Mineral explorer Everest Metals (ASX:EMC) has wrapped up a stage two reverse circulation (RC) drilling program at its Mt Edon Lithium-Caesium-Tantalum (LCT) Project in Western Australia.
The $22.65 million market capitalisation company says the stage two drilling program confirmed the existence of targets identified from a Deep Ground Penetration Radar priority target and their northeast-southwest structural trends in the northeast corner of the mining lease.
Further, pegmatites were intersected in 347m of the 566m drilled, including an 87m intersection.
Everest Metals reports ‘significant’ pegmatite intersections include drillhole ME23-19 with 3m pegmatite intercepted from 5m to 8m and 87m pegmatite from 25m to 112m; and drillhole ME23-21 with 48m pegmatite intercepted from 5m to 52m.
About 347 drill samples were submitted to the ALS laboratory in Perth using lithium suite peroxide fusion methods. Assays are expected to be returned by late September 2023.
Commenting on the drill program, Everest Metals Chief Operating Officer (COO) Simon Phillips says: “Whilst we understand visuals are no substitute for assays, we are very excited about what we’ve seen from this phase two drilling program.
“Assays will enlighten us as to where the exploration development of our Mt Edon LCT Project goes from here”
Assays will enlighten us as to where the exploration development of our Mt Edon LCT Project goes from here. The company is very fortunate to have this highly fertile pegmatite field on a mining lease just off the Great Northern Highway.”
Everest says the drill program was designed to test the lateral extension of ‘high-grade’ zones defined in the northeast corner of the Mt Edon tenement, along with targeting undrilled pegmatites.
Drilling was conducted across 6 targets, including 12 holes for a total of 566m of drilling.
Everest Metals is an ASX-listed Western Australian resource company focused on discoveries of gold, silver, base metals, and critical minerals in tier-one jurisdictions. As of 30 June 2023, the company had $2.146 million cash and cash equivalents at hand, according to its latest quarterly report published on 27 July 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Everest Metals Corporation Ltd