Emerging base and precious minerals explorer Everest Metals (ASX:EMC) intends to exercise its exclusive right to farm-in to earn 51% interest in the Mt Edon LCT Pegmatite Project in Western Australia.
The company reports the acquisition to acquire the interest in the project from privately owned Entelechy Resources is subject to shareholder approval at an EGM anticipated to be held in February 2023.
Commenting on the farm-in, Everest Metals Chief Operating Officer (COO) Simon Phillips says: “EMC is pleased to announce its decision to exercise its right to farm into the Mt Edon LCT Pegmatite Project, subject to shareholder approval.
“The company is pleased to have the opportunity to take the next step towards 51% ownership in the project with such an extensive array of pegmatite outcrops over 6km”
The company is pleased to have the opportunity to take the next step towards 51% ownership in the project with such an extensive array of pegmatite outcrops over 6km.
The recent reconnaissance drill program gave EMC the data it needed to commit to the next stage of exploration at this highly fertile pegmatite field as part of the company’s commitment to its battery minerals project development strategy.”
Today (13 January) the company reports it has highlighted an ‘extensive’ and ‘well-developed’ pegmatite field from recent drilling at Mt Edon.
The company says 24 reverse circulation (RC) holes for a total of 507m was completed in October 2022 to collect 129 1m core splits which were sent to ALS Laboratories in Perth.
At the lab, the samples were assayed for a standard multi-element lithium-caesium-tantalum (LCT) pegmatite suite including rare earth elements (REEs) using a 4-acid digest process, which was followed by a lithium borate fusion inductively coupled plasma mass spectrometry (ICP-MS) for detection.
Assays recorded from this testing returned ‘encouraging’ results with elevated levels of rubidium (Rb) up to 3,670 parts per million (ppm), caesium (Cs) up to 354ppm, tantalum (Ta) up to 219ppm, and lithium (Li) up to 1,220ppm
Everest reports the interpretation of drilling results have confirmed the pegmatite samples are anomalous in terms of rare metals by a median factor of around 14 times higher than background host rocks. The interpretation also suggests there are several prospective targets for lithium-bearing pegmatites within the project area.
Moving forward, the company reports it has planned a supplementary geological and structural mapping of Mt Edon. Everest will also be reviewing geophysical methods to develop a better understanding of the subsurface potential of the project area to optimise the second phase of the drilling program.
A deep ground penetration radar (DGPR) geophysical survey is also being planned to determine the new potential subsurface pegmatite pods with the main pegmatite structures.
The Mt Edon mining leases (M59/704) is located 5km southwest of the town Paynes Find in Western Australia, and covers the southern portion of the Paynes Find greenstone belt and southern Murchison
On the basis of the due diligence drill results, the prospectivity of the tenement, and the consideration of the potential commercial risks in completing additional exploration work.
Everest Metals is an emerging base and precious minerals exploration company formerly known as Twenty Seven Co. (ASX:TSC). The company has a portfolio of projects in Western Australia and New South Wales considered prospective for gold, battery minerals, iron oxide-copper-gold and tin.
Images: Everest Metals Corporation Ltd
