Eastern Metals Awarded Exploration Co-Funding Grant for Arunta Project

Eastern Metals Ltd (ASX:EMS) (“Eastern Metals” or “the Company”) is pleased to announce that it has been successful in its application for co-funding in Round 17 of the Northern Territory (NT) Geophysics and Drilling Collaborations Program (GDCP), part of the NT Government’s ‘Resourcing the Territory’ initiative. This is a competitive grants program administered by the Northern Territory Geological Survey (NTGS) to address geoscientific knowledge gaps, advance exploration activity and support the discovery and development of resources in the NT.

HIGHLIGHTS

• Eastern Metals secures co-funding for up to $100,000 through the NT’s Geophysics and Drilling Collaborations Program, Round 17, under the ‘Innovative Targeting’ category.
• Funding will support the completion of an Induced Polarisation (IP) survey at the Arunta Project to generate drill targets along the ~9km northwest extension from Home of Bullion to the Mulbangas prospect.
• The area offers strong potential for the discovery of additional high-grade structurally controlled Volcanic Massive Sulphide-style lodes.

Eastern Metals’ Chief Executive Officer Ley Kingdom said: “We are delighted to have been successful in Round 17 of the NT Government’s exploration grants program. The program is highly competitive and highlights the NT Government’s proactive approach to the exploration for globally recognised critical minerals in the Aileron Province.

“The funding will help the Company to improve its geological understanding of the structurally complex Home of Bullion deposit and generate targets between Home of Bullion and the Mulbangas prospect to the northwest. We look forward to commencing the survey and I would like to extend my appreciation to the NT Geological Survey for their support.”

The proposed survey includes a combined gradient array IP (GAIP) and pole-dipole IP (PDIP), over an area of ~10km by 2km in a northwest orientation (refer to Figure 1).

Figure 1: Location of proposed IP survey in the Company’s Neutral Junction group of tenements to the northwest of Home of Bullion to Mulbangas

The program consists of 50m GAIP and a 100m PDIP electrode spacings, with a line length of 2,000m and a line separation of 200m. The survey will test the applicability of GAIP and PDIP to narrow, steeply dipping targets with a broad sulphide alteration halo.

The survey design between the Home of Bullion deposit and Mulbangas prospect, within EL23186, EL28615 and EL32027, is consistent with the orientation of the Bullion Schist host rock and the structural framework of the known areas of mineralisation at Home of Bullion. It is anticipated that the survey coverage will enable correlation of the Home of Bullion’s geological features along strike, such as key host faults and folds, mineralisation lodes within the Bullion Schist, magnetic anomalies and other geophysical signatures associated with alteration patterns. This will allow a more precise testing of previously defined exploration targets.

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