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Scorpion Minerals Limited (ASX: SCN) (“the Company” or “SCN”) is pleased to advise that it has entered into a binding Heads of Agreement (“the agreement”) with eMetals Limited (ASX:EMT) (“eMetals” or “EMT”) to acquire a 100% interest in tenements E 20/896, E 20/963, E 20/964 and a 90% interest in E 20/885 (collectively the “tenements”) which cover a combined 904km² in the Murchison Goldfield of Western Australia (see Figure 1).
- Scorpion has entered into a binding agreement with eMetals Limited (ASX: EMT) to acquire the Poona Project
- SCN to acquire an interest in tenements EL20/885, EL20/896, EL20/963 and EL20/964 which cover a combined 904km²
- Consideration for the acquisition is $12,500 in cash and 4,000,000 fully paid ordinary shares in SCN
- EMT will also receive a 0.5% net smelter return (NSR) royalty in respect of minerals mined from the tenements
- Strategic acquisition increases SCN’s position in the Murchison by 150% providing significant exploration optionality
Under the agreement, SCN will acquire its interest in the tenements for a cash consideration of $12,500 and 4,000,000 fully paid ordinary shares in SCN. EMT will also receive a 0.5% net smelter return (NSR) royalty in respect of minerals mined from the Tenements should commercial mining be undertaken.
Settlement is to be completed within 60 days of executing this agreement subject to successful completion of due diligence and other conditions precedent.
This article includes content from eMetals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
eMetals Limited (#ASX:EMT) exploration manager Roland Gotthard discussed the company's #exploration results from the Poona rare metals project, which strongl...
eMetals Limited (ASX:EMT) is a mineral resource exploration company focused on driving shareholder value by building a strong pipeline of mineral projects in various stages of development. The company's portfolio currently includes three projects in the premiere mining district of Western Australia that are highly prospective for tungsten, lithium and gold.
eMetals Limited is planning to conduct H1 2020 drill programs for the Nardoo Well tungsten-lithium project in the Gascoyne region and the Cookes Creek tungsten project adjoining Tungsten Mining's (ASX:TGN) Big Hill Deposit in the East Pilbara region. Tungsten is classified as a strategic metal by major economies across North America, Europe and Asia. According to firm Roskill, stricter environmental regulations in China coupled with depleting global mine supply are projected to create a tungsten deficit in the coming years.
Exploration work at the company's Twin Hills gold project in the Eastern Goldfields region is slated for H2 2020. Australia is one of the most prolific gold-mining countries in the world. The price of gold in Australian dollars has experienced a mostly upward trajectory since 2000, climbing from a high of AU$481.68 to AU$1,400 in 2010 and further upward to around AU$2,200 per ounce at the start of 2020.
To further expand its portfolio of mineral exploration opportunities, eMetals Limited has entered into a partnership agreement with Gecko Metals Sdn Bhd to identify and evaluate the potential acquisition of iron ore, manganese and tin interests in Malaysia.
- Owns a portfolio of projects in Western Australia, ranked the world's second most attractive mining district by the 2018 Fraser Institute Annual Survey of Mining Companies.
- Focus on tungsten, a strategic metal experiencing a looming supply deficit.
- Highly prospective tungsten assets with high grades and walk-up drill targets.
- Twin Hills gold project hosts historical intersections along strike of a high-grade gold mine.
- Anticipated steady news flow with drilling at Nardoo Well and Cookes Creek tungsten projects slated for H1 2020; proposed exploration work at Twin Hills gold project in H2 2020.
- Partnership with Gecko Metals Sdn Bhd to build out a portfolio with quality iron ore, manganese and tin exploration projects in Malaysia.
- Highly experienced board to maximize the value of its assets.
- Tight capital structure: HSBC Custody Nominees Ltd 15.51 percent; GWR Group Limited 10.16 percent; Great Southern Flour Mills Pty Ltd1 9.26 percent; Citicorp Nominees PL 7.20 percent.
eMetals Limited's Project Pipeline
eMetals Limited's Nardoo Well Tungsten Project
The Nardoo Well tungsten project covers an area of 131 square kilometers in the Gascoyne region of Western Australia. Earlier historical exploration performed by Mincor Resources (ASX:MCR) at Nardoo Well identified a significant source of tungsten mineralization in mapped skarns. Lithium and tantalum mineralization has also been identified in pegmatites in the property.
Historical results from Mincor's 2006 channel sampling work identified high-grade tungsten mineralization.
Historical results from Mincor's 2006 channel sampling work identified high-grade tungsten mineralization.
- 3 meters at 6.66 percent WO3
- 2 meters at 5.34 percent WO3
- 2 meters at 2.07 percent WO3
The proposed exploration program at Nardoo Well includes geochemical surveys and surface mapping to support the drilling of targets along an 8.5-kilometer strike length of the Thirty-Three Supersuite, a geological structure known for rare earth element-bearing pegmatites and quartz veins derived from granite, and the skarns identified by Mincor.
eMetals Limited's Cookes Creek Tungsten Project
The Cookes Creek tungsten project covers 51 square kilometers adjoining Tungsten Mining's Big Hill Deposit in the East Pilbara region of Western Australia. The property hosts a well-exposed granite greenstone belt, with granites enveloped by volcano-sedimentary rocks. Historical exploration at Cookes Creek identified a number of tungsten, molybdenum and base metal occurrences on the property.
Tungsten mineralization was first observed at Cookes Creek in 1956 through survey work conducted by the Geological Society of Western Australia. A positive price environment for tungsten in that era led to small-scale mining activities at the McCleod's Quartz Vein, the biggest tungsten producer in the Pilbara region during the 1950s. Today, the vein appears open along strike and potential parallel structures can be seen on aerial photos.
Further tungsten anomalies were identified during exploration work conducted in the 1970s and 1980s. In 1983, Kalgoorlie Southern Gold Mines (KSGM) conducted a stream sediment program in the region that defined six major tungsten anomalies (A through F) all of which were located within 1.6 kilometers of the granite greenstone belt. Today, Area C is the site of the Big Hill deposit where drilling by Tungsten Mining from 2003 to 2009 identified a 2012 JORC Indicated resource of 6.2 MT at 0.16 percent WO3 and an Inferred resource of 5.3 MT at 0.13 percent WO3.
Areas A and D are within eMetals' Cookes Creek licenses and have experienced minimal modern exploration. At Area A, located west of the historic mining area, KSGM's trenching and drill work identified high-grade tungsten veins at surface.
eMetals Limited's exploration plan for Cookes Creek includes detailed surface mapping of the historical workings on the property along with a broader geochemical soil sampling program to identify any additional potential targets for drilling.
eMetals Limited's Twin Hills Gold Project
The Twin Hills gold project is located 150 kilometers north of Kalgoorlie and covers 30 square kilometers in the Eastern Goldfields of Western Australia's Archaean Yilgarn Craton. The property includes a total of 10 kilometers of strike covering the north and south extensions of the greenstone sequence that hosts the excised historical Twin Hills gold mine.
The Twin Hills gold mine was first discovered in 1928 and worked sporadically up through 1986. Historical exploration work in the region detected anomalous gold along strike of the mine, including RAB drill intercepts such as 8 meters at 1.74 g/t gold. The primary source of this mineralization has yet to be identified through deep bedrock drilling.
eMetals Limited's planned exploration at Twin Hills includes surface soil and mapping data as well as a detailed magnetics survey to identify drill targets for testing bedrock mineralization.
Gary Lyons — Chairman
Gary Lyons is a successful and well-respected Perth based businessman and has been a shareholder and Managing Director of the Heiniger Groups Australasian operations for the last 25 years. During the last three years, Lyons has served as a director of the following listed companies: GWR Group Limited (appointed 2 June 2010) and Tungsten Mining Limited (appointed 16 July 2014).
Mathew Walker — Executive Director
Mathew Walker has extensive experience in public company management and in the provision of corporate advice. Specializing in the natural resources sector, Walker has served as Executive Chairman or Managing Director for public companies with mineral interests in North America, South America, Africa, Eastern Europe, Australia and Asia. Currently he serves as Chairman of corporate advisory firm Cicero Advisory Services based in Perth, Western Australia. He currently serves as a director of the following listed companies: Family Insights Group Limited (appointed 09 July 2018).
Teck Siong Wong — Director
Teck Siong Wong has considerable international business experience having worked in Hong Kong, the United Kingdom and now in Malaysia and Indonesia after graduating with a Bachelor of Business degree from Swinburne University (Melbourne). Wong is involved with the mining industry in China, Indonesia and Malaysia. He was previously involved in sales and exports of steel-related products and was a director of a retail chain business in the United Kingdom. Wong was working in the OEM plastic manufacturing industry in Hong Kong prior to taking up a position in the steel industry in Malaysia. He is currently a director at Golden West Resources Ltd.