Mt Edon Drilling Results Confirms High Grade Rubidium in LCT Pegmatite Field

Highlights

• Stage 1, 440m RC drilling programme now complete
• High grade Rubidium intersected:
• ME 23 -07    40m at 0.26% Rb₂O from 49m (including 19m at 0.33% Rb₂O and 0.1% Li₂O from 51m), plus 2m at 0.23% Rb₂O from 1m and 2m at 0.3% Rb₂O from 4m
• ME 23 -03    5m at 0.26% Rb₂O from 1m to 6m
• Multiple LCT pegmatites up to 111m depth within 1.2km corridor confirmed by assay results – 0.41% Rb₂O, 0.33% Li₂O and 555 ppm Cs
• Results support ongoing drilling campaign commencing in August 2023 to focus on lateral extension of high-grade zones and undrilled targets

Chief Operating Officer, Simon Phillips commented:

“We are very excited with the assay results from such a small drilling campaign. The hunt for the source of this recently discovered LCT mineralisation continues with the proposed stage-2 drilling campaign set to commence in early August 2023”.

Everest Metals Corporation Limited (ASX: EMC) (“EMC” or “the Company”)is pleased to announce the results from its stage-1 Reverse Circulation (“RC”) drilling campaign at the Mt Edon LCT Project (M59/714) (“Mt Edon”) located 5km southwest of Paynes Find, in the Mid-West region of Western Australia (Figure 3).

REVERSE CIRCULATION PROGRAMME, STAGE-1

The Company has undertaken a phased drilling program at Mt Edon. Stage-1 RC holes drilled a total of 441m and was completed in late May 2023. The drilling program was designed to test Deep Ground Penetration Radar (“DGPR”) targets[1] and structural trends identified through surface sampling and geological mapping[2]. The drilling was conducted across nine targets and included 11 holes with an average depth of 40m (Figure 1). Samples collected during the recent drilling campaign were one-metre splits with 230 samples being sent to the ALS laboratory in Perth. Samples were assayed for a standard multi-element LCT pegmatite suite including rare earth elements using the process of a 4- acid digest followed by Lithium Borate Fusion ICP-MS for detection.

Figure 1: Cross section looking east – Shows significant mineralised intersection in hole MD23- 07, 08 and 09 located in the northwest area of the Mt Edon tenement and planned holes

Drill hole ME23-007 (Figure 1 and 2) intersected a mixed zone of altered mafic host rock and 62m of pegmatite up to 111m depth and remained open. Geological logging of the chip samples highlighted well-developed muscovite-rich zones.  This zone is interpreted to be a mineralised alteration zone located between the intrusive pegmatites and the mafic country rock. The zoning and grade distribution suggests that there are lepidolite pegmatite pods near ME23-007, that will be targeted in the next drilling program (Stage 2).

Hole ME23-007 intersected over 40 metres grading 0.26% Rb₂O from 49m, including 19m at 0.33% Rb₂O (0.43% Rb₂O + Li₂O), in addition to three higher grade zones of 2m @ 0.53% Rb₂O + Li₂O (14-16m), 2m @ 0.53% Rb₂O + Li₂O (20-22m) and 2m @ 0.53% Rb₂O + Li₂O (30-32m). The entire mineralised intersection within ME23-007 indicates the highly fractionated and fertility of the pegmatite in the northeast corner of Mt Edon. The pegmatite body in this hole remained open at a depth of 111m (dip 60 degree) and there is high potential for lateral extension particularly toward the northeast (Figures 1 and 2). Noteworthy, this hole is drilled in the location of the high-grade rock chip samples (up to 3.1% Rb₂O and 4.6% Li₂O)[3] which has the potential for high grade LCT pegmatite pods at depth. The Potassium / Rubidium (K/Rb) ratio in the entire pegmatite intersected in hole ME23-007 is approximately 20, which reflects the degree of substitution of Rb for K in the mica’s crystal structure. A ratio of below 150 indicates a fractionated pegmatite and below 15 is a highly fractionated pegmatite.

The alteration zone within hole ME23-007 indicates a high Rb/Li ratio and is interpreted to have a component of rubidium mica which would be expected next to a pegmatite. The highest rubidium grades were in mica rich pegmatites. This may be the rubidium bearing muscovite forming the alteration zone on contacts. Also, the pegmatite intersected in holes ME23-003 with 5m at 0.26% Rb₂O from 1m, ME23-008 (2m at 0.17% Rb₂O), and ME23-009 (5m at 0.14% Rb₂O) can be identified as lepidolite rich.

Figure 2: Location of RC drill holes (stage-1) at Mt Edon and proposed area for stage-2 drilling in northeast corner of tenement

Table 1: Significant results for stage -1 drilling at Mt Edon  

SAMPLE	Drill hole	Interval (m)		Rb2O	Li2O	Cs	Nb	Ta
		From	To	%	%	ppm	ppm	ppm
EMC048	ME23-002	6	7	0.14	0.02	15.6	37	12
EMC049	ME23-002	7	8	0.18	0.01	17	28	11.2
EMC050	ME23-002	8	9	0.14	0.02	12.6	38	8.8
EMC051	ME23-002	9	10	0.20	0.05	38.6	48	16.5
EMC053	ME23-002	11	12	0.13	0.06	48.7	107	44.7
EMC056	ME23-002	14	15	0.19	0.03	92	46	17
EMC057	ME23-002	15	16	0.20	0.03	69.9	96	46
EMC083	ME23-003	1	2	0.22	0.01	18.4	14	10.4
EMC084	ME23-003	2	3	0.12	0.02	21.7	39	20.6
EMC085	ME23-003	3	4	0.39	0.03	54.2	48	18
EMC086	ME23-003	4	5	0.29	0.02	49.4	153	111.5
EMC087	ME23-003	5	6	0.24	0.03	62	77	36.8
EMC090	ME23-003	8	9	0.15	0.05	58	33	14.2
EMC0111	ME23-004	1	2	0.18	0.05	38	37	8.6
EMC0112	ME23-004	2	3	0.14	0.08	39.4	76	34.6
EMC0116	ME23-004	5	6	0.13	0.08	19	62	10.2
EMC0159	ME23-005	7	8	0.19	0.03	30.5	34	9
EMC0220	ME23-007	14	15	0.29	0.18	434	34	16.2
EMC0221	ME23-007	15	16	0.35	0.25	555	6	0.6
EMC0226	ME23-007	20	21	0.28	0.23	500	23	7.6
EMC0227	ME23-007	21	22	0.28	0.23	523	25	12
EMC0231	ME23-007	25	26	0.24	0.11	114.5	95	39.9
EMC0232	ME23-007	26	27	0.26	0.20	147	123	40.9
EMC0234	ME23-007	28	29	0.22	0.06	83.4	67	32.7
EMC0236	ME23-007	30	31	0.38	0.33	279	28	13.6
EMC0237	ME23-007	31	32	0.23	0.23	198.5	<5	1.6
EMC0238	ME23-007	32	33	0.20	0.15	130	21	8.1
EMC0240	ME23-007	34	35	0.26	0.05	72.9	31	9.5
EMC0241	ME23-007	35	36	0.33	0.04	74.1	21	10.5
EMC0243	ME23-007	37	38	0.19	0.02	43.5	57	23.5
EMC0244	ME23-007	38	39	0.27	0.06	79.8	44	12.6
EMC0245	ME23-007	39	40	0.23	0.20	248	27	9.1
EMC0255	ME23-007	49	50	0.20	0.08	48.7	63	22.8
EMC0256	ME23-007	50	51	0.21	0.08	36.6	58	10.6
SAMPLE	Drill hole	Interval (m)		Rb2O	Li2O	Cs	Nb	Ta
		From	To	%	%	ppm	ppm	ppm
EMC0257	ME23-007	51	52	0.24	0.08	43.2	49	13.5
EMC0258	ME23-007	52	53	0.31	0.06	52.2	25	5
EMC0259	ME23-007	53	54	0.23	0.08	53.1	39	8
EMC0261	ME23-007	55	56	0.18	0.10	45.4	55	22.8
EMC0262	ME23-007	56	57	0.35	0.12	91.1	42	27.1
EMC0263	ME23-007	57	58	0.41	0.13	125	43	13.1
EMC0264	ME23-007	58	59	0.37	0.13	117	46	21.8
EMC0265	ME23-007	59	60	0.37	0.11	121.5	27	7.5
EMC0266	ME23-007	60	61	0.35	0.19	126	38	13.9
EMC0267	ME23-007	61	62	0.31	0.17	96.1	44	12
EMC0268	ME23-007	62	63	0.34	0.09	61.8	43	10.6
EMC0269	ME23-007	63	64	0.38	0.05	55.8	15	7.6
EMC0270	ME23-007	64	65	0.39	0.05	60.7	21	8.4
EMC0271	ME23-007	65	66	0.38	0.05	60.3	24	9.2
EMC0273	ME23-007	67	68	0.30	0.11	58	43	11.4
EMC0274	ME23-007	68	69	0.34	0.08	84.6	36	15.2
EMC0275	ME23-007	69	70	0.31	0.13	72.9	51	19.5
EMC0276	ME23-007	70	71	0.35	0.05	82.7	14	26.7
EMC0277	ME23-007	71	72	0.37	0.07	88.4	21	7.7
EMC0278	ME23-007	72	73	0.35	0.08	79.5	30	9.1
EMC0279	ME23-007	73	74	0.34	0.10	68.6	44	10.6
EMC0280	ME23-007	74	75	0.29	0.09	64.5	51	14.9
EMC0281	ME23-007	75	76	0.24	0.05	61	25	9.3
EMC0282	ME23-007	76	77	0.19	0.12	50	80	27.7
EMC0283	ME23-007	77	78	0.27	0.08	70.5	34	14.2
EMC0284	ME23-007	78	79	0.24	0.04	58.1	25	14.2
EMC0285	ME23-007	79	80	0.25	0.06	54.7	66	33.8
EMC0286	ME23-007	80	81	0.15	0.06	29.8	78	21.9
EMC0294	ME23-007	88	89	0.14	0.05	36	33	9.9
EMC0295	ME23-007	89	90	0.15	0.06	44.7	29	8.5
EMC0297	ME23-007	91	92	0.16	0.04	33.3	24	6.6
EMC0301	ME23-007	95	96	0.20	0.09	60.3	33	11.3
EMC0303	ME23-007	97	98	0.17	0.06	47.6	31	7.4
EMC0307	ME23-007	101	102	0.15	0.05	39.9	33	14.7
EMC0308	ME23-007	102	103	0.16	0.03	47.8	32	15
SAMPLE	Drill hole	Interval (m)		Rb2O	Li2O	Cs	Nb	Ta
		From	To	%	%	ppm	ppm	ppm
EMC0309	ME23-007	103	104	0.20	0.05	56	43	14.6
EMC0316	ME23-007	110	111	0.15	0.03	52.4	36	23
EMC 332	ME23-008	13	14	0.27	0.21	192.5	12	11.9
EMC0357	ME23-009	12	13	0.12	0.10	157.5	19	5.8
EMC0361	ME23-009	16	17	0.12	0.14	91.3	9	4.6
EMC0384	ME23-010	13	14	0.19	0.03	34.1	50	11
EMC0385	ME23-010	14	15	0.22	0.10	174	67	16.2
EMC0395	ME23-010	24	25	0.16	0.02	24.5	42	12.4
EMC0396	ME23-010	25	26	0.16	0.05	26.9	58	14.7
EMC0397	ME23-010	26	27	0.15	0.06	28.9	76	56.4
EMC0431	ME23-011	10	11	0.14	0.03	10	41	8.3
EMC0435	ME23-011	14	15	0.14	0.03	19.4	30	5.6
EMC0439	ME23-011	18	19	0.15	0.04	24.6	51	9.6
EMC0440	ME23-011	19	20	0.16	0.05	26.8	54	17.2
EMC0441	ME23-011	20	21	0.13	0.06	27.6	66	24.2
EMC0442	ME23-011	21	22	0.13	0.04	19.8	71	19.2

Strongly anomalous LCT elements that occur in association with Rubidium (maximum value 0.41% Rb₂O), include the following maximums in individual drilling assays being Li₂O 0.33%, Cs 555 ppm, Nb 153ppm and Ta 111ppm (Table 1). Furthermore, results of the stage-1 drilling program indicate the small drilling campaign (441m) was successful in identifying that Mt Edon has the potential to host a real LCT project – The high grade intersected Rubidium is in line with world class Rubidium occurrences including the Karibib pegmatite deposit in Namibia (8.9 Mt at 0.23%Rb)[4] and Guobaoshan deposit in China (234 Mt at 0.12%Rb)[5].

The Company has a plan for the Quantitative Evaluation of Minerals by Scanning Electron Microscopy (QEMSCAN), Electron Probe Micro-Analyzer (EPMA), and Laser Ablation Inductively Coupled Plasma Mass Spectrometry (LA-ICP-MS) studies to be undertaken to better understand the mineralogy of the high-grade Rubidium and to characterise the mineral assemblage of the LCT pegmatites at Mt Edon. A stage-2 drilling program is planned to commence in August 2023 to define the lateral extension of high-grade zones defined in the northeast corner of Mt Edon and along with targeting undrilled pegmatites. 

A summary of important assessment and reporting criteria used for this Exploration Results announcement is provided in Appendix 2 – 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 Edition). Criteria in each section apply to all preceding and succeeding sections.

RUBIDIUM PRICE AND MARKET

Rubidium’s potential as a component in sodium-ion batteries has seen growing interest in the rare metal market[6].

Rubidium is currently used in the manufacture of photocells and in the removal of residual gases from vacuum tubes. Rubidium salts are used in glasses and ceramics, and in fireworks to give them a purple colour. Rubidium compound (rubidium carbonate) has multiple industrial uses, principally for speciality glass such as fibre optic cables, telecommunications systems including an important role in GPS systems, and night vision devices. Moreover, the escalating demand for Rb in biomedical research is expected to propel market growth. The price of Rubidium Carbonate is currently over $1,100/kg which is one of the highest value critical metals[7].

NEXT STEP

• Stage-2 RC drilling, planned to commence in August 2023.  
• Mineralogical studies by QEMSCAN, EPMA and LA-ICP-MS to characterise the mineral assemblage of LCT pegmatites.

MT EDON LCT PROJECT BACKGROUND

Mt Edon LCT Project sits on mining lease M59/704 and covers the southern portion of the Paynes Find greenstone belt in the southern Murchison which hosts an extensive pegmatite field. There are several large irregular shaped felsic pegmatites which have intruded into the Paynes Find Greenstone Belt, a northeast trending sequence of mafic, ultramafic, and sedimentary rocks, with east-west structures cutting these metasediments. Pegmatites appear to be folded sills dipping in variable directions and angles and are connected at depth representing both sill and dyke structures. These prospective pegmatites have a northeast-southwest strike of up to 350m and occur along a 1.2km interval of the LCT Pegmatite corridor. Larger pegmatitic bodies appear less influenced by the underlying structural trends and fabrics, with many of these bodies cutting both structural fabrics. The larger pegmatitic bodies are interpreted as blowouts related to structural intersections..

Figure 3: Mt Edon mining lease location map

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[1] ASX: EMC announcement; Deep Ground Penetration Radar (DGPR) Geophysical Survey Successfully Identifies Previously Undiscovered Pegmatite Targets at Mt Edon Project, dated 1 May 2023

[2] ASX: EMC announcement; Mt Edon Project Exploration Update, dated 29 March 2023.

[3] ASX: EMC announcement; High Grade Lithium up to 4.6% (Li₂O) & Rubidium up to 3.1% (Rb₂O) From Surface Rock Samples, dated 13 June 2023

[4] Micas of the muscovite – Lepidolite series from Karibib pegmatites, Namibia, Mineralogical Magazine, Volume 71, February 2007.

[5] Geochronology and tectonic setting of the giant Guobaoshan Rb deposit, Central Tianshan, NW China, Ore Geology Reviews, Volume 141, February 2022

[6] Growing Rubidium Energy Metal Value Leads to Discovery Surge, The Assay, November 2022

[7] https://www.metal.com/Other-Minor-Metals/202012250004