2014 | 27/08/2025 | |
E09/2156 | LIVE | YINNETHARRA | 100 | 35 | 6/02/2017 | 23/10/2015 | 5/02/2027 | |
E09/2302 | LIVE | PYRAMID HILL | 100 | 34 | 13/03/2019 | 6/03/2018 | 12/03/2024 | |
E09/2358 | LIVE | NARDOO WEST | 100 | 35 | 18/05/2020 | 31/07/2019 | 17/05/2025 | |
E09/2463 | LIVE | LYONS | 100 | 28 | 6/07/2021 | 21/10/2020 | 5/07/2026 | |
E09/2464 | LIVE | LYNDON | 100 | 69 | 8/07/2021 | 21/10/2020 | 7/07/2026 | |
E09/2472 | LIVE | LYONS | 100 | 40 | 29/07/2021 | 18/11/2020 | 28/07/2026 | |
E20/0976 | LIVE | MEKA | 100 | 19 | 2/08/2021 | 26/10/2020 | 1/08/2026 | |
E29/0950 | LIVE | TWIN HILLS | 100 | 10 | 23/09/2015 | 26/02/2015 | 22/09/2025 | |
E29/1163 | LIVE | TWIN HILLS | 100 | 7 | 1/07/2022 | 21/10/2021 | 30/06/2027 | |
E29/1164 | LIVE | TWIN HILLS | 100 | 5 | 1/07/2022 | 21/10/2021 | 30/06/2027 | |
E63/2049 | LIVE | SALMON GUMS | 100 | 26 | 21/09/2020 | 6/07/2020 | 20/09/2025 | |
E63/2066 | LIVE | SALMON GUMS | 100 | 31 | 10/12/2020 | 26/10/2020 | 9/12/2025 | |
E63/2126 | LIVE | SALMON GUMS | 100 | 41 | 15/03/2022 | 24/06/2021 | 14/03/2027 |
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Suite 9, 330 Churchill Avenue, Subiaco WA 6008 PO Box 866, Subiaco WA 6904
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EMetals Limited published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2022 23:08:05 UTC.