Stage 2 Drilling at Mt Edon Successfully intercepts Muliple Lithium-Caesium-Tantalum (LCT) pegmatites

Highlights

• Stage 2 RC drilling focused on northeast of tenement, 12 holes drilled and multiple pegmatites intersected
• Pegmatites intersected in 347m of 566m drilled, including an 87m intersection
• Significant pegmatite intersections[1] include;
  • ME23-19           87m from 25m to 112m
    (Plus, 3m from 5m to 8m)
  • ME23-21)          48m from 5m to 52m
  • ME 23-18          39m from 29m to 68m
    (Plus, 6m from 1m to 7m)
  • ME 23-15          31m from 13m to 44m
    (Plus, 2m from 5m to 7m)
• Assay results expected in late September 2023

Chief Operating Officer, Simon Phillips commented:

“Whilst we understand visuals are no substitute for assays, we are very excited about what we’ve seen from this phase two drilling program. Assays will enlighten us as to where the exploration development of our Mt Edon LCT project goes from here. The Company is very fortunate to have this highly fertile pegmatite field on a mining lease just off the Great Northern Highway.”

Everest Metals Corporation Limited (ASX: EMC) (“EMC” or “the Company”)is pleased to announce that Stage 2 Reverse Circulation (“RC”) drilling is completed at the Mt Edon LCT Project (M59/714) located 5km southwest of Paynes Find, in the Mid-West region of Western Australia.

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 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. In May 2023, the Company undertook stage 1 drilling program, and 11 RC holes were drilled for a total of 441m. Drilling results of stage -1 successfully highlighted that Mt Edon has the potential to host a real LCT project. 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[2].

REVERSE CIRCULATION PROGRAMME, STAGE 2

The Stage 2 drilling program is designed to test the lateral extension of high-grade zones defined in the northeast corner of the Mt Edon tenement along with targeting undrilled pegmatites. RC holes for a total of 566m of drilling was completed in early August 2023. The drilling was conducted across six targets and included 12 holes with an average depth of 47m (Figure 1). Sampling collected during the recent drilling were one-metre core splits.

Figure 1: RC drilling at Mt Edon (hole MD23- 19) indicate thick pegmatite zones, view to north

The pegmatite bodies (sills and dykes) have been intersected in all 12 drill holes. The stage-2 drilling program was very successful, and pegmatite was intersected in most parts of the drill holes, covering about 62% of samples (347m pegmatite vs 566m total drilled metres). Included in this program is a very thick pegmatite intersection of 87m in one drill hole. Significant well-developed muscovite-rich zones were observed during the logging of RC chip samples and lepidolite mineralisation was detected in certain intervals (Figure 2). The pegmatite intersections based on visual mineralisation and assessment of RC chips samples are summarized below:

• ME23—012) 28m Pegmatite intercepted from 1 to 29m, EOH[3] 40m
• ME23—013) 27m Pegmatite intercepted from surface to 27m, EOH 40m
• ME23—014) 8m Pegmatite intercepted from surface to 8m, EOH 17m
• ME23—015) 2m Pegmatite intercepted from 5 to 7m and 31m Pegmatite from 13 to 44m, EOH 59m.
• ME23—016) 3m Pegmatite intercepted from 20 to 23m and 27m Pegmatite from 11 to 38m, EOH 42m.
• ME23—017) 5m Pegmatite intercepted from surface to 5m and 2m Pegmatite 9 -11m, EOH 20m
• ME23—018) 6m Pegmatite intercepted from 1 to 7m, then 39m from 29-68m, EOH 78m.
• ME23—019) 3m Pegmatite intercepted from 5 to 8m and 87m Pegmatite from 25 -112m, EOH 119m. 
• ME23—020) 9m Pegmatite intercepted from 3 to 12m, EOH 31m.
• ME23—021) 48m Pegmatite intercepted from 5 to 52m, EOH 54m.
• ME23—022) 26m Pegmatite intercepted from 1 to 27m, EOH 36m.
• ME23—023) 8m Pegmatite intercepted from the surface to 8m, EOH 30mn.

Furthermore, the Stage 2 drilling program confirmed the existence of the targets identified from the Deep Ground Penetration Radar (“DGPR”) priority target [4] and their northeast-southwest structural trends in the northeast corner of the mining lease.

As per Listing Rule 3.1, the Company wishes to inform investors that visual estimates of mineral abundance included in this release should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The presence of pegmatite does not necessarily indicate the presence of economic lithium, caesium, and tantalum (LCT) mineralisation. The company will update the market when laboratory analytical results become available. Refer to Appendix 1 for further details of RC drilling completed.

Figure 2: Chip tray for hole MD23- 015, showing well-developed mica rich zones and lepidolite (31-38m).

Drill holes ME23-015 till ME23-021 were drilled nearby RC hole ME23-007 that intersected over 40 metres grading 0.26% Rb₂O from 49m, including 19m at 0.33% Rb₂O (0.43% Rb₂O + Li₂O), and 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) in the Stage 1 drilling campaign. The pegmatite intersected in the above-mentioned holes are highly fractionated and highlighted lateral extension of fertile pegmatitic zone (Figure 3).

Figure 3: RC drill holes locations at Mt Edon mining lease (M59/714)

347 drill samples were submitted to the ALS laboratory in Perth using lithium suite peroxide fusion method (ICP-MS) with assays expected by late September 2023.

A summary of important assessment and reporting criteria used for this Exploration Results announcement is provided in Appendix 1 – 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.

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[1] In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation (if reported) in preliminary geological logging

[2] ASX: EMC announcement: Mt Edon High grade Rubidium intersected, dated 13 July 2023

[3] End of Hole

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