Everest Metals Corporation has taken farm-in rights following confirmation of extensive and well-developed pegmatite filed at its Mt Edon mining lease (M59/714) near Paynes Find, Western Australia.
Reconnaissance drilling of 24 holds over 507 metres has revealed highly anomalous pegmatites highly prospective for lithium, caesium, tantalum and rubidium, possibly connecting to more profound and widening hosting structures.
The Company intends to exercise its exclusive right to farm in to earn a 51 per cent stake in the Project ahead of pegmatite mapping in the current financial quarter.
EMC is pleased to announce its decision to exercise its right to farm into the Mt Edon LCT Pegmatite Project, subject to Shareholder approval,” Chief Operating Officer Simon Phillips said.
“The company is pleased to have the opportunity to take the next step towards 51% ownership in a project with such an extensive array of pegmatite outcrops over six kilometres.
“The recent reconnaissance drill program gave EMC the data it needed to commit to the next stage of exploration at this highly fertile pegmatite field as part of the Company’s commitment to its Battery Minerals project development strategy.”
Next Steps
Acquisition subject to Shareholder approval at EGM anticipated in February 2023.
About Mt Edon Project
Mt Edon contains the Mt Edon Pegmatite Field on granted Mining Lease M59/714 located in the Southern portion of the Paynes Find Greenstone Belt – an area known to host swarms of Pegmatites. Considered highly prospective for Lithium, Caesium, Tantalum, Rubidium and Rare Earth Elements mineralisation.
