Eastern Metals

Successful $1M Placement to Accelerate Exploration

Proceeds to be used to underpin upcoming programs at the Arunta Project, Northern Territory and Cobar Project, New South Wales

Eastern Metals Ltd (ASX:EMS) (“Eastern Metals” or “the Company”) is pleased to announce that it has received firm commitments from professional and sophisticated investors to raise $1,000,000 (before costs) in a placement through the issue of 31.25 million new fully paid ordinary shares (“Shares”) at an issue price of $0.032 per Share (“the Placement”).


KEY POINTS

  • Completion of a successful ~$1M placement through the agreed issue of 31.25 million new fully paid ordinary shares, at an issue price of $0.032 per Share (the “Placement”).
  • Funds raised will be used to accelerate exploration activities across the Company’s highly prospective copper and base metals portfolio, in particular the Cobar Project in NSW and the Arunta Project in the NT.
  • This will include a systematic approach to generate and test targets along strike from the advanced exploration projects at Home of Bullion (NT) and Browns Reef (NSW).
  • Work is underway in the Cobar Basin north of Browns Reef along the Woorara Fault, with detailed field mapping and surface sampling in progress.
  • An independent structural review is expected to be completed this month for the Home of Bullion deposit (3.1Mt Resource at 2.9% CuEq)1 and surrounding geological trend.

The proceeds of the Placement will be used to accelerate the Company’s exploration activities across its highly prospective portfolio of polymetallic projects in the Cobar Basin and NT, as well as to provide additional working capital. Proposed upcoming work programs include:

  • Induced Polarisation (IP) surveys, mapping and field sampling programs along the Woorara Fault, a regional structure associated with Browns Reef, which extends into the Company’s 100%-owned EL9136 (Bothrooney).
  • IP surveys, mapping and field sampling programs across high-priority areas along strike from the Company’s 3.1Mt @ 2.9% CuEq Home of Bullion deposit within the Arunta Project in the NT. This work will be informed by the outcomes of an independent structural review currently being completed by SRK Consulting.
  • Preparation of near-term drill targets both at Browns Reef (EL6321) and Home of Bullion (EL23816).

Eastern Metals’ Chief Executive Officer Ley Kingdom said: “We are pleased with the strong support received for this strategic $1 million capital raising, which will allow the Company to accelerate its exploration activities on two fronts. I would like to take this opportunity to welcome new investors who have joined our register as part of the Placement, as well as to thank existing shareholders for their continued support.

“With copper prices recently reaching new highs and investor interest in the Cobar Basin spurred on by some new high-grade discoveries by our neighbours, this is an exciting time for Eastern Metals. The proceeds of the raise will give us the capability to accelerate workstreams across both the Arunta/Home of Bullion Project, Browns Reef and in our tenement holdings in the Cobar Basin to the north.

“At Browns Reef we are working up potential drill targets in a district that is currently attracting significant investor interest. We look forward to providing regular updates on these programs in the weeks and months ahead as this work progresses.”

“We are also looking forward to receiving the outcomes of an independent expert review of the Arunta/Home of Bullion Project from SRK in the coming weeks and using that information to help design ground-based field programs including geophysics, mapping and sampling prior to drilling.


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.

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