Drilling Underway to Test New, High-Priority Targets

Eastern Metals Limited (ASX: EMS) (“Eastern Metals” or “the Company”) is pleased to advise that Reverse Circulation (RC) drilling has commenced to test newly identified high-priority targets at its Cobar Project in the southern Cobar Basin, NSW (refer to Figure 1).

HIGHLIGHTS

• Reverse Circulation (RC) drilling is underway to test new, high-priority areas at the Company’s Cobar Project in the Cobar Basin, NSW.
• The ‘Kelpie Hill’ and ‘Windmill Dam’ targets, located to the north and south of the high-grade Evergreen Zone within EL6321, have previously returned strongly anomalous base metal grades in surface rock chip sampling.
• The drilling is designed to further unlock the potential along the highly prospective Woorara Fault, a key regional structure associated with mineralisation in the southern Cobar Basin.

The drilling will initially focus on the Kelpie Hill and Windmill Dam targets, located to the north and south of the high-grade Evergreen Zone at Browns Reef (EL6321), both of which returned highly anomalous grades from surface rock chip sampling. In-fill and extensional drilling is also planned at other areas within the tenement including at Evergreen (refer to Figure 2).

The drilling program, which is expected to comprise approximately 2,000 metres, will be undertaken by Drillit Consulting Pty Ltd – an experienced drilling contractor based in the Cobar Basin. The drilling is expected to take three weeks to complete (weather dependent), with initial assay results expected in September 2024.

Eastern Metals’ Chief Executive Officer Ley Kingdom said: “Strong alteration at surface and rock chip sampling across Kelpie Hill and Windmill Dam have returned anomalous copper, lead, zinc and silver results, which lie along the highly prospective Woorara Fault along strike from Evergreen. We are delighted to now be drill testing these new and exciting base metal targets.”

Figure 1: Location of the Cobar Project, southern Cobar Basin, NSW and EL6321, ‘Browns Reef’.

EL6321 Browns Reef Overview

Browns Reef (EL6321) is an advanced exploration project located 5km west of Lake Cargelligo in the southern Cobar Basin, NSW. It is a structurally controlled, polymetallic system extending along the inferred Woorara Fault and the Preston Formation and Clements Formation contact.

Assay results from recent fieldwork programs to the north and south of the known high-grade mineralisation at Evergreen have returned highly anomalous grades from surface rock chip samples.

Mapping and pXRF traverses along the Woorara Fault, a regional-scale structure related to known mineralisation at the high-grade Pineview and Evergreen zones, identified new anomalous zones north and south of Evergreen, named “Kelpie Hill” and “Windmill Dam”.

Kelpie Hill is located approximately 700 metres to the north-west of Evergreen, and Windmill Dam is 500 metres to the south-east. Refer to Figure 2.

The pXRF demonstrated that soil anomalism of lead (Pb) and arsenic (As) were readily traceable within the soil profiles and decreasing Pb results could effectively map out the basalt and Clements Formation contact zones. Rock chip samples paired with the pXRF readings were able to distinguish further prospective zones to the south and north of Evergreen.

The RC program has been designed to test whether the anomalous grades from surface rock chip samples and results from pXRF soil readings represent further zones of mineralisation between Pineview and Evergreen and, potentially, to the north of Evergreen.

Figure 2: Location of Browns Reef, EL6321 and the Pineview, Evergreen, Kelpie Hill & Windmill Dam prospects.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the Company’s planned activities, including mining and exploration programs, and other statements that are not historical facts. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. In addition, summaries of Exploration Results and estimates of Mineral Resources and Ore Reserves could also be forward looking statements.

Although Eastern Metals believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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