Final Assay Results from Cobar Project Confirm Potential for Intrusion-Related Mineralisation

Eastern Metals Limited (ASX: EMS) (“Eastern Metals” or “the Company”) is pleased to report final assay results from recent reconnaissance drilling at its 100%-owned Cobar Project in NSW.

HIGHLIGHTS

• 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.

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.

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