The Conversation (0)
The Directors of eMetals Limited (ASX:EMT)(eMetals)(Company) are pleased to provide an update on its exploration program at its Willi Creek Project (E09/2464) in the Gascoyne Region of Western Australia and the appointment of Technical Consultant Mr Simon Coxhell.
HIGHLIGHTS
- Field activities to commence at the Willi Creek project in the Gascoyne region of Western Australia prospective for REE mineralisation
- Over 20 kilometres of prospective strike identified in close spatial association to a highly radiometric granitoid coincident with an extensive N-S trending fault and prominent outcropping vein structures of iron enrichment
- The geological setting of the older Moorarie Suite metagranite gneiss is interpreted to be a similar geological setting to the Hasting Technology Metals Limited Yangibana deposits and the recent Dreadnought Resources Limited REE discoveries
- Mr Simon Coxhell, who served as a geological consultant for Hastings Technology Metals Limited between 2011-2016 and is responsible for the Simon’s Find deposit that comprises part of the Yangiobana resource, appointed as Technical Consultant to the Company to progress exploration activities
WILLI CREEK PROJECT
The Willi Creek project tenement covers approximately 217 square kilometres and is immediately adjacent to Dreadnought Resources (ASX:DRE) Mangaroon Rare Earth Project which has recently announced significant drill intersections of thick REE ironstones at its Yin and Sabre prospects located to the east of project area.
Commenting on the Willi Creek project and the appointment of Mr Simon Coxhell, Executive Director Mathew Walker said “We are excited to soon commence field activities at the highly prospective Willi Creek project and are delighted to have secured the technical services of Simon as Technical Consultant which we view as a strong endorsement of the project potential and prospectivity. Simon has an intimate knowledge of the region and in particular Yangibana style REE deposits having served as a geological consultant for Hastings Technology Metals Limited for 5 years and is credited with the discovery of the Simon’s Find deposit that now forms part of the Yangibana mineral resource.”
Commenting on his appointment, Simon said “EMT represents a unique opportunity to progress well planned exploration activities on its prospective portfolio of projects that could unlock significant potential. I am pleased to be able to assist in driving the exploration programs forward.”
Figure 1: Regional Location Plan: Willi Creek REE Project
WILLI CREEK PROJECT (E09/2464)
The tenement was originally pegged in 2021 based on its very close spatial association to a large granitoid that covers approximately 50 square kilometres that is strongly radiometric and one of the most radiometric granitoids in the Gascoyne Region.
REE mineralisation associated with the granitoid may include typical late-stage mineralising effects such as pegmatites, proximal alteration, or alteration of reactive mineralogies in associated rocks and contact zones.
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This article includes content from eMetals Limited, 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.
EMT:AU
Formation of Joint Venture Molyhil Project, Northern Territory
Highlights:
- JV formed with IVR completing by spending $1,000,000 on the tenements (Stage 1 commitment) and the transfer of 25% interest in the Molyhil tenements and the sale of Thor’s 40% interest in Bonya tenement EL29701 (Table 1 and 2).
- The initial interest for the parties is 25% Fram and 75% Molyhil.
- IVR will now issue Thor A$250,000 worth of IVR shares upon the formalisation of Fram’s 25% JV interest.
- Fram can opt to continue to earn up to 80% interest by spending up to, a further $7,000,000 on the Tenements via a three-stage process.
- The JV at Molyhil will allow Thor to focus on its priority USA Uranium assets and Alford East Copper-REE Project while retaining a meaningful interest in the Molyhil Project.
Nicole Galloway Warland, Managing Director of Thor Energy, commented:
“The Directors are delighted that the Stage 1 Commitment has been completed and that Fram is progressing with developments on this exciting tungsten/molybdenum deposit. The increase in the mineral resource endowment is underpinning feasibility work at Molyhil.
“The commitment shown by Fram in diligently working through all aspects of this deposit is to be applauded.
“The Molyhil divestment and Bonya sale (EL29701) will support the Company’s focus on its priority US uranium assets, where we see the most significant and nearest-term value potential for Thor’s shareholders.”
Key Transaction Details
Formation of the Joint Venture
Under the execution of the Stage 1 obligations, a JV Agreement was executed between Fram and Molyhil on 13 August 2024 (“JV Commencement Date”). The initial JV interests of the parties are 25% Fram and 75% Molyhil in Molyhil, with the 40% sale of Bonya EL29701 (Table 1 and 2).
Stage 1 Joint Venture Consideration
On the formalisation of Fram’s 25% JV interest, IVR will issue Thor A$250,000 worth of IVR shares at a deemed price equal to the higher of the Volume Weighted Average Price for the 15-day trading period immediately preceding the 25% earn-in date, or A$0.05 per share.
Stage 2 Earn-In
Fram shall, within 28 days of the JV Commencement Date, give Molyhil written notice of its intention to earn a further 26% interest in the Molyhil Tenements (“Stage 2 Earn-In Notice”), bringing its total interest to 51%.
If Fram issues a Stage 2 Earn-In Notice, Fram must spend A$2,000,000 (which amount is in addition to the Stage 1 Commitment) on exploration on or before the third anniversary of the JV Commencement Date (“Stage 2 Commitment”) to earn the additional 26%.
Upon Fram meeting the Stage 2 Commitment, Fram will be entitled to a 51% interest in the Tenements.
Stage 3 Earn-In
Fram shall, within 28 days of the Stage 2 Completion Notice, give Molyhil written notice of its intention to earn a further 29% interest in the Tenements (“Stage 3 Earn-In Notice”), bringing its total interest to 80%.
If Fram issues a Stage 3 Earn-In Notice, Fram must spend A$5,000,000 (an amount additional to the Stage 1 and Stage 2 Commitments) on exploration on or before the sixth anniversary of the JV Commencement Date (“Stage 3 Commitment”) to earn the additional 26%.
Upon Fram meeting the Stage 3 Commitment, Fram will be entitled to an 80% interest in the Tenements.
Project Background
The Molyhil tungsten-molybdenum deposit is located 220km north-east of Alice Springs (320km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block, in the Northern Territory (Figure 1).
As announced on (ASX/AIM: 31 May 2024), Thor reported a revised Mineral Resource Estimate comprising Measured, Indicated, and Inferred Mineral Resources, totalling 4.65 million tonnes at 0.26% WO3 (Tungsten trioxide), 0.09% Mo (Molybdenum), and 0.04% Cu (Copper) using a 0.05% WO3 cut-off.
The Bonya tungsten and copper tenement (EL29701) is located approximately 30km to the northeast of Molyhil (Figure 1). Thor, in JV with Arafura, held a 40% equity interest in the tenements.
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This article includes content from Thor Energy PLC, 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.
