ASX:EMT

Acquisition Of Salmon Gums REE Project & Capital Raising

The Directors of eMetals Limited (ASX:EMT) (eMetals) (Company) are pleased to advise they have entered into a binding heads of agreement (HOA) with an unrelated third party Salmon Gums Minerals Pty Ltd (ACN 651 315 258) (Salmon Gums) and its shareholders (Salmon Gum Shareholders) to acquire 100% of the issued capital in Salmon Gums from the Salmon Gum Shareholders. Salmon Gums holds two highly prospective tenement applications in the Albany Fraser Range Province of Western Australia (ELA2126 and ELA2127) (Project).


HIGHLIGHTS

  • The Project covers an area of 163 blocks for a total of 469 square kilometers of the Eucla Basin prospective for Ionic Adsorption Clay (IAC) style rare earth element (REE) mineralisation.
  • The Project is in close proximity to the Company's wholly owned Cowlinya REE Project which is adjacent to the Mount Ridley REE Project of Mount Ridley Mines Ltd (MRD).
  • RM Corporate Finance Pty Ltd (AFSL 315235) (Lead Manager) (RM Corporate) appointed lead manager to a capital raising of 350,000,000 Shares at $0.0125 together with a free attaching option to raise $4,375,000 before costs (Placement).

Commenting on the acquisition eMetals Director Mathew Walker said:

"The Eocene aged sediments of the onshore Eucla Basin in south-eastern Western Australia are increasingly becoming recognized for their RRE potential, in particular the more readily recoverable ionic adsorption clays which have significantly lower capital requirements and processing complexity than conventional hard rock deposits. We are delighted to expand our tenement position in this exciting new and developing critical mineral province."

Click here for the full ASX Release

This article includes content from eMetals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

EMT:AU
The Conversation (0)
Astute Metals NL

Beneficiation Delivers 4,480ppm Lithium Clay Concentrate at Red Mountain Project, USA

Latest results reinforce ability to upgrade Red Mountain mineralisation

Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to report further positive results from the latest phase of beneficiation testwork for its 100%-owned Red Mountain Lithium Project in Nevada, USA. The results continue to strengthen the Project’s commercial development potential.

Keep reading...Show less
Pursuit Minerals

Pursuit Dispatchs 99.5% Lithium Carbonate Samples to Potential Strategic Partners as Feasibility Studies Progress

Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to announce that high- purity lithium carbonate samples have been dispatched to multiple parties as part of its engagement with prospective offtake and strategic partners. The samples were produced from the Company’s 250tpa Pilot Plant in Salta, Argentina, using synthetic brine chemically identical to that of the Rio Grande Sur Lithium Project.

Keep reading...Show less
Ioneer Ltd

Ore Reserve Quadruples for Rhyolite Ridge Project; Reaffirms Robust Project Economics

Ioneer Ltd (ASX: INR, Nasdaq: IONR) (Ioneer) is pleased to announce a 308% upgrade to the Ore Reserve estimate for its 100%-owned Rhyolite Ridge Lithium-Boron Project (‘Rhyolite Ridge’ or the ‘Project’) in Nevada, USA, alongside updated Project economics.

Keep reading...Show less

Latest Press Releases

Related News

×