HIGHLIGHTS:
- TSC has taken an option to farm-in to acquire the right to earn a 100% interest in the Mt Edon Project 5km from Paynes Find in Western Australia – subject to due diligence and shareholder approval
- TSC will initially fund a due diligence work program which will include a targeted 500m RC drilling program to a minimum value of $140,000 to determine whether to proceed with the farm-in
- Mt Edon tenement package sits on a fully granted Mining Lease (M59/714) historically mined for tantalum
- Mt Edon is considered highly prospective for Lithium, Caesium, Tantalum, Rubidium and Rare Earth Elements (REE) mineralisation
- Mt Edon tenement package hosts numerous Lithium-Caesium (Cesium)-Tantalum (LCT) pegmatites with Lithium and Cesium rich zones measuring up to 2.2% Li2O5 and, up to >550ppm Cs1[1]
- Historical tantalum production has been recorded within the tenement package
- The RC program is expected to commence in October 2022 to investigate the historical anomalous rock chip samples – all approvals are in place for work to commence
- During the due diligence period TSC will also pay all landholder access fees as part of the due diligence program
- Located close to excellent existing infrastructure in a globally significant hard rock lithium producing jurisdiction
- Mt Edon acquisition strengthens TSC battery metals strategy which includes the Rover Project in WA where Rio Tinto Exploration (RTX) has identified a sub-cropping weathered pegmatite unit considered prospective for lithium (spodumene) and tantalum mineralisation
[1] Summary of rock chip samples taken over past few years (2022)
Twenty Seven Co. Limited (ASX: TSC) (TSC or the Company) is pleased to announce that is has entered into an exclusive legally binding farm-in and joint venture term sheet (Term Sheet) to earn up to a 100% interest in the Mt Edon Project in Western Australia from privately owned Entelechy Resources Pty Ltd (Entelechy).
The Mt Edon Project contains the Mt Edon Pegmatite Field which sits on a granted Mining Lease M59/714 (ML), located in the Southern portion of the Payne’s Find Greenstone Belt (Fig 2) – an area known to host swarms of Pegmatites.
The Mt Edon tenement package is considered highly prospective for a suite of highly valuable critical metals including Tantalum, Caesium, Lithium (LCT) Rubidium and Rare Earth Elements (REE).
TSC has been granted a 120-day exclusive right to undertake a due diligence work program which will include a 500m RC drilling program. During the period TSC will also pay all landholder access fees with a minimum value of the work program being $140,000. At the end of the work program TSC can elect whether or not to proceed with the farm-in.
A staged farm-in agreement will follow an election by TSC to proceed, allowing TSC to earn a 100% interest in the project. Full material details of the Term Sheet are outlined below. Entelechy is a related party of the Company as it is 100% owned by MSCS Infrastructure Pty Ltd which is 100% owned by the Company Chairman Mark Caruso’s son. As such the proposed farm-in under the Term Sheet will be subject to shareholder approval.
Figure 1: Geological staff sampling at Mt Edon
TSC plans to conduct an initial drill program of 500m to investigate the historical anomalous rock chip sample locations and any related zonation of nine pegmatites and will commence in October 2022. All approvals are currently in place to start the drilling.
Commenting on the acquisition of the Mt Edon Project, Chief Operating Officer Mr Simon Phillips said:
“TSC has undertaken extensive due diligence over recent months to acquire an advanced battery metals exploration asset for shareholders. The Mt Edon Project is a compelling and high-quality opportunity for TSC that significantly strengthens our existing focus on critical metals exploration to complement our precious metal portfolio.
Mt Edon is located in a premier lithium exploration jurisdiction and with known high-grade lithium mineralisation and historic tantalum production recorded within the tenement package, our technical team is very confident we can unlock the full potential of this asset through modern exploration methods and targeted drilling. We look forward to providing further updates on our initial work programs and plans for Mt Edon in due course.”
Mt Edon Project Summary
The Mt Edon pegmatite field host many Lithium-Cesium-Tantalum (LCT) pegmatites and is strategically located close to existing infrastructure, making it an excellent exploration and mine development target.
The mining lease area has proven Lithium rich zones associated with the pegmatites, as well as historical mining for Tantalum (manganotantalite and alluvial deposits: 1969-1974 Mt Edon by Alfredo Pieri), beryl and microcline feldspar (Goodingnow pits, 1975-1978, Mark Calderwood). The zonal nature of this pegmatite field has previously been defined with microcline feldspar (including amazonite) in the east (historically mined) and more complex albite rich zones containing Niobium and Lithium in the west (the current Mining Lease area). Lepidolite-Zinnawaldite (Lithium mica) rich pegmatites have been previously identified. Historical reported Lithium grades of up to 2.2%Li2O5 have been found on the Mining Lease (M59/714, Pancontinental Mining, 1980’s, and Haddington Resources/Australian Tantalum Ltd, 2002).
Exploration work by MRC during 2019-2021 was limited to rock chip sampling and mapping due to the COVID pandemic.
Due to challenging terrain, it appears previous exploration was limited to only a few drill holes, all of them being located outside of the tenement package (Fig. 3).
Numerous pegmatites on the mining tenement have anomalous concentrations of Tantalum, Rubidium, and Cesium, which are indicative elements for well fractionated Lithium rich (LCT) pegmatites.
Figure 2: Mt Edon project location just south of Paynes Find
Figure 3: Mapped outcrop of pegmatites with historical sampling
Figure 4: Map of rock chip sampling locations in and along mapped outcrop of pegmatites
