Significant Tungsten and Critical Minerals Assays, Cleveland Project

Elementos Limited (ASX: ELT) has bolstered the development prospects of its Cleveland Tin Project, in the mineral rich province of north-west Tasmania after outstanding drill assays from the “Foleys Zone” confirmed large continuous zones of tungsten, co-mineralised with a suite of highly desired critical minerals.

Highlights:

• Drill assays confirm large tungsten mineralisation over 465.9m (above a cut-off grade of 0.1%) including a single continuous zone of 319.5m @ 0.18% WO₃ from 772.4m (downhole)
• Multiple higher-grade zones of tungsten (~0.24-1.6% WO₃) identified throughout the broader tungsten mineralisation within the Foleys Zone.
• Significant co-mineralisation of Critical Minerals intersected within the tungsten mineralisation, including high-value minerals; rubidium, molybdenum, fluorspar/fluorite and bismuth. Rubidium, as Rubidium Carbonate, currently trades in the range of ~US$1,100/kg^# (~US$1.1M/t).

Managing Director Joe David said the results increase the Cleveland Project’s development prospectivity considerably.

“In addition to the previously established 7.5Mt of tin and copper Mineral Resources³ and the 4.0Mt of tungsten Mineral Resources^1,2, the project now has an additional suite of Critical and Strategic Minerals^{*^} to evaluate including molybdenum, fluorite/fluorspar (further assays pending), bismuth and rubidium. These minerals are targeted by the Australian and US Governments (and their allies) due to their contribution to high-tech industries and current reliance on concentrated offshore supply chains,“ Mr David said.

“These Foley Zone intersections are potentially game-changing for the project as we continue to build a robust suite of Critical Mineral mineralisation, ahead of developing the technical studies to define the economic case for the company’s planned re-start of the old Cleveland Tin Mine.

“The confirmation of just under half-a-kilometre of tungsten, of substantial grade and intensity appear globally significant. This is despite the fact the hole drifted slightly at depth and missed the ultimate porphyry dyke target (historically intersected) leaving potential further upside for the mineralisation, grades and the project.”

“Whilst the intersection of minerals other than tungsten was considered prospective, due to several research papers and historic mine records, the thickness of continuity of some of these Critical Mineral intercepts has been a positive surprise. Particularly noteworthy is intersecting over 200m of previously un-identified rubidium mineralisation (>0.1% Rb), a rare and unique mineral which trades around US$1.1 million/tonne,” he said.

“Rubidium is indispensable for quantum computing, GPS technology, fibre optics, electronics, pyrotechnics, the medical industry and is also used to make specialty glass.”

“We believe on-top of the previously defined Mineral Resources^1,2,3, the confirmation of just under 500m of additional Tungsten mineralisation, co-mineralised with these Critical and Strategic Minerals definitely puts the Cleveland Project back-on-the-map.”

Assay Results

As previously reported, drill hole C2124/C2124A was drilled to a depth of 1,122m. The drill hole tested for extensions to the tungsten Mineral Resource^1,2 within the highly prospective “Foleys Zone” which lies beneath the Cleveland tin-copper Mineral Resource³.

The current assay data being reported is in addition to previously reported assay data from this drill hole (18 June 2024⁵, 10th July 2024⁶ & 4th Sept 2024⁸).

In conjunction with follow-up workstreams (ie. fluorite assays), the company will continue to refine its development plan and focus for the Cleveland Project.

Note, only initial fluorspar/fluorite assays are reported. A further 291 samples (representing 394.2m) are being sent to the ALS laboratory in Vancouver laboratory for specialised ore-grade halogen assays after it was previously identified that many samples were above recordable levels for the Brisbane laboratory.

The tungsten analytical results for these sample depths were reported earlier⁸.

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