Highlights
- Reverse Circulation drilling campaign of approximately 1400m consisting of a planned seven holes – each up to 200m deep – at the North Rover Earn-in tenement (E57/1134) is commencing this week
- Drilling will target potential pegmatite hosted lithium mineralisation beneath weathered pegmatite outcrop
- Program is expected to take approximately 10 days
Commenting on the RC drilling program, Chief Operating Officer, Simon Phillips said:
“EMC is pleased Rio Tinto Exploration has decided to progress to the next stage of the North Rover earn-in with commencement of this drilling program. It’s exciting to have a major earn-in partner in exploring this relatively underexplored part of the EMC portfolio.”
Everest Metals Corporation Limited (ASX: EMC) (“EMC” or “the Company”)is pleased to announce that Rio Tinto Exploration Pty Ltd (“RTX”), a wholly owned subsidiary of Rio Tinto (ASX: RIO), has mobilised to EMC’s North Rover tenement (E57/1134) for a planned 7 hole reverse circulation (“RC”) drilling program.
The current RC drilling program is planned to comprise up to 7 holes for a total of 1,400m targeting pegmatite hosted lithium mineralisation beneath weathered pegmatite outcrops. The holes are planned to be drilled on various orientations (vertical and inclined) in order to effectively target the sub-cropping pegmatite (Figure 1). The program is expected to take approximately 10 days.
Figure 1: Map showing proposed RC holes at E57/1134
Rover Project Background
EMC’s 100% owned Rover Project is located near Sandstone in a base metals and gold mineral rich area associated with Archean greenstone belts. The Rover Project consists of three exploration licences E57/1085, E57/1134 and E57/1120 (Figure 2) which make up a large 460km² tenure package covering two linear Archean greenstones, with a combined length of around 160km. Historically the area is relatively underexplored and is currently undergoing a resurgence in exploration. The Northern Rover project that is subject to RTX’s farm-in relates to just the northern most portion of the Rover Project – Exploration licence (E57/1134).
Figure 2: Rover Project location map
North Rover Joint Venture Agreement
EMC signed a binding term sheet (“Agreement”) with RTX in March 2022[1]. Under the Agreement, RTX paid EMC an initial A$25,000 for an exclusive initial 6 month option to explore North Rover for non-gold minerals. EMC retains the gold mineral rights in respect to North Rover.
Following the completion of an initial exploration program, RTX exercised its option in October 2022[2] to commence earning an 80% Joint Venture interest in the non-gold mineral rights on E57/1134 by sole funding A$5M of non-gold exploration.
During the initial six-month option period, RTX undertook a geochemical sampling program including 94 stream sediment and 52 soil samples at ~50m spacing to define the threshold anomaly and identified a sub-cropping weathered pegmatite unit (Figure 3) that may be prospective for lithium (spodumene) and tantalum mineralisation, with an area prioritised for follow-up drill testing.
Figure 3: Map of identified sub-cropping pegmatite units and surface sample locations (For further details on the 2022 sampling program refer: EMC ASX Announcement 5 October 2022)
[1] ASX: TSC announcement “Agreement with Rio Tinto Exploration to advance exploration at Rover Project, WA” – 31 March 2022
[2] ASX: TSC announcement “Rio Tinto Exploration Exercises Farm-in Option at North Rover Project, WA and Plans to Drill Test Lithium Pegmatite Target” – 5 October 2022
