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Emu NL (ASX:EMU) - Non Executive Director, Terry Streeter - The Market Herald
Non Executive Director, Terry Streeter
Source: Business News
  • Emu (EMU) has transformed into a WA-focussed precious and base metals explorer and aspiring gold producer following multiple acquisitions
  • The company has recently purchased the Gnows Nest, Sunfire, Graceland and Viper Projects, which are all located in the mid-west region of WA
  • The company said it left Chile due to travel restrictions around COVID-19
  • Emu said there is an additional potential exiting acquisition, which is currently under negotiation
  • Company shares are up 35.5 per cent on the market this afternoon, trading for 4.2 cents per share

Emu (EMU) has transformed into a WA-focussed precious and base metals explorer and aspiring gold producer following multiple acquisitions.

The company has recently purchased Gnows Nest, Sunfire, Graceland and Viper Projects. All of the projects are close to the capital of the state, Perth, in the mid-west region.

Gnows Nest is a near-term production opportunity covering the historical high-grade Gnows Nest Gold Mine in Yalgoo.

Sunfire Project is located near Bridgetown and is prospective for nickel, copper, platinum group element (Ni-Cu-PGE) mineralisation. Graceland is also prospective for Ni-Cu-PGE mineralisation and is located near Lake Grace.

Meanwhile, the Viper Project is an unexplored trend which hosts historical copper workings and is located near Jerramungup.

Emu said there is a further exciting potential acquisition which is currently under negotiation. In the meantime, Chairman Peter Thomas is delighted to have secured these exciting projects.

"Gnows Nest represents a near-term, gold production opportunity with a defined initial resource covering an exceptionally high-grade historic mine. Significantly, it sits within a highly prospective geological setting with considerable exploration upside," he said.

"The spot price of gold, coupled with the board’s vision as to where it may come to rest, explains why the company is so excited that it has secured this project, which has been tied up in the hands of private landholders for over 30 years," he added.

The company said it left Chile due to travel restrictions around COVID-19. Emu believes work at its WA projects will be able to continue during the pandemic.

"Following our exit from Chile and subsequent travel restrictions imposed by the COVID-19 pandemic, the board made the strategic decision to focus on WA, where it is expected our activities can continue largely unaffected by the pandemic," Peter told the market.

"We are now well-positioned to hit the ground running in a cost-effective manner and expect to announce a series of milestones over the coming months, with a view of advancing towards production and generating near-term cash flow from the Gnows Nest project,' he added.

Emu is up 35.5 per cent on the market this afternoon and is trading for 4.2 cents per share at 1:40 pm AEST.


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