Poona Project – Completion of Acquisition and Settlement

Poona Project – Completion of Acquisition and Settlement

eMetals Limited (ASX:EMT) (eMetals or Company) are pleased to announce the Company has completed the acquisition and settlement of the Poona project.

The Directors of eMetals Limited (ACN 142 411 390) (ASX:EMT) (eMetals or Company) are pleased to announce the Company has completed the acquisition and settlement of the Poona project pursuant to the binding tenement sale and purchase heads of agreement (Agreement) which sets out the terms upon which eMetals has acquired 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). Please refer ASX release dated 11 June 2020.

Under the terms of the Acquisition Agreement, the Company has acquired the Tenements for the collective purchase consideration as below:

  • A$15,000 paid on the execution of the Agreement;
  • A$145,000 paid on the Settlement Date (17 June 2020);
  • The assumption of VMC’s existing joint venture arrangement with Bruce Legendre in relation to E20/885, which entitles Mr Legendre to a free carried 10% interest until such time as eMetals makes a decision to mine on that tenement;
  • A royalty to VMC of A$0.50 per tonne of ore extracted for mining purposes (ie not waste product) from E20/896, payable only on and from commercial mining on that tenement;
  • Two royalties which together aggregate to a 1.5% net smelter royalty to historical explorers and prospectors on E20/885, payable only on and from commercial mining on that tenement;
  • Performance payments of up to A$100,000 subject to and conditional upon the achievement of the following performance milestones:

(i) A$50,000 payable upon the definition of an inferred mineral resource of not less than 200,000 tonnes of Li2O or equivalent at 1% on either Tenement; and

(ii) A$50,000 payable upon the definition of a probable mineral ore reserve of not less than not less than 200,000 tonnes of Li2O or equivalent at 1% on either Tenement.

Source

eMetals: Quarterly Activities Report to 31 March 2021

The Directors of eMetals Limited (ASX :EMT)(eMetals)(Company) are pleased submit the Quarterly Activities Report and Appendix SB for the quarter ending 31 March 2021.

HIGHLIGHTS

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High Grade Gold In Maiden Drilling at Twin Hills

HIGHLIGHTS

  • High grade gold in composite samples returned from the Company’s maiden drilling program at Twin Hills Gold Project
  • Significant results from 4 metre composites include: 8m @ 2.66g/t Au from 40m including 4m @ 3.62g/t Au from 44m (THRC014); 4m @ 1.18g/t Au from 32m (THRC015); and 12m @ 0.62g/t Au from 40m including 4m @ 1.10g/t Au (THRC008)
  • Mineralisation is open in all directions
  • 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

The Directors of eMetals Limited (ACN 142 411 390)(ASX:EMT)(eMetals or the Company) are pleased to announce the results of the Company’s first reverse circulation drilling program at its wholly owned Twin Hills Project (Project) in the Eastern Goldfields region of Western Australia. This announcement details the assay results of composite sampling from reverse circulation (RC) drilling undertaken in January 2021. Results of single metre sampling of quartz and sulphide bearing intervals are pending and will be reported when re-assaying of samples is complete.

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The Raj Delivers Exceptional Tantalum Results

HIGHLIGHTS:
• Follow-up sampling at The Raj Tantalite Prospect returns multiple high grade tantalite bearing pegmatites over a strike length exceeding 800m.
• Tantalum results for 22 new samples show all samples exceed 179 ppm Ta2O5 and three samples in excess of 0.1% Ta2O5
• 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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eMetals: Quarterly Activities Report to 31 December 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 December 2020.

HIGHLIGHTS

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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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