EMU NL (“EMU” or “the Company”) is pleased to provide an update on recent exploration work at the Company’s newly named Yataga Copper Project¹, located within the Yataga Igneous Complex near Georgetown in North Queensland.

• Recent surface Geochemical surveys have updated EMU’s Ecological modelling and identified multiple intra-pluton porphyry copper centres close to surface within the Yataga Copper Project at Georgetown in Far North Queensland.
• EMU’s consultants have advised that these porphyry centres are concentrated along a “structural belt” and modelled to be near surface and their advice is that the unusual character of these intra-pluton copper centres nay be analogous to the Highland Valley Copper Mine, where a series of porphyry copper deposits host Canada’s largest open pit copper nine which produced more than 130kt in 2021.
• Dr Gregg Morrison, Queensland-based Geological Consultant with 45 years’ experience, has accepted an invitation to be appointed Technical Advisor to the Project. His authority and significant knowledge of the metallogenic systems of northern Queensland adds substantial value to the developing discovery.
• EMU’s recent work has identified a combined area of 8km² of copper-in-soil anomalism with significant potential for expansion.
• Additional work includes;
  • a 220-line km airborne electromagnetics survey (results pending).
  • A 20-line km ground-based Pole-Dipole Induced Polarisation (PDIP) and Magnetotelluric (MT) survey currently underway.
• These geochemistry and geophysics survey results will provide an optimized low risk drilling programs to be carried out in the near future.

EMU Non-Executive Chairman Peter Thomas commented:

“Whilst it is still early days, results from EMU’s field work continue to provide encouragement that this project has the potential to be a Global Tier 1 scale copper discovery.

EMU has undertaken a meticulous, methodical and measured exploration programme guided by the best available expertise. EMU has carried out important Geophysical and Geochemical survey work that is assisting Ecological assessment of what appears to be high grade surface mineralisation indicating the presence of multiple Cu-bearing intrusive centres close to surface. EMU is determined to do a professional job driven by fundamentals and first principles.

Accordingly, EMU remains focused on establishing sound compelling drill vectors that give the project its best chances of success

Prudent and diligent field and desktop work being pursued is a comparatively low-cost avenue to optimise drilling efforts.

We are absolutely delighted and honoured to have secured the services of Dr Gregg Morrison, an expert in the style of mineralisation we are encountering at the Yataga Copper Project. Dr Morrison has already added value with his input to recent exploration and modelling. His technical knowledge on ore controls and hydrothermal system Geometry will be invaluable in defining and building confidence in drill targets as we seek to unlock the potential large-scale economics of the project.

Our recent 27km² Geochemistry field survey, has demonstrated vast copper-in-soil anomalism over an area of 8km² in aggregate reflecting very large potential. Our exploration team believes that the abundant and pervasive surficial expression of copper cannot be explained other than that there simply MUST be a near surface local concentrated source. Our goal is to find that source.

The team is working with preliminary pXRF Geochemistry to delineate the likely mineralisation fluid- flow geometry leading to defining priority structural/geological drill targets. Meanwhile, we continue to take samples for Geochemical analysis and to gather Geophysical data directed at providing compelling vectors for drilling at Yataga and, additionally, to assess bonanza grade gold occurrences across the broader 850km² project.

EMU will prepare an appropriate drilling program the project once its team is comfortable that a higher level of confidence in targets can be achieved.”

Exploration Activity

EMU’s discovery team has made significant progress with the latest Geochemistry field work. The termite mound sampling methodology has proven to be highly reliable and productive.

The 27km², grid controlled pXRF (Portable X-Ray Fluorescence analyser) programme sampled 1152 termite mounds. The combined area of highly anomalous copper has been substantially extended with copper mineralisation surface expression now covering a vast area – approximately 8km² including the original discovery prospect – Fiery Creek. (See Figure 1). The potential to extend the area of copper mineralisation even further is possible and will follow from in field geochemistry and geophysics surveys currently in progress.

The areas of copper-in-soil anomalies delineated in this first-pass programme are defined as pXRF values ranging between 150 – 76͘ ppm Cu, equivalent to 5 – 25 times the average crustal abundance (or background values) for copper in Granodiorites.

Figure 1: The termite mound Geochemical sampling programme grid with Copper (Cu) heat map overlying geology. The main Cu-zones of Fiery Creek Prospect and Yataga Valley Prospect are clearly defined. (See also Figure 4.)

Modelling of the surface mineralisation indicates the presence of multiple Cu-bearing intrusive centres close to surface. Planned geophysical surveys to be conducted during September and October are targeted to “nap” the 3-dinensional aspects of the mineralised pluton and provide information on mineral pathways and mineralisation signatures. The surveys will provide a depth component to the surface field data collected to date, enhancing the definition of the erosional level of the mineralised system and the depth extent of the pluton roof and the location of the stocks and dykes that are the source of mineralisation.

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