eMetals Announces Poona Project Acquisition from Venus Metals Corporation

eMetals Announces Poona Project Acquisition from Venus Metals Corporation

eMetals Limited (ASX:EMT) are pleased to announce the Company has entered into a conditional binding tenement sale and purchase heads of agreement (Agreement) setting out the terms upon which eMetals may acquire a 100% legal and beneficial right, title and interest in Western Australian mineral tenement E20/896 and a 90% legal and beneficial right, title and interest in Western Australian mineral tenement E20/885 (Tenements) from Venus Metals Corporation Limited (ACN 123 250 582) (ASX:VMC) (Acquisition).

HIGHLIGHTS:

• The Poona Project contains extremely fractionated Lithium-Caesium-Tantalum(LCT) type pegmatites which are known to contain extreme Caesium and Rubidium enrichments in surface samples (maximum of up to 0.31% Cs, 1.33% Rb)7.

• Highly anomalous individual rock chip samples of up to 2.58% Li2O, 0.3% Cs, 1.33% Rb indicate the pegmatites are of the prospective LCT subtype7.

• The prospectivity of the Poona Project is evidenced by the presence of multiple untested and underexplored pegmatites known to be greater than 1 kilometre instrike length and 200 metres in width.

The Directors of eMetals Limited (ACN 142 411 390) (ASX:EMT) (eMetals or Company) are pleased to announce the Company has entered into a conditional binding tenement sale and purchase heads of agreement (Agreement) setting out the terms upon which eMetals may acquire a 100% legal and beneficial right, title and interest in Western Australian mineral tenement E20/896 and a 90% legal and beneficial right, title and interest in Western Australian mineral tenement E20/885 (Tenements) from Venus Metals Corporation Limited (ACN 123 250 582) (ASX:VMC) (Acquisition).

The proposed Acquisition is consistent with the Company strategy of acquiring or investing in projects to complement its existing portfolio of strategic and rare metal projects.

eMetals Director, Mathew Walker commented, “We’ve certainly been busy since relisting in January this year and the acquisition of the Poona Project adds further opportunity andexcitement to the scheduled exploration activities at both the Poona Project and flagshipNardoo Rare Metals Project in the Gascoyne Region of Western Australia.”

Poona Project

The Poona project (Project) is located approximately 70 kilometres north west of Cue, in the Murchison Domain of the Yilgarn Craton, Western Australia. The project is approximately 600 kilometres north of Perth and is serviced by sealed and unsealed roads and is strategically located close to rail and gas infrastructure.

The Poona Project is prospective for LCT type pegmatite mineralisation hosted within the greenstone belts of the Weld Range, where they are intruded by the younger Telegoothera Monzogranite and its’ various intrusive units.

The Tenements have been explored since the early 1900’s when emeralds were discovered at the Aga Khan mine, with modern exploration focusing on gold, nickel, gemstones and more recently for lithium and pegmatite associated mineralisation.

The Poona Project remains lightly explored with 42 holes drilled on E20/885 and no known drilling on E20/896.

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  • Validation of exploration model confirmed highlighting the prospectivity of structures underlying the three priority auger anomalies
  • Program of Works application lodged for priority follow-up RC drilling

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• Follow-up sampling at The Raj Tantalite Prospect returns multiple high grade tantalite bearing pegmatites over a strike length exceeding 800m.
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• Pegmatites are mapped to continue in a swarm between The Raj and Panjshir Prospect, where significant lithium mineralisation has been previously reported.
• Drill planning underway for mid-2021.

The Directors of eMetals Limited (ACN 142 411 390)(ASX:EMT)(eMetals or the Company),are pleased to announce the exploration results for the Poona Rare Metals Project (Poona Project).

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The Directors of eMetals Limited (ASX:EMT)(eMetals)(Company) are pleased submit the Quarterly Activities Report and Appendix 5B for the quarter ending 31 December 2020.

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eMetals Announces Significant Nickel and Rare Metal Results at Poona Project

HIGHLIGHTS:

  • A new nickel sulphide target has been identified at the Mughal Prospect where soil sampling has returned significant results of up to 0.15% Ni, 162ppm Cu, 145ppm Co and 68ppb PGE’s approximately 5 kilometres west of (and in the same ultramafic sequence as) historical tenement intercepts of 8m @ 0.72% Ni, 0.13% Co and 26ppb PGE’s from 11m and 8m @ 1.0% Ni, 0.1% Co, 30ppb PGE’s from 26m1.
  • Rock chip sampling has identified a large 23km long and 200-500m wide intrusion that contains highly anomalous nickel, copper, cobalt and platinum group elements 0.12% Ni, 277ppm Cu, 167ppm Co, 47 ppb Au + Pt + Pd.
  • Rock chip samples have identified a further four priority targets for Rare Metals inclusive of the Panjshir Prospect where extreme results for Lithium, Rubidium, Caesium and Beryllium include 2.98% Li2O, 1.24% Rb2O, 0.155% Cs2O and 1.35% Be.
    1 – Wamex Report A69137

The Directors of eMetals Limited (ACN 142 411 390)(ASX:EMT)(eMetals or the Company), are pleased to announce the exploration results for the Poona Rare Metals Project (Poona Project).

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