eMetals Nardoo Exploration Progress Report

The Directors of eMetals Limited (ASX:EMT) (eMetals)(Company), are pleased to announce the completion of the surface geochemistry and reconnaissance stream sediment sampling program on the Nardoo Rare Metals Project, Gascoyne Region, Western Australia.

HIGHLIGHTS

• 670 stream sediment samples, 280 soil samples and 141 rock chip samples were collected in an extensive 16-day field work program.
• Samples have been submitted for assay and results are expected in approximately 4 weeks’ time.
• Significant extensions to known prospective pegmatites have been defined by mapping.
• eMetals has been successful in applying for Exploration Incentive Scheme (EIS) cofunding for $67,500 to support the drilling of Nardoo Hill E09/2114 and Beryl Well E09/2156 exploration targets.
• eMetals applies for new tenement Camel Hill E09/2407 covering prospective rare metal geochemical anomalies.

BACKGROUND

The Nardoo Rare Metals Project, comprising Nardoo Hill E09/2114 and Beryl Well E09/2156, is located within the Gascoyne Mineral Province in Western Australia, approximately 840 km to the north of Perth. Nardoo Hill E09/2114 contains approximately 15 strike kilometers of tungsten mineralised skarns within the Mount James Subgroup, and several Li-Ta-Nb-REE mineralized pegmatite occurrences.

Beryl Well E09/2156 overlies the historical Nardoo Hill & Morrissey Hill workings, in a pelitic and gneissic terrain that has been extensively intruded by pegmatites, which host tantalum-lithium-niobium mineralization. The acquisition of Beryl Well E09/2156 has expanded the tenement position to include areas which were identified as prospective for niobium, tantalum and rare earth element (REE) pegmatites (Nb-Ta-REE).

Figure 1: eMetals Projects

SURFACE GEOCHEMISTRY

eMetals Limited is pleased to announce the completion of the further surface geochemistry program on the Nardoo Rare Metals Project. The further surface geochemistry program was an extension to the stream sediment sampling that was undertaken by Gneiss Results during the 2019 field season in conjunction with mapping and due diligence activities. Please refer to the Company ASX Announcement on 09 March 2020.

The further sampling program was designed to thoroughly test the Nardoo Hill E09/2114 and Beryl Well E09/2156 tenements for tungsten skarn and rare metal pegmatite mineralization. This was achieved via sampling of third order streams, rock chip sampling of pegmatite occurrences, and sampling of an infill soil sampling grid over the highly anomalous stream sediment results at the Nardoo Hill prospect. Please refer to the Company ASX Announcement on 14 May 2020.

A total of 670, -115 mesh stream sediment samples were taken from third order streams across the tenement (Figure 2) at Nardoo Hill E09/2114 and Beryl Well E09/2156Sampling prioritised an 8 kilometer horizon of heavily veined and pegmatite intruded schist of the Leake Springs Metamorphics, and areas identified as potentially enriched in yttrium and rare earth elements. Samples have been submitted to a commercial laboratory for multi-element and REE analysis.

A total of 141 rock chip samples were also collected across the tenements, sampling a mix of veins, granites and pegmatites. Samples have been submitted to a commercial laboratory for multi-element and REE analysis.

At Nardoo Hill E09/2114 , where previous stream sediment sampling has returned highly enriched niobium (to 335ppm), tantalum (to 75 ppm), cerium (to 300ppm), tin (to 500ppm) and tungsten (to 129ppm), was investigated with a 100m x 50m soil sampling grid for 280 samples. In addition, significant earlier REE stream sediment sample results show an enrichment of up to 0.11% total rare earth oxide + yttrium (TREO), with the most anomalous results clustered around pegmatites at the recently acquired Beryl Well E09/2156 prospect, which is considered highly anomalous. The soil sampling will define the presence and position of any Nb-Ta-Li-W and REE anomaly. A total of 141 rock chip samples were taken from pegmatites and veins within this area.

Figure 2. eMetals Limited 2020 stream and rock chip sampling on Nardoo Hill E09/2114 and Beryl Well E09/2156.

EIS Co-FUNDED DRILLING GRANT

eMetals is pleased to announce that it has been successful in its application for co-funding of its drilling activities under the Western Australian Government’s Exploration Incentive Scheme (EIS) exploration drilling program.

eMetals prepared an application for up to $67,500 in funding, to cover 50% of direct drilling costs, to drill up to 500m of diamond core on Nardoo Hill E09/2114 and Beryl Well E09/2156.

E09/2407 CAMEL HILL TENEMENT APPLICATION

eMetals has submitted an application for Camel Hill E09/2407 comprising an area of 24 subblocks (55.6km2) surrounding the Camel Hill Li-Ta-Nb prospect. The tenement has been pegged based on historical exploration work and proximity to the existing company tenure, and substantially increases eMetals footprint in this highly prospective belt.

The Company will progress the tenement application and has begun compiling historical data from the WAMEX database. The Company plans to use similar exploration methodologies as the work on the Nardoo Rare Metals Project to explore for economic pegmatite and skarn mineralization.

This announcement is authorised by the Board of eMetals Limited.

For, and on behalf of, the Board of the Company Mathew Walker Director EMETALS Limited

Forward looking statements

This announcement contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the directors and our management. We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this prospectus will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. We have no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by law. These forward looking statements are subject to various risk factors that could cause our actual results to differ materially from the results expressed or anticipated in these statements.

Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on and fairly represents information and supporting documentation prepared by Mr Roland Gotthard. Mr Gotthard is a consultant geologist for eMetals and a member of the Australian Institute of Mining and Metallurgy. Mr Gotthard has sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this announcement and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”). Mr Govey consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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