Eastern Metals

June 2024 Quarterly Activities Report

Exciting new targets identified at Browns Reef, with drilling imminent; Co-funding grant awarded for IP survey at Arunta

Eastern Metals Limited (ASX: EMS) (“Eastern Metals” or “the Company”) is pleased to present its Quarterly Report for the period ending 30 June 2024.


HIGHLIGHTSCobar Project, NSW
  • Field work programs identify new strongly anomalous base metal zones at Browns Reef to the north and south of the high-grade Evergreen zone.
  • A Reverse Circulation (RC) drilling program has been designed to test these anomalous zones, which have been named ‘Kelpie Hill’ and ‘Windmill Dam’.
  • Drilling approvals in place and drill contract awarded, with drilling scheduled to commence in the coming weeks.
  • Approvals are also in place for further diamond drilling at the high-grade Evergreen zone.

Arunta Project, NT

  • Co-funding grant of up to $100,000 secured 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 strike from Home of Bullion with its 3.1Mt @ 2.9% CuEq JORC resource.
  • The area offers strong potential for the discovery of additional high-grade structurally controlled Volcanic Massive Sulphide-style lodes.

Corporate

  • Completion of a successful ~$1M share placement, with funds to accelerate exploration activities across the Company’s highly prospective copper and base metals portfolio.
  • Binding agreement to sell the Thomson Project in NSW to Legacy Minerals Holdings Ltd (ASX:LGM) for $200,000 in cash plus a 1.5% royalty. The cash sale allows Eastern Metals to focus its funds and human resources on the exploration of the Cobar and Arunta Projects.

Eastern Metals CEO, Ley Kingdom, said: “The June Quarter has been an exciting period for the Company, with field work programs at our Cobar Project in NSW identifying two high-priority targets to the north and south of the known high-grade mineralisation at Evergreen. Both targets are located along the highly prospective Woorara Fault, with the potential that they may define multiple mineralised zones that extend over about 2.5km from Pineview in the south to the new Kelpie Hill target in the north. Planning and approvals for an RC drilling campaign to test this theory are complete, with drilling expected to kick off in August.

“We were also delighted to receive a co-funding grant from the Northern Territory government to support the completion of an Induced Polarisation survey at the Arunta Project to help define drill targets along strike from Home of Bullion.

“With exploration programs at both the Cobar and Arunta Projects ramping up, we reached agreement during the Quarter to divest the Thomson Project in NSW to Legacy Minerals, providing Eastern Metals with an all-cash consideration of $200,000 plus a 1.5% NSR, while enabling us to prioritise our efforts on the more advanced assets within our portfolio.

“The sale of the Thomson Project, together with a successful $1 million strategic share placement completed during the Quarter, ensure the Company is well positioned to accelerate its exploration programs in both NSW and the NT.”


Click here for the full ASX Release

This article includes content from Eastern Metals, 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.


EMS:AU
The Conversation (0)
Eastern Metals

Eastern Metals

Exploring for strategic metals vital to energy security in Australian, resource-rich provinces

Exploring for strategic metals vital to energy security in Australian, resource-rich provinces Keep Reading...
Quarterly Activities and Cash Flow Reports 31 December 2024

Quarterly Activities and Cash Flow Reports 31 December 2024

Eastern Metals (EMS:AU) has announced Quarterly Activities and Cash Flow Reports 31 December 2024Download the PDF here. Keep Reading...
Dan Dickson, Endeavour Silver.

Bullish on Silver, Now it's Time to Execute | Endeavour Silver's Dan Dickson

Dan Dickson of Endeavour Silver (TSX:EDR,NYSE:EXK) shares his thoughts on silver supply and demand, as well as how his company is working to capitalize on the improved price."I'm bullish on silver, (and) I'm bullish on how people are going to invest in silver over the next little bit," he... Keep Reading...
Contango Silver & Gold: Updated MRE for Kitsault Valley Project, Upcoming Portfolio Milestones in 2027/2028

Contango's Kitsault: 2027/28 Milestones

Contango Silver & Gold (NYSEAMERICAN:CTGO,TSX:CTGO is progressing its project pipeline on time and on budget. The company has published an updated mineral resource estimate (MRE) for its fully owned Kitsault Valley project in BC's Golden Triangle as of September 2026, and is targeting to wrap up... Keep Reading...
Peter Krauth, silver bars.

Peter Krauth: Silver Mania Still Ahead, Don't Get Caught in Bear Trap

Peter Krauth, editor of Silver Stock Investor and Silver Advisor, weighs in on the state of the silver market and where he sees opportunity now. "The last couple of years belonged to silver. I think the next couple of years are going to belong to silver stocks," he said, noting that more... Keep Reading...
David Morgan, silver bars.

David Morgan: Silver, Gold — My Year-End Price Targets and Forecast

David Morgan, publisher of the Morgan Report, shares his thoughts on silver and gold's performance so far in 2026, as well as his end-of-year price targets. "I'm looking for US$78, US$80 (per ounce) silver. I'm looking for somewhere close to US$5,000 (per ounce) gold, which is much more... Keep Reading...
Closeup of stacked silver coins with engraved edges.

Smart Silver Strategies: Investing in the Dual Identity Metal

It’s time for silver mining investment to shine.As one of the world’s most prominent precious metals, silver presents as a key element in both the industrial and financial sectors. Its usage in powering electronics, solar panels and even medical devices makes it a compelling investment.Amidst... Keep Reading...

Interactive Chart

Latest Press Releases

Related News