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Assays of samples from the drilling announced recently1 by EMU NL (ASX:EMU) (“EMU” or “the Company”) confirm significant scale rare earth mineralisation with high values for TREO, HREO and MREO2 at the 100% owned Condingup REE Project near Esperance WA.
The wide-spaced aircore drilling programme targeted deep clay traps and paleochannels, interpreted from EMU’s passive seismic geophysics survey, returned significant TREO results up to 2,513ppm over multiple kilometres and over wide drilling intervals. This proof-of-concept drilling effectively demonstrated that substantial concentrations of REEs are hosted in the deeper clay trap zones within the weathering profile overlying fresh host Booanya granites.
HIGHLIGHTS
- Extensive high grade assay results recorded from standard 4m composite samples up to 2,513pmm Total Rare Earth Oxides (TREO)
- High value Magnetic Rare Earth Oxide (MREO) ratio to TREO of 21% (average for drilling programme) extending to a maximum of 40.7% at Merivale Rd
- Heavy Rare Earth (HREO) ratio of up to 53.08%
- The aircore programme targeted only a minor portion of viable clay trap sites and deeply weathered Booanya granites within the 1,560 square kilometre project, indicating the vast scale of prospectivity available for further testing
- First phase aircore drilling programme demonstrated continuity of grade and thickness over multiple kilometres in the wide-spaced drill programme with mineralised lenses running up 6-8kms in length
- Anomalous grade >300ppm TREO values intersected in 33 of the 34 holes drilled over significant intercepts up to a maximum 59m vertical drill intercept
- High grade >750ppm TREO values intersected in 67% of holes drilled. Flat-lying REE zones located in relatively shallow thick clay zones immediately above fresh granite lithologies
Significant high-grade clay-hosted rare earth intersections include:
The “proof of concept” roadside aircore drilling programme tested three main targets at Kettles- Parmango, Merivale and Baring Roads where interpreted bedrock mapping indicated deep clay traps within the prospective Booanya Suite granitic intrusives. The three drill targets were tested by continuous 4m composite sampling through the complete weathering profile from surface to bedrock. Overall, the drilling tested only a very small proportion of the substantial 1,560 square kilometre Condingup REE Project, leaving scope for multiple target areas remaining for follow-up work (see Figure 1 – Drill Collar Location Plan).
Figure 1 –Drill Collar Plan showing positions relative to geology and Emu tenement boundaries
Results
The Condingup aircore drilling programme and multielement analysis of the sampling has confirmed significant grades of REE mineralisation over wide intercepts in this “first pass” drilling programme designed to test the proof of concept.
The assay results returned anomalous grade >300ppm TREO values in 33 of the 34 holes completed, demonstrating the prospectivity of the region and the fertility of the host rocks. Consistent wide mineralised intercepts confirmed the Condingup REE Project as a project that stands “head-to-head” alongside its peers in the emerging globally significant Esperance clay hosted REE province.
The distribution of anomalous REE elements generally occupy a variable but wide interval of clays and saprolite immediately above the granite bedrock. The width of intercepts in the vertical drilling range up to 59m (Hole 23CAC019) and the lateral extensions of these “lenses” reach at least 6-8km, which points to significant project prospectivity and economics.
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EMU NL
Investor Insight
EMU NL is an Australia-focused base and precious metals exploration company offering a compelling opportunity in the highly lucrative copper space. A strategic focus on delineating a large-scale copper porphyry system at its Yataga Copper Project at Georgetown in Northern Queensland, combined with a leadership team of significant global experience and expertise, and an upward trending copper market, all make EMU NL worthy of considerable consideration for any investors looking at the copper sector.
Overview
EMU NL (ASX:EMU) is an ASX-listed precious and base metals exploration company with two active projects in, Australia: Yataga Copper Project in Georgetown (Queensland) and the Badja gold, tungsten and lithium project (Western Australia). EMU’s primary focus is accelerating exploration at the highly promising Yataga Copper Project.
Australia is one of the most attractive regions for mining, according to the Fraser Institute. It ranks Queensland as the 13th most attractive destination for mining investment.
In 2023, Queensland's mines yielded 12.6 tons of gold, positioning it as Australia's fourth most prolific state for this precious metal. The company's presence in relatively attractive mining jurisdictions positions it to capitalize on opportunities in Australia's resource sector and deliver sustainable returns to its shareholders. The recent fundraises of AU$1.45 million have provided sufficient funding to advance its exploration projects and EMU is planning its maiden drilling programme at the Yataga Copper Project in 2025.
Gold and copper continue to demonstrate bullish trends. Various factors are driving the surge in copper prices, including demand patterns such as upgrades in utility grids, the increasing use of copper in electric vehicles, and housing construction. Additionally, the growing energy demand from data centres powering AI applications and servers contributes to the increased need for copper. Both gold and copper prices have hit their all-time high in 2024, enhancing the prospects for junior miners to progress their projects and potentially secure financing easily.
Key Projects
Georgetown Project
The Georgetown project tenements span 850 sq. km. in North Queensland and comprise three exploration permits: Georgetown, Perpendicular Peak and Fiery Creek. Of these, Fiery Creek is the most promising and the current exploration interest for EMU as it covers the Yataga Copper Project.
The Georgetown tenements are located in a resource-rich yet under-explored region in Queensland’s far north, situated within the Georgetown mining district, with a significant history of mining activities and mineral discoveries.
EMU has identified the Yataga Copper Project as a massive-scale copper porphyry system within the 70 sq. km. Yataga Igneous complex. During 2023 and 2024, EMU's reconnaissance efforts at Fiery Creek yielded substantial geochemistry success with more than 8 sq km of highly anomalous copper results from the sampling of terminte mounds by pXRF. EMU concluded 2024 with two geophysics surveys with results currently pending. EMU has advised that it will drill targets during 2025 following completion of the wet season.
The 2023/24 work has confirmed significant, large-scale potential of the project.
The fieldwork has provided support for a large-scale copper porphyry system at the Yataga Copper Project. Drilling results this year will confirm the potential however EMU is targeting large economic bulk tonnage copper resources from shallow ore bodies at Fiery Creek and the Yataga Valley prospects.
Badja Project
The Badja project is located 32 kilometres southeast of the township of Yalgoo and covers an area of 870 hectares. The project's tenements include 2 centrally granted mining leases an adjoining mining lease application covering 279.3 hectares, and a granted exploration license covering 590.3 hectares. EMU’s previous drilling work has identified areas that are prospective for high-grade gold, tungsten and lithium.
EMU is evaluating options to maximize the value of the project, either through sale or retention.
Yataga Copper Project
The Yataga copper project is composed of two prospects overlaying the copper geochemistry anomalous zones within the Yataga Igneous Complex. Most recent discoveries include widespread surficial copper mineralisation along the NNW-SSE shear zone in the central part of the Yataga Copper Project. Surface geochemical surveys have updated EMU’s ecological modelling and identified multiple intra-pluton porphyry copper centres close to the surface. The company’s
recent work has identified a combined area of 8 sq. km of copper-in-soil anomalism with significant potential for expansion. The results from EMU’s field work continue to prove the project’s potential to be a global tier 1 scale copper discovery.
Management Team
Peter Thomas – Non-executive Chairman
Peter Thomas has over thirty years of experience running a legal practice specializing in giving advice to listed explorers and miners. He has served on the boards of various listed companies, including as the founding chairman of copper producer Sandfire Resources and mineral sands producer Image Resources. His current ASX-listed company board positions include non-executive director of Image Resources and non-executive chair of Middle Island Resources.
Roland Bartsch - Non-Executive Director
Roland Bartsch MSc. BSc (Hons) is a geoscientist/mining executive with more than 30 years’ experience in mineral exploration, project development, resource evaluation and mining.
Commencing his career at Western Mining Corporation he has worked with diverse major mining organisations, international consulting groups, and junior miners on copper-gold, base metal, gold and iron ore projects extending from Greenland, the Americas, Africa, Indonesia, Solomon Islands and Australia. Recent roles include chief executive officer, country manager Australia, general manager geology, vice-president technical/geology, technical director and manager geology, mining and exploration.
Tim Staermose – Non-executive Director
Tim Staermose boasts 23 years of expertise in equity capital markets and equity research. His professional journey includes roles at international sell-side equity brokerage firms based in South Korea and Hong Kong, notably Banque Indosuez (now part of Credit Agricole) in the late 1990s and Lehman Brothers in the early 2000s. Transitioning from sell-side equity research, Staermose has since operated as an independent researcher and stock-picker for several private research firms, focusing on natural resources, gold and mining investments.
Potential for large-scale copper porphyry discovery in Queensland, Australia
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