eMetals Posts Quarterly Activities Report

eMetals Posts Quarterly Activities Report

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

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

HIGHLIGHTS

  • Completion of RWG Minerals Pty Ltd (RWG) acquisition
  • Progress development of commercial relationships to identify and evaluate mineral interests (Prospects) in the Areas of Mutual Interest
  • Ongoing project review and strategic acquisitions
  • Review of Nardoo Well Project historical exploration identifies Rare Earth Element, niobium and tantalum prospectivity
  • Stream sediment sampling defined new tungsten, niobium, tin and tantalum anomalies at the Nardoo East and Beryl Well Prospects and validates exploration model
  • Acquisition of 100% of E09/2156 from Venus Metals Corporation (VMC) materially strengthens tenure position of the Nardoo Well Project
  • Permitting and Program of Works submitted for all projects to advance toward drilling

CORPORATE

  • Public offer (Offer) successfully closed, raising $4,354,000 (before costs), strengthens balance sheet and provides capital to be deployed across the Projects
  • Completion of E09/2156 Acquisition welcomes Venus Metals Corporation (VMC) as a substantial shareholder

MARCH QUARTER ACTIVITIES
The Company is pleased to advise that it had recommenced trading on 24 January 2020, following its re-compliance with Chapters 1 and 2 of the ASX Listing Rules. EMT acquired RWG Pty Ltd pursuant to the quotation of its securities on the ASX effective 24 January 2020.

Activities during the quarter comprised initial reviews and data compilation on the Company’s projects, and receipt of assays from work undertaken during 2019 as required under statutory tenement conditions, with samples submitted in February 2020.

Reviews of historical WAMEX data were interpreted to show elevated rare earth element (REE), niobium-tantalum and lithium prospectivity on the Nardoo Well tungsten project. eMetals announced the results of stream sediment reconnaissance sampling on the Nardoo Well tenement (see ASX announcement 27th April 2020) which were received late in the quarter.

This work has defined a new niobium- tantalum-tungsten anomaly at Nardoo East, which requires follow up exploration. Work on the Cookes Creek and Twin Hills projects has involved planning for initial drill programs, heritage clearance surveys and landholder access negotiations. Program of Works (POW) were submitted on all projects and have been received, with heritage surveys required prior to drilling.

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