Everest Metals Corporation Limited (ASX: EMC) has identified 10 very large Uranium, magnetic and sedimentary hosted base metals targets within the company’s 100%-owned Georgina and Amadeus Projects, located 220km northeast and 150km west of Alice Springs in the Northern Territory.
Executive Chairman and CEO Mark Caruso said the new targets were defined by interpretation of magnetics, electromagnetics, radiometry and gravity geophysical data.
“EMC’s Northern Territory landholding has the potential to host multiple commodities and deposit types. The utilisation of modern technology to reinterpret historical geophysical data underscores the potential for Uranium and sedimentary Cu-Pb-Zn mineralisation to be hosted within the Georgina and Amadeus Projects, with the world class Arafura Rare Earths Project residing between both project areas," he said.
The Northern Territory tenement package covers an area of 10,207.84 sq. km and is comprised of two areas – the Georgina tenure (5,001.08 sq. km) located 220km northeast of Alice Springs and the Amadeus tenure (5,206.76 sq. km) located 150km west of Alice Springs.
The company said the granting of the new exploration licences provides expanded opportunities for the company to explore the tenements which lie along the prospective geological basins in the region.
EMC completed a Preliminary Desktop Study to identify exploration target areas over two applications areas. The Desktop Study included an assessment of the local geology, geophysical data, surface geochemistry, peer tenure, and historic company reports, aimed to establish an appropriate mineralisation model for the project and identify geological evidence for target delineation and future exploration activities.
The study indicated the potential of Lithium pegmatites, Uranium, sediment-hosted Copper-Lead-Zinc and Rare Earth Elements mineralisation. Then, the company engaged geophysical consultants for interpretation of the geophysical datasets to specify initial exploration target areas.
