Geological mapping has defined numerous new pegmatite outcrops at Everest Metals Corporation Limited’s (ASX: EMC) Mt Edon project in Western Australia.
The targets were identified in a now completed detailed geological structural mapping programme at the Mt Edon mining lease (M59/714) near Paynes Find, in the Mid-West region of WA.
The mapping programme carried out across pegmatite outcrops at Mt Edon further enhances EMC’s knowledge of the structural formation, lateral extensions and zoning of LCT pegmatite,” Chief Operating Officer, Simon Phillips, said.
“The data obtained from mapping and the DGPR geophysical survey assists with effective selection of drilling locations, with drilling scheduled for commencement early next quarter. Completion of the Mt Edon exploration programme will be a significant milestone towards 100% ownership of the Mt Edon project.”
The Mt Edon mining lease (M59/704) is located about five km southwest of Paynes Find and covers the southern portion of the Paynes Find greenstone belt, southern Murchison, and hosts an extensive pegmatite field.
In October 2022, EMC entered into an exclusive legally binding farm-in and joint venture term sheet to earn up to a 100% interest in the Mt Edon Project subject to due diligence and shareholder approval, which occurred at a meeting held on 24th February 2023. Up to 2.7% Lithium grades (Li2O), tantalum grades up to 1046ppm (Ta2O5), and caesium grades of up to 5057ppm (Cs2O) were reported from rock chip sampling of pegmatite outcrops. The Potassium / Rubidium (K/Rb) ratio of this sampling programem reflects the degree of substitution of Rb for K in the mica’s crystal structure and most of the samples are indicative of highly fractionated, and therefore high Li-fertility, pegmatites.
EMC has funded a due diligence work programme including a targeted reconnaissance RC drilling program to determine whether to proceed with the farm-in. A total of 507m of drilling was completed in late October 2022.
The drilling was conducted from eight drilling fence lines and included 24 shallow holes with an average depth of 21m. Assays returned encouraging results with elevated Rubidium (Rb) up to 3,670 ppm, Caesium (Cs) up to 354 ppm, Tantalum (Ta) up to 219 ppm, and Lithium (Li) up to 1220 ppm.
The maiden drilling programme determined the subsurface lithium-bearing potential of the Project area below the weathered zone and indicated that pegmatites have moderate to strong fractionation characteristics. Interpretation of results from the recent drilling program has confirmed the pegmatite samples are anomalous in terms of rare metals by a median factor of around 14 times higher than background host rock and suggest that there are several prospective targets for lithium-bearing pegmatites within the Project area. Based on the results of the due diligence exploration program, the company exercised its right to farm in and to take 51% ownership in a project.
Next Steps
- Deep Ground Penetration Radar geophysical survey underway
- RC drilling planned in Q2-2023
