EMC LODGE APPLICATION FOR PROSPECTIVE TENEMENT PACKAGE IN NORTHERN TERRITORY
Highlights
- Significant application lodged for new tenements in Alice Springs and Central Desert Regions, Northern Territory
- Application area includes 15 Exploration Licences, covering 10,200km2, giving EMC significant land holding in a developing province
- Tenement package covers 2 areas – Georgina tenure, 220km northeast and Amadeus tenure, 150km west of Alice Springs
- Exploration Licence applications are prospective for Lithium pegmatites and sediment-hosted Copper
- Amadeus tenure is north of the Amadeus Basin, containing one of the few Salt Basins in Australia, targeted for underground storage of Hydrogen
- Company has commenced and will continue further Desktop exploration reconnaissance during the Grant period
Commenting on the Northern Territory tenement applications, Chief Executive Officer Mark Caruso said:
“This is an exciting, raw exploration opportunity for EMC, appropriately fitting into the company’s strategy of Battery Minerals and Precious Metal project development. Early reconnaissance has been extremely encouraging across both application packages, and the timeline for applications and on ground reconnaissance line up very well with EMC’s overall project development.”
Everest Metals Corporation Limited (ASX: EMC) (“EMC” or “the Company”)is pleased to announce that the Company recently applied for 15 Exploration Licences (“El’s”) located to the northeast and west of Alice Springs in the Northern Territory. The tenement package covers an area of 10,207.84km2 (3,443 blocks), including two areas 220km northeast of Alice Springs (Georgina tenure, 5,001.08 km2), and 150km west of Alice Springs (Amadeus tenure, 5,206.76 km2). The Northern Territory Department of Industry, Tourism, and Trade (“DITT”) have formally confirmed the application and assigned ELA numbers.
EL applications include EL33415, EL33416, EL33417, EL33418, EL33419, EL33420, EL33421 which are named Amadeus and EL33422, EL33423, EL33424, EL33425, EL33426, EL33427, EL33433 and EL33433 which are named Georgina (Figure 1).
PROJECT INFORMATION
The application areas are located in the southwest margin of the Georgina Basin and in the northern edge of the Amadeus Basin, near the contact of the eastern Aileron metallogenetic province. The rocks of the Aileron province are composed of variably metamorphosed clastic sediments, meta volcanic rocks, calc-silicate rocks, dolerites, mafic rocks, and granites (Figure 2).
The region is characterised by a large variety of mineral deposits, including lode gold, volcanic-hosted massive sulphide (VHMS), carbonate replacement Zn-Cu, Iron Oxide Copper Gold (IOCG), skarn W-(Mo-Cu-Au), lithium-tantalum pegmatites, carbonatite, aeolian/alluvial garnet deposits, rare earth element (REEs), uranium and phosphate deposits. Arafura’s (ASX:ARU) world class Nolans Rare Earth (NdPr) Project sits between EMC’s Georgina and Amadeus Tenures and the Ammaroo Phosphate Project owned by Verdant Minerals is located north of Georgina.
The Mollie and Mount Swan granite complexes are located near the south of the Georgina tenure as well as Utopia Tantalum and Tin in the Alcoota pegmatite field. The Georgina tenure has access from Alice Springs via the Stuart Highway to the north. The Alcoota pegmatite district is one of the four main clusters of the Arunta pegmatite province located in southwest of Barrow Creek. The Northern Territory Geological Survey have reported numerous copper/gold occurrences as well as lithium pegmatites and REEs in the region of the Georgina tenure[1].
The Amadeus Basin is mostly known for its significant hydrocarbon resource with a discovery history back to the early 1960s and production of oil and gas from the mid-1980s, but regarded as prospective for sediment-hosted Cu, Pb and Zn. Stokes Yard, Glen Helen, Ulpuruta, and Haasts Bluff copper-zinc sedimentary hosted mineral occurrences are in the contact of the eastern Aileron Province, near the north of the Amadeus tenure and the area is accessible from Alice Springs via Larapinta drive to the east[2].
The Amadeus tenures are covering the northern edge of the Amadeus Basin, one of the few salt basins in Australia targeted for underground storage of hydrogen[3].
NT geological regions from NTGS 1:2.5M GIS dataset
COMMERCIAL TERMS
The project has been introduced by Mr Angelo Levissianos and the Company is negotiating to enter into a standard Joint Venture (JV) Agreement based on the following key terms and subject to Application approvals:
- $3,000 introduction fee
- 10% free carried interest to FID (converts to 1% NSR if vendor elects not to contribute post FID
NEXT STEPS
- Landowner agreements and access (post granting of applications)
- Complete desktop reconnaissance and identify exploration target areas
[1] The Northern Territory Geological Survey, Geology and mineral resources of the Northern Territory, Chapter 28: Georgina Basin, 2013
[2] The Northern Territory Geological Survey, Geology and mineral resources of the Northern Territory, Chapter 23: Amadeus Basin, 2013
[3] CSIRO, Underground storage of hydrogen: mapping out the options for Australia, 2021
