eMetals Announces Poona Project Acquisition from Venus Metals Corporation

- June 10th, 2020

eMetals Limited (ASX:EMT) are pleased to announce the Company has entered into a conditional binding tenement sale and purchase heads of agreement (Agreement) setting out the terms upon which eMetals may acquire a 100% legal and beneficial right, title and interest in Western Australian mineral tenement E20/896 and a 90% legal and beneficial right, title and interest in Western Australian mineral tenement E20/885 (Tenements) from Venus Metals Corporation Limited (ACN 123 250 582) (ASX:VMC) (Acquisition).

HIGHLIGHTS:

• The Poona Project contains extremely fractionated Lithium-Caesium-Tantalum(LCT) type pegmatites which are known to contain extreme Caesium and Rubidium enrichments in surface samples (maximum of up to 0.31% Cs, 1.33% Rb)7.

• Highly anomalous individual rock chip samples of up to 2.58% Li2O, 0.3% Cs, 1.33% Rb indicate the pegmatites are of the prospective LCT subtype7.

• The prospectivity of the Poona Project is evidenced by the presence of multiple untested and underexplored pegmatites known to be greater than 1 kilometre instrike length and 200 metres in width.

The Directors of eMetals Limited (ACN 142 411 390) (ASX:EMT) (eMetals or Company) are pleased to announce the Company has entered into a conditional binding tenement sale and purchase heads of agreement (Agreement) setting out the terms upon which eMetals may acquire a 100% legal and beneficial right, title and interest in Western Australian mineral tenement E20/896 and a 90% legal and beneficial right, title and interest in Western Australian mineral tenement E20/885 (Tenements) from Venus Metals Corporation Limited (ACN 123 250 582) (ASX:VMC) (Acquisition).

The proposed Acquisition is consistent with the Company strategy of acquiring or investing in projects to complement its existing portfolio of strategic and rare metal projects.

eMetals Director, Mathew Walker commented, “We’ve certainly been busy since relisting in January this year and the acquisition of the Poona Project adds further opportunity andexcitement to the scheduled exploration activities at both the Poona Project and flagshipNardoo Rare Metals Project in the Gascoyne Region of Western Australia.”

Poona Project

The Poona project (Project) is located approximately 70 kilometres north west of Cue, in the Murchison Domain of the Yilgarn Craton, Western Australia. The project is approximately 600 kilometres north of Perth and is serviced by sealed and unsealed roads and is strategically located close to rail and gas infrastructure.

The Poona Project is prospective for LCT type pegmatite mineralisation hosted within the greenstone belts of the Weld Range, where they are intruded by the younger Telegoothera Monzogranite and its’ various intrusive units.

The Tenements have been explored since the early 1900’s when emeralds were discovered at the Aga Khan mine, with modern exploration focusing on gold, nickel, gemstones and more recently for lithium and pegmatite associated mineralisation.

The Poona Project remains lightly explored with 42 holes drilled on E20/885 and no known drilling on E20/896.

Click here for the full press release.

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