Highlights
- Multiple large uranium anomalies and paleochannel uranium targets identified at the Georgina and Amadeus Northern Territory packages
- Georgina contains a 50km radiometric anomaly target corridor as defined from reprocessing of radiometric data
- Geophysical data interpretation also highlights multiple base metals magnetic targets at Amadeus
- EMC to prioritise targets in coming months for follow up in Q3-2024
“EMC’s Northern Territory landholding has the potential to host multiple commodities and deposit types. The utilisation of modern technology to reinterpret historical geophysical data underscores the potential for Uranium and sedimentary Cu-Pb-Zn mineralisation to be hosted within the Georgina and Amadeus Projects, with the world class Arafura Rare Earths Project residing between both project areas.”
Commenting on the geophysical interpretation of the Georgina and Amadeus Projects, Executive Chairman & Chief Executive Officer Mark Caruso said:
Everest Metals Corporation Limited (ASX: EMC) (“EMC” or “the Company”)is pleased to announce that interpretation of magnetics, electromagnetics, radiometry and gravity geophysical data has identified ten very large Uranium, magnetic and sedimentary hosted base metals targets within the Company’s 100%-owned Georgina and Amadeus Projects, located 220km northeast and 150km west of Alice Springs in the Northern Territory.
PROJECT LOCATION
The Northern Territory tenement package covers an area of 10,207.84km2, and is comprised of two areas – the Georgina tenure (5,001.08km2) located 220km northeast of Alice Springs and the Amadeus tenure (5,206.76km2) located 150km west of Alice Springs.
Figure 1: Map showing tenements granted (red) and tenement applications (black) in the Alice Springs and Central Desert regions of Northern territory.
GEOPHYSICAL INTERPRETATION
The Company engaged Resource Potentials, for modelling and interpretation of existing geophysical data over the Georgina and Amadeus Projects, both located in the Northern Territory. The geophysical database including Gravity, Magnetics, Radiometric and Electromagnetics (AusAEM) has been processed and interpreted by specialist geophysical consultants. The application of modern technology, reprocessing and interpretation of historical geophysical data has revealed multiple prospective anomalies and exploration targets. Interpreting the airborne magnetic, gravity and radiometric data proved challenging due to the complicated geology, variable regolith and changing of the metamorphic grade and structural history of both the Georgina and Amadeus Projects. Nonetheless, despite these challenges, high-priority target areas spanning 220km2 have been delineated across ten specific targets.
Limited historical exploration has been completed throughout the Georgina and Amadeus tenement areas. Geologically the area is poorly understood due to limited outcrop, weathered profile and a thin veneer of aeolian sands masking vast areas of the region. No regular surface geochemistry sampling has been undertaken on the Georgina and Amadeus tenement packages. Historical drilling has primarily consisted of shallow RAB/ RC holes with a limited number of deep stratigraphic/petroleum holes.
GEORGINA PROJECT
The Radiometric images of the Georgina project show moderate responses in the northeast and southwest, divided by a corridor of low response trending southeast through the centre of the project. Regional radiometric data shows multiple very large and high-amplitude uranium anomalies that stretch over at least 50km of aggregate strike and across several of Georgina’s tenements (Prospect 1, 3, 4 and 5). Several uranium anomalies detected by an airborne radiometric survey corresponded with broad, low mounds and small areas surficial ferrugination (Figure 2). Analysis of the data obtained from the Airborne Electromagnetic (AEM) Survey has substantiated the potential of Paleochannel Uranium (Prospect 1) within the system and covers a major structural corridor on the southern margin of the Georgina Basin. Furthermore, significant fault systems, which have influenced the movement and deposition of uranium, underscore the considerable potential of this region for the formation of sandstone-hosted uranium mineralisation, as identified through regional mapping.
At Georgina, uranium exploration efforts have utilised models known as sediment-hosted, roll-front, and unconformity-related. These three types of mineralisation have been focused on, at or near the unconformity between the basement of the Arunta Region and the sedimentary rocks overlaying the southern Georgina Basin. Other exploration models have included sediment-hosted uranium mineralisation in the Devonian-Carboniferous Sandstone, roll-front uranium mineralisation, unconformity-related uranium mineralisation and uranium in association with phosphate and REE reported in the eastern Georgina Basin. Currently, most uranium exploration activity in the Georgina basin area is focused on mineralisation in overlying Cenozoic strata. Radiometric anomalies and conceptually targeted uranium mineralisation at the unconformity between Cenozoic limestone and underlying Cambrian limestone, siliciclastic sedimentary rocks, and basalt.
In the central and western sections of the basin overlapping the Georgina project area, the magnetic field imagery shows more consistently northwest-trending magnetic markers increasing in number towards the south of the basin, which in many areas can be mapped directly to outcropping geology. Predominant magnetic marker orientation variability occurs within the project, particularly in the northeast, which sees a regular east-northeast orientation after a west-northwest trending structure that crosscuts through the centre of the Georgina project. The deformation pattern evident in the outcrop is imaged more continuously by both magnetic and gravity data. It is generated by the sedimentary section’s response to both reverse and strike-slip movement basement faults.
Moreover, a high gravity-low magnetic anomaly has been observed in the eastern side of the Georgina tenements (EL33422) that could be prospective for an Iron ore (Hematite) target (Prospect 2). In addition to uranium exploration, a key focus for the Georgina Project (EL33422-33427/EL33433/EL33439) is directed toward polymetallic base metal mineralisation, particularly copper-lead-zinc, lithium-bearing pegmatites and REE mineralisation. The basin is also very prospective for phosphate over large areas of its central and northern parts and hosts several substantial deposits, including Wonarah in the NT.
Figure 2: Priority target at the Georgina exploration project
AMADEUS PROJECT
The sedimentary rocks of the Amadeus basin contain mineral and industrial commodities such as uranium, base metals (copper, lead-zinc), manganese, iron ore, phosphate, barite, etc. EMC’ key focus for the Amadeus Project (EL33415-EL33421) is directed toward sediment-hosted polymetallic mineralisation, particularly copper-lead-zinc, potential Mississippi Valley Type (MVT) Pb-Zn mineralisation, paleochannel uranium and possible REE mineralisation.
The Radiometric images from the Amadeus project depict high responses associated with surface structures within tenement EL33421, which is considered promising for paleochannel uranium (Prospect 6).
The Amadeus Basin has known reserves of uranium in Devonian stratigraphy south of Alice Springs and recorded occurrences of base metals, manganese, and phosphate. The buried basement rocks commonly show a zone of saprolitic weathering, overlain by calcrete Tertiary sediments, overlain in turn by Quaternary alluvial and colluvial gravels and sands, The basement rocks contain elevated values of uranium and thorium and are also the source of the Rare Earth minerals found in the Charley Creek alluvial (STRIKE Northern Territory Government, 2023). The noted explorer, Enova Mining’s Charley Creek REE project, located 50km from Amadeus, targets alluvially sourced from basement rocks containing elevated values of uranium and thorium. These alluvially are the main target for other companies, searching for regional REE enrichment.
In the central and eastern sections of the basin, the magnetic field imagery shows more consistently parallel west-northwest trending magnetic markers, which in many areas can be mapped directly to outcropping geology over the major anticlines. The deformation pattern evident in the outcropping folds is imaged more continuously by both magnetic and gravity data. It is generated by the sedimentary section’s response to both reverse and strike-slip movement basement faults. It is yet unknown what petrologic process resulted in the anomaly.
The Amadeus basin is a salt basin historically explored for hydrocarbon resources. Oil and Gas have been produced and exported from the region since the mid-80s and the region has been highlighted as having considerable potential for sediment-hosted base metals. Seismic, aeromagnetic, and gravity surveys all working together yield impressive results for the regional study. Features like basement highs that regulate mineralisation can be spotted through aeromagnetic and gravity surveys. Three magnetic anomalies (Prospect 8,9 and 10) and one sedimentary hosted Cu-Zn-Pb (Prospect 7) has been identified (Figure 3).
Figure 3: Priority target at the Amadeus exploration project
Table1: Priority targets at Georgina and Amadeus tenements, Northern Territory
| Target ID | Tenement Region | Target / Anomaly | Centroid (UTM) | Area (Km2) | Mineralisation Type |
| 1 | Georgina | Paleochannel | 465788, 7548065/ MGA Zone53 | 135.6 | Uranium |
| 2 | Georgina | Gravity/Magnetic | 519793, 7571851/ MGA Zone53 | 37.3 | Iron Ore (Hematite) |
| 3 | Georgina | Radiometric | 453358, 7572660/ MGA Zone53 | 11.7 | Uranium |
| 4 | Georgina | Radiometric | 508686, 7573673/ MGA Zone53 | 5.4 | Uranium |
| 5 | Georgina | Radiometric | 508493, 7574856/ MGA Zone53 | 3.5 | Uranium |
| 6 | Amadeus | Paleochannel | 243713,7387741/ MGA Zone52 | 11.2 | Uranium |
| 7 | Amadeus | Magnetic | 241131,7384990/ MGA Zone52 | 5.5 | Sedimentary Cu-Zn-Pb |
| 8 | Amadeus | Magnetic | 149055,7386958/ MGA Zone52 | 3.7 | Base metals |
| 9 | Amadeus | Magnetic | 177539,7378239/ MGA Zone52 | 1.8 | Base metals |
| 10 | Amadeus | Magnetic | 184734,7380991/ MGA Zone52 | 4.9 | Base metals |
An application has been made for the Northern Territory’s Geophysics and Drilling Collaborations (“GDC”) program. Regional-scale geophysics will be submitted in April 2024. Subject to the success of the application, the Government will reimburse the Company up to $100,000 for each geophysical survey.
A summary of important assessment and reporting criteria used for this Exploration Results announcement is provided in JORC Table 1 in accordance with the checklist in the Australian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (the JORC Code, 2012).
BACKGROUND
In late December 2022, the Company applied for 15 x Mineral Exploration Licences (“ELs”) 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, 5,001.08km2), and 150km west of Alice Springs (Amadeus tenure, 5,206.76km2). The Northern Territory Department of Industry, Tourism, and Trade (“DITT”) have formally confirmed the application and assigned ELA numbers[1].
The Company followed up on landowner and native title agreements post-granting of applications. Applications EL33421-EL33424, EL33433, and EL33439 had a National Native Title Tribunal (“NNTT”) clearance period ended on 6 July 2023, the notice of Intention to Grant was received on 10 July 2023 and Mineral Exploration Licences took effect from 26 July 2023 for a term of six years, comprising 1,189 blocks covering an area of 3,421km2. EMC received a Confirmation of Grant on 8 August 2023 (Figure 1)[2].
The Consent to Negotiate was granted on 15 March 2023 for the other EL applications and application was lodged with the Central Land Council (“CLC”) on 24 April 2023 and the Company received the acceptance letter on 28 July 2023. The pending applications are subject to 22 month negotiation till 31 October 2025.
EMC is expecting to receive Heritage/Cultural Clearance feedback from the Aboriginal Areas Protection Authority (“AAPA”) in June 2024, at which point the Company can then plan for a site visit and reconnaissance program. Relevant stakeholders will be kept up to date with the development of the exploration activities and all engagement will be conducted with the Native Title Parties and Aboriginal Areas Protection Authority as part of the Company’s Environmental, Social and Governance (“ESG”) responsibilities. EMC is expected to obtain all required approvals for these tenements by the end of 2024.
The granting of the new exploration licences provides expanded opportunities for the Company to explore the tenements which lie along the prospective geological basins in the region. EMC completed a Preliminary Desktop Study to identify exploration target areas over two applications areas. The Desktop Study included an assessment of the local geology, geophysical data, surface geochemistry, peer tenure, and historic company reports, aimed to establish an appropriate mineralisation model for the project and identify geological evidence for target delineation and future exploration activities. The study indicates the potential of Lithium pegmatites, Uranium, sediment-hosted Copper-Lead-Zinc and Rare Earth Elements mineralisation. Then, the Company engaged geophysical consultants for interpretation of the geophysical datasets to specify initial exploration target areas.
EMC is committed to carrying out the exploration program and the potential project development within the prescript of the approved Mineral Exploration Licences and under a Mining Management Plan (“MMP”) for Exploration.
NEXT STEPS AT GEORGINA AND AMADEUS
- Hyperspectral remote sensing study and reconnaissance fieldwork.
- Helicopter borne electromagnetic, magnetic, and radiometric survey over target areas.
ACTIVITIES UNDERWAY ACROSS ALL PROJECTS
The Company has a busy period ahead including the following key activities underway:
- Revere Gold and Base Metal Project: Commencement of bulk sampling program, early April 2024.
- Mt Edon Critical Mineral Project: Commencement of phase 1 resource drilling in late April 2024.
- Mt Dimer Gold and Silver Project: Materials characterisation, geotechnical review, and flora and fauna survey underway for mining proposal.
[1] ASX: EMC announcement; EMC Lodge Application for Prospective Tenement Package in Northern Territory, dated 17 January 2023
[2] ASX: EMC announcement; Large Tenement Package Granted in Northern Territory, dated 16 August 2023
