- Throughout the June 2020 quarter eMetals (EMT) continued a driven exploration approach at its Australian projects and acquired the Poona Project
- On June 18, eMetals completed the acquisition and settlement of the Poona Project and now fully owns one tenement and 90 per cent of another
- Additionally, eMetals undertook stream sediment sampling, soil sampling, and rock chip sampling at the Nardoo Rare Metals Project and identified niobium, tin, and specialty metal anomalies
- The rare metals explorer also identified anomalies at its Miru, Cairn Hill, and Beryl Well prospects
- Finally, eMetals burnt $189,000 with the majority of that going to exploration and evaluation
- eMetals has ended the day with no change and shares trading for 1.6 cents each
Throughout the June 2020 quarter eMetals (EMT) continued a driven exploration approach at its Australian projects and acquired the Poona Project.
The rare metals explorer also identified anomalies at its Miru, Cairn Hill, and Beryl Well prospects, and the Nardoo Rare Metals Project.
eMetals first announced its intention to buy the Poona Project from Venus Metals (VMC) in mid-June for a total of $160,000.
On June 18, eMetals completed the acquisition and settlement of the project and now owns 100 per cent of the rights, title, and interest in tenement E20/896, and a 90 per cent interest in tenement E20/885.
eMetals stated that this purchase falls in line with its strategy of acquiring or investing in rare metals projects that complement its current portfolio.
The Poona Project lies 70 kilometres northwest of Cue in the Murchison District of the Yilgarn Craton in Western Australia.
It is prospective for LCT (lithium-caesium-tantalum) type pegmatite mineralisation.
The surrounding area has been explored since the early 1990s with modern exploration focusing on gold, nickel, lithium, pegmatite, and gemstones.
However, Poona remains largely underexplored with 42 holes drilled on tenement E20/885, and no holes on E20/896.
Significant caesium and rubidium mineralisation has been recorded, up to 0.31 per cent and 2.5 per cent respectively.
eMetals has begun collecting historical exploration data from Poona with aims to explore the pegmatite occurrences for caesium, rubidium, and lithium mineralisation.
The company will also undertake geophysical work to explore under the alluvial cover for pegmatite bodies and identify drill targets.
Nardoo Rare Metals Project
The Nardoo Rare Metals Project is situated approximately 840 kilometres north of Perth in Western Australia and it consists of two granted tenements.
It is prospective for a range of rare metal and rare earth elements such as tungsten and tantalum-niobium.
During the quarter, eMetals undertook stream sediment sampling, soil sampling, and rock chip sampling.
A total of 764 stream sediment samples were taken from priority areas, 280 soil samples were taken, and 148 rock chip samples were collected.
Works were successful and identified new niobium, tin, and specialty metal anomalies from Nardoo Hill as well as lithium-tantalum-niobium pegmatites at the Beryl Well deposit.
Highly anomalous tungsten was identified at the Miru Prospect, spanning a length of over two kilometres and a peak value of 1090 parts per million (ppm).
Cairn Hill prospect
At the Cairn Hill prospect highly anomalous tungsten was identified with a peak value of 463ppm.
Throughout the June quarter, eMetals burnt $189,000 with the majority of that going to exploration and evaluation.
After that, the money went to staff, administration, and corporate costs.
eMetals has ended the day with no change and shares trading for 1.6 cents each in a $6.563 million market cap.