Everest Metals (ASX:EMC) has launched a resource definition drilling program at its Mt Edon Critical Minerals Project in Western Australia.
The phase-one campaign comprises 16 holes for 1,400m of reverse circulation drilling, with phase-two to follow in the third quarter 2024.
Everest Metals, which has a market capitalisation of $15.27 million, says drilling is following up a pegmatite formation where previous results returned 80m @ 0.32% of rubidium from the surface.
The phase-two drilling program will focus on infill drilling extending 20m along strike and is designed to use in the calculation of an indicated resource.
Rubidium is considered one of the most electropositive and alkaline elements. The element is used as a component of photocells, to remove traces of oxygen from vacuum tubes, and to make special types of glass.
The company is also aiming to convert the current exploration target of 3.2 million to 4.5 million tonnes @ 0.23% to 0.35% rubidium to a mineral resource in 2024.
CEO and Executive Chairman Mark Caruso says he expects to deliver an update in the coming weeks.
According to the Shanghai Metals Market, rubidium is currently trading at US$3,434.86 ($5,187.83) per ounce.
Research firm Mordor Intelligence, meanwhile, puts the global rubidium market at a total of 6.65 tonnes in 2024, and expects it to reach 8.3 tonnes by 2029, growing at a compounded annual rate of 4.53% during that period.
The Mt Edon project covers the southern portion of the Paynes Find greenstone belt in the southern Murchison region, which Everest says hosts an extensive pegmatite field.
Write to Aaliyah Rogan at Mining.com.au
Images: Everest Metals
