The Conversation (0)
Eastern Metals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Eastern Metals
Investor Insight
Eastern Metals is a base and precious metals explorer with a high-quality asset portfolio located in some of Australia’s best known mineral provinces.
Eastern Metals’ core focus is on the advanced Home of Bullion deposit in the NT, which hosts a Resource of 3.1 million metric tons @ 2.9 percent copper-equivalent – and the Browns Reef zinc-lead-copper-silver deposit in the Cobar Basin of NSW, a world-class mineral jurisdiction.
With favorable supply and demand dynamics for copper and an advanced asset portfolio – Eastern Metals provides de-risked exposure to strategic metals and a compelling proposition for investors evaluating the strategic metals space.Overview
Eastern Metals (ASX:EMS) is an ASX-listed base and precious metals explorer with a portfolio of high-quality assets in some of Australia’s most resource-rich regions, with established production, transport and energy infrastructure.
With many centuries of intensive use, base and precious metals are well understood at every stage of the project lifecycle – from exploration to development, mining, processing and offtake – offering de-risked exposure to the energy thematic.
The company holds two projects: the Arunta Project in the Northern Territory (NT), and the Cobar Project in the Cobar Basin of New South Wales (NSW), a world-class mineral jurisdiction. The company’s main focus is on two advanced assets: the Home of Bullion deposit in the NT and the Browns Reef deposit in the Cobar Basin, both strategically located, with ready access to road, rail and energy infrastructure.
Eastern Metals is led by a board and management team with significant breadth and depth of experience in exploration, discovery, development and governance, and a strong track record in delivering value for shareholders.
Company Highlights
- Eastern Metals is an ASX-listed exploration company focused on discovering and developing strategically located base and precious metals projects in New South Wales (Cobar Project) and the Northern Territory (Arunta Project).
- Eastern Metals’ flagship assets are the Home of Bullion deposit in the Northern Territory (NT), which hosts a total Identified Mineral Resource of 3.1 million metric tons @ 2.9% copper equivalent – and the Browns Reef zinc-silver-lead-copper-gold deposit in the world-class Cobar Basin, New South Wales (NSW).
- Both Home of Bullion and Browns Reef are strategically located, with ready access to road, rail and energy infrastructure.
- The world-class Cobar Basin in NSW is enjoying a resurgence courtesy of some new discoveries and Metal Acquisition’s (NYSE:MTAL,ASX:MAC) purchase of the CSA Mine in June 2023.
Key Projects
Arunta Project
The Arunta Project is located in the Northern Territory encompassing a land package of 539 sq km, and is strategically located between the Stuart Highway, the Adelaide-Darwin rail corridor, and the Amadeus gas pipeline, east of Barrow Creek in the NT. The northern project area comprises one deposit and two prospects – Home of Bullion, Mulbangas and Prospect D. The priority is on advancing the Home of Bullion copper deposit. Home of Bullion hosts an existing mineral resource estimate (MRE) of 3.1 million metric tons, grading at 2.9 percent copper equivalent for 89.9 metric kilotons of contained copper-equivalent metal.
Home of Bullion, from 1923 to 1949 produced 3,185 metric tons of ore at 22.5% copper. With an MRE in place for this deposit, there is potential for further increasing the resource base, especially as the deposit remains open along strike and at depth. Further field work, including IP surveys, mapping and field sampling programs will aim to generate drill-ready targets along the ~9 km magnetic trend between Home of Bullion and the Mulbangas prospect. This work is supported by a recent co-funding grant of up to $100,000 through the NT Government’s Geophysics and Drilling Collaborations Program.
Cobar Project
The Cobar Project is situated 470 km west of Sydney, in New South Wales. It encompasses the company's Browns Reef tenement along with three exploration licenses – Tara, Bothrooney and Black Range – located in the southern Cobar Basin, a tier 1 mining jurisdiction for base metals exploration and production.
The project’s previous owner, Kidman Resources, defined a JORC 2012 exploration target for the Browns Reef deposit, based on 52 diamond drill holes and 22 RC holes, of 27 to 37 million metric tons grading between 1.3 to 1.4 percent zinc, 0.6 to 0.7 percent lead, 9 to 10 g/t silver and 0.2 to 0.3 percent copper. (The potential quantity and grade of this exploration Target are conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the determination of a mineral resource. Eastern Metals confirms that it is not in possession of any new information or data that materially impacts on the reliability of this estimate.)
Eastern Metals is currently advancing the Browns Reef deposit to identify areas where higher-grade zones of base metals mineralization may occur. The Evergreen and Pineview zones are targets for further exploration, where previous fieldwork programs identified new zones of anomalous base metal mineralization. These new zones, named Kelpie Hill and Windmill Dam, will be the primary focus of forthcoming exploration initiatives. IP surveys and drilling will investigate whether these areas constitute a continuous mineralization zone linking Pineview and Evergreen and potentially serving as a northern extension of Evergreen.
The Cobar Project is adjacent to Australian Gold and Copper’s (ASX:AGC) Achilles prospect which recently delivered spectacular gold and silver results.
Management Team
Bob Duffin - Non-executive Chairman
Bob Duffin has over 45 years of experience in the mining industry. He has participated in exploration programs for a variety of commodities, including copper, other base metals, gold, uranium and iron ore. He began his career with the Geological Survey of New South Wales and held senior positions at Peko-Wallsend, MIM Holdings, Austirex International and Natquest. He has been a non-executive director of several listed companies, including Centennial Coal, Midwest Corporation, Ferrowest, Burmine, Austmin Gold, Mt Lyell, Europa Minerals Group and Mancala.
Ley Kingdom - Chief Executive Officer
With over 25 years of experience in the resources sector in technical and corporate roles, Ley has worked across diverse commodities and jurisdictions, from greenfield exploration to resource definition and feasibility studies. Ley’s prior experience includes working for Western Mining Corporation, BHP and a number of juniors and mid-tiers overseeing greenfield projects through to resource definition and feasibility.
Jason Berton - Non-executive Director
Jason is a geologist and company director who commenced his career as an exploration and mine geologist at the Plutonic Gold Mine in Western Australia, before moving to BHP in South Australia, where he worked on the Olympic Dam Mine expansion project. Previously, he also worked with SRK, an international firm of consulting geologists, and spent two years in private equity assessing resource investment opportunities. He is the Managing Director of PolarX, where he played a major role in negotiating the acquisition of key tenements in North America, and a former director of Estrella Resources. He is also a non-executive director of Lithium Plus.
Mark Dugmore - Non-executive Director
Mark Dugmore is an experienced geologist and boasts significant experience in the mining sector, having served as director and advisor to several junior mining exploration companies. Since 2014, he has served as the managing director of the ROMARDO Group, a Brisbane-based private group specializing in generating early-stage exploration projects in precious metals, base metals and lithium. He spent 16 years working with BHP Minerals.
Ian White - Non-executive Director
Ian White is an experienced corporate executive with experience in company administration, management and marketing. He has served on more than 20 boards as director or secretary, including several ASX-listed companies. Currently, he is the secretary of Maronan Metals (ASX:MMA) and was previously secretary for WPG Resources and Eastern Iron.
Ian Morgan - Chief Financial Officer and Company Secretary
Ian is a member of Chartered Accountants Australia and New Zealand and the Governance Institute of Australia, with over 35 years of experience. Ian provides secretarial and advisory services to a range of companies, including holding the position of Company Secretary and CFO for other ASX-listed public companies.
Spectacular High-Grade Hits Continue to Extend Mineralisation Outside Resource
- Latest drilling has delivered more bonanza-grade intersections, continuing to expand the Pegaso 7 and Cristal extensions of mineralisation at Cerro Bayo
- New drill assays from Pegaso 7 include:
- 3.2m @ 864g/t AgEq (511g/t Ag & 4.3g/t Au)
- Incl. 1.4m @ 1,871g/t AgEq (1,140g/t Ag and 8.8g/t Au)
- 5.2m @ 259g/t AgEq (115g/t Ag & 1.7g/t Au)
- Incl. 1.5m @ 582g/t AgEq (235g/t Ag & 4.2g/t Au)
- 0.4m @ 1,683g/t AgEq (1,099g/t Ag & 7.0g/t Au)
- 3.2m @ 864g/t AgEq (511g/t Ag & 4.3g/t Au)
- At Cristal, drilling has defined the target horizon of mineralisation to an ~80m vertical extent that incorporates previous bonanza-grade veins observed on surface
- New drill assays from Cristal include:
- 4.5m @ 584g/t AgEq (380g/t Ag & 2.5g/t Au)
- 2.6m @ 600g/t AgEq (120g/t Ag & 5.8g/t Au)
- 3.4m @ 478g/t AgEq (13g/t Ag & 5.6g/t Au)
- Incl. 1.2m @ 1,252g/t AgEq (27g/t Ag & 14.8g/t Au)
- Drilling also continues to define a large halo surrounding the Cristal veins with results of:
- 153.8m @ 62g/t AgEq (8g/t Ag & 0.6g/t Au)
- A third drill rig to be mobilised to site in November to begin targeting extensions of the main lodes within the Laguna Verde Mine Complex at Cerro Bayo
Andean Chief Executive Tim Laneyrie said: “These are spectacular results, not just because of the bonanza grades but also because of the significant extensions they add to the known mineralisation.
“These results also provide more evidence of the compelling exploration upside at Cerro Bayo with the mineralisation still open in so many areas and vast vein systems yet to be tested.
“Our ongoing drilling at both the Pegaso 7 and Cristal targets has yielded impressive results, further refining our geological model of the high-grade mineralisation controls. These findings not only underscore the quality of the mineralisation but also enhance our understanding of the core high-grade zones within the Pegaso 7 veining corridor.
“Similarly, our initial shallow drilling at the Cristal target, being the first in 10 years, has been equally encouraging, highlighting key lithological controls to the high-grade mineralisation currently defined over an approximately 80m vertical interval. This aligns with previous interpretations of super high- grade veins throughout the Cristal project.
“To further capitalise on this momentum, we are mobilising a third drill rig to the site in November. This will target the main lodes within the Laguna Verde Mine Complex through extensional drilling.
“This strategic expansion of our drilling program is aimed at maximising our discovery rate and driving substantial resource growth”.
Figure 1. Hole CBD164 showing mineralised intercept 4.5m @ 584g/t AgEq from 7.1m at the Cristal West structure.
Drilling and Exploration Update
The drilling at Pegaso 7 and Cristal continues to expand and refine the key mineralising controls within the broader systems. The current drill rig at Cristal has a further 1,200m of drilling planned as part of the initial scout drilling program and is targeting 40m above the previous drill fan. Pegaso 7 drilling has a further 3,500m of drilling remaining on the current program.
Cristal Prospect
The main Cristal structures have been intercepted up to 80m below the outcropping veins (Figure 2) within the prospective Temer Formation. The Cristal Prospect is interpreted to represent a highly prospective juncture of a number of major district scale structures (Figure 4) that control the mineralised orientations at the LVMC including the Coyita, Dagny, Yasna deposits and resource areas.
The current drilling at Cristal is ~40m above the previously drilled central structure. This drilling has intercepted a previous unknown part of the Cristal West structure (see Figures 1 and 3) sitting ~5m below the surface and below the historic Cristal west underground workings. This vein extension was unknown as it has been covered by a 1m thick backfill layer for >20 years.
Click here for the full ASX Release
This article includes content from Andean Silver, 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.
46% Antimony (Sb) & 1,022 g/t Silver Assay Results at the Mojave Project
Highlights:
- Extremely high-grade rock chip assays up to 46% antimony received
- 8 rock chip assays returned values over 17% antimony with over 18 of the returned assays over 1.4% antimony
- High-grade antimony is represented by historic workings developed on the quartz-calcite-stibnite veins
- Drill targeting and drilling approval application being prepared for submission to the Bureau of Land Management, alongside the Plan of Operations & Environmental Assessment Plan
- Antimony is listed as a critical mineral by the U.S. Department of Interior as it is used in a wide variety of military, energy, industrial and consumer applications
- U.S. has very limited domestic mined sources of Antimony and China has restricted export of antimony
- Funding opportunities for exploration through the Department of Défense (DoD) is being investigated with the next solicitation for funding through the Défense Industrial Base Consortium (DIBC) being considered
Figure 1: Desert Antimony Mine Area
The Company is preparing drilling targets post receiving the recent high-grade antimony results and has commenced work to submit a drilling approval application to the U.S. Bureau of Land Management, which includes a comprehensive Plan of Operations and Environmental Assessment Plan. As antimony is designated a critical mineral by the U.S. Department of Interior, due to its widespread use in military, energy, industrial, and consumer sectors, domestic supply is crucial for national security and economic stability. With China recently restricting global exports, the U.S. faces a significant supply gap, highlighting the importance Locksley’s antimony asset could play if it can be commercialised. The Company is exploring funding opportunities through the Department of Defense, with particular interest in the next Defense Industrial Base Consortium (DIBC) solicitation to support the advancement of the Mojave Desert Antimony project.
Locksley Resources Limited Managing Director, Steve Woodham commented:
“The high-grade results from the follow-up sampling around the Desert Antimony Mine have exceeded expectations and highlights how well mineralised the property is, and not just for REEs. The surface strike length based on the recent high-grade results looks to be over 400m which has us very encouraged and looking forward to commencing a drill program post receiving the necessary approvals”.
We certainly look forward to sharing the outcomes of this review and unlocking value for our shareholders.”
Click here for the full ASX Release
This article includes content from Locksley Resources, 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.
Final Assay Results from Cobar Project Confirm Potential for Intrusion-Related Mineralisation
- Final assay results received from reconnaissance drilling at the newly defined Windmill Dam target and the advanced Evergreen prospect within the 100%-owned Cobar Project in NSW.
- Results from Windmill Dam show broad intercepts of Cu mineralisation, with assays from hole WDRCDD001 including:
- 20m @ 0.3% Cu from 186m; and
- 30m @ 0.15% Cu from 271m.
- Assay results from hole BRD022 at Evergreen have extended the strike extent of known mineralisation by a further 50m to the NNW:
- 2.4m @ 0.6g/t Au, 5g/t Ag, 1.9% Pb and 3.7% Zn from 163.6m, including 0.5m grading at 1.47g/t Au from 164.5m.
- Latest results follow previously reported assays from the new Kelpie Hill target, where hole KHRC001 intersected significant high-grade gold plus base metal mineralisation:
- 7m @ 4.3g/t Au, 2.7g/t Ag, 0.3% Pb from 50m and 1m @ 4.17g/t Au, 2.7g/t Ag from 82m.
- Induced Polarisation (IP) survey due to commence over the Cobar Project in the coming weeks. Results from the IP survey will help define and prioritise targets for immediate, follow-up drill testing.
The Company has completed drilling at its two newly defined targets, Kelpie Hill and Windmill Dam, and at the more advanced Evergreen prospect (refer to Figure 1). Assay results are reported in this announcement for two (2) holes completed at Windmill Dam (WDRCDD001) and Evergreen (BRD022). Assay results for Kelpie Hill were reported in the announcement dated 23 October 2024 where KHRC001 returned 7m @ 4.3g/t Au.
Hole WDRCDD001 at Windmill Dam returned broad intercepts of copper mineralisation in both the Clements and Preston formations, with 20m @ 0.3% Cu from 186m and 30m @ 0.15% Cu from 271m along with silver, lead, zinc and gold suggesting intrusion-related mineralisation.
Assay results from hole BRD022 at Evergreen returned 2.4m @ 0.6g/t Au, 5g/t Ag, 1.9% Pb and 3.7% Zn from 163.6m, including 0.5m grading at 1.47g/t Au from 164.5m. Refer to Table 1 for a summary of significant intercepts.
The Company is finalising the design of an Induced Polarisation (IP) survey, which is due to commence in the coming weeks. Results from the IP survey will help define and prioritise targets for follow-up drill testing.
Eastern Metals’ Chief Executive Officer Ley Kingdom said: “The broad intercepts of copper mineralisation at Windmill Dam provide an enticing target for follow-up exploration, suggesting the potential for an intrusion-related mineral system. Drilling has also successfully extended the mineralised footprint at the Evergreen prospect by 50m to the north-northwest.
We are now completing planning for an IP survey across the Cobar Project area to help define and prioritise targets for follow-up drilling. This will include Windmill Dam and Evergreen, as well as the high-priority Kelpie Hill target where recent drilling returned high-grade intercepts of up to 7m @ 4.3g/t Au.”
Figure 1: Location of EL6321 (Browns Reef) and the Kelpie Hill, Windmill Dam & Evergreen prospects.
Key Points
- Assays results have been received for one drillhole at the newly identified target, Windmill Dam, and one drill-hole at the advanced Evergreen prospect within the 100% owned Cobar Project in NSW.
- Drilling at Windmill Dam intersected two broad low grade copper zones of 20m @ 0.3% Cu from 186m and 30m @ 0.15% Cu from 271m down-hole.
- Alteration assemblages intersected downhole within WDRCDD001 include chlorite-carbonate and phyllic (quartz-sericite-pyrite) alteration with significant breccia associations, and stringer style vein fill and fracture-controlled chalcopyrite and Pb-Zn mineralisation. These suggest the presence of an intrusion-related heat, fluid and metal source, a mineralisation style that has not previously been described at Browns Reef despite the presence of rhyolites observed in diamond core (e.g. BRD013).
- An Induced Polarisation survey will be undertaken in the coming weeks to identify targets for further drilling.
- BRD022 extended the strike of known mineralisation at the advanced Evergreen prospect 50m to the NNW, intersecting base and precious metal mineralisation for 2.4m @ 0.6g/t Au, 5g/t Ag, 1.9% Pb, 3.7% Zn from 163.6m, including 0.5m grading at 1.47g/t Au from 164.5m.
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.
Shallow High-Grade Gold Zone Intersected at Kelpie Hill – Cobar Project, NSW
- Reconnaissance drilling completed at two new targets, Kelpie Hill and Windmill Dam, and at the advanced Evergreen prospect within the 100%-owned Cobar Project in NSW.
- Assay results received for three Reverse Circulation percussion (RC) holes completed at Kelpie Hill, with hole KHRC001 intersecting significant high-grade gold plus base metal mineralisation:
- 7m @ 4.3g/t Au, 2.7g/t Ag, 0.3% Pb from 50m and 1m @ 4.17g/t Au, 2.7g/t Ag from 82m
- Holes KHRC002 and 003 intersected anomalous base metals, and were extended as diamond tails into the primary sulphide zone, returning intercepts of up to:
- 3.05m @ 3.9% Zn, 2% Pb, 29.5g/t Ag from 298.5 and 0.5m @ 7.2% Zn, 2.4% Pb from 299m
- Assays pending for two holes completed at Windmill Dam and Evergreen.
- Induced Polarisation (IP) survey due to commence in the coming weeks. Results from the IP survey will help define and prioritise targets for immediate, follow-up drill testing.
The Company has completed drilling at its two new targets, Kelpie Hill and Windmill Dam, as well as drilling at the more advanced Evergreen prospect (refer to Figure 1). Assays results have so far been received for three (3) holes at Kelpie Hill, where hole KHCRC001 returned an intercept of 7 metres at an average grade of 4.3g/t Au (incl. 1m at 8.56g/t Au) in the weathered, oxidised zone of the Preston Formation, along with silver and base metals. Refer to Table 1 for a summary of significant intercepts.
Base metal results were also returned from the other two holes, including deeper base metal zones in the primary (sulphide zone) of hole KHRCDD003. Assay results from drilling at Windmill Dam and Evergreen are still pending. In light of these highly encouraging results, the Company is finalising the design of an Induced Polarisation (IP) survey, which is due to commence in the coming weeks. Results from the IP survey will help define and prioritise targets for follow-up drill testing.
Eastern Metals’ Chief Executive Officer Ley Kingdom said: “While the high-grade gold zone intersected in the first hole was somewhat of a surprise, given that this was primarily a base metals target, intersecting significant mineralisation is an exciting development for any exploration team. While we are still in the process of evaluating the results and working out the geological context and significance of what we have seen in the first three holes at Kelpie Hill, the key takeaway for investors is that this is a highly complex, mineralised system which offers enormous discovery potential, particularly when considering how little drilling has been done. With results pending from the remaining holes, and an IP survey starting shortly, it’s definitely a case of ‘watch this space!’”.
Figure 1: Location of EL6321 (Browns Reef) and the Kelpie Hill, Windmill Dam & Evergreen prospects.
Kelpie Hill Prospect, Browns Reef (EL6321)
Three Reverse Circulation percussion (“RC”) holes were completed at the Kelpie Hill prospect for 560 metres. Two of the holes (KHRC001 and KHRC002) directly targeted a strong lead-arsenic soil geochemical anomaly, while the third (KHRC003) was drilled as a pre-collar for a planned diamond tail (KHRCDD003) to intersect the target zone at greater depth (see Figure 2).
Figure 2: Cross-section of Kelpie Hill drill-holes KHRC001, KHRC002 and KHRCDD003 showing significant intercepts including 7m @ 4.3g/t gold (Au) from 50m downhole.
All three holes intersected anomalous lead-zinc gossanous ironstones, with KHRCDD003 also intersecting primary sulphides below the depth of oxidation. Diamond cored HQ “tails” were drilled to extend holes KHRC002 and KHRC003.
The 50-56 metre interval was logged by the site geologist as “massive red haematitic ironstone, gossanous” in the weathered oxidised zone of the Preston Formation to the west of the interpreted Woorara Fault, a large regional scale structure on the Preston-Clements contact. Refer to Figure 3.
Significant intercepts for KHRC001 include:
- 7m @ 4.3g/t Au, 2.7g/t Ag, 0.3% Pb from 50m, including:
- 1m @ 8.56g/t Au from 51m
- 1m @ 4.17g/t Au, 2.7g/t Ag from 82m
- 5m @ 3.45g/t Ag, 0.35% Zn from 103m, including:
- 1m @ 8.3g/t Ag from 106m
Figure 3: Kelpie Hill plan view of drillholes KHRC001, KHRC002 and KHRCDD003 with Pb soil contours, and interpreted faults.
Hole KHRC002 was extended as hole KHRCDD002 with a diamond cored tail from 197 metres to 201.35 metres; however, this hole was abandoned due to drilling complications and did not reach the planned target depth into the Clements Formation on the eastern side of the target zone.
The oxide zone interval 169 to 197 metres is strongly lead anomalous, with the interval 175.5 to 197 metres logged by the site geologist as “strongly silica altered ex-shale and sandstone, often highly ferruginous to gossanous, limonite and haematite stain, pits ex-sulphide, quartz veins”.
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.
Eastern Metals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects