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    E2M   AU000000E2M6

E2 METALS LIMITED

(E2M)
Delayed Australian Stock Exchange  -  08:28 2022-09-29 pm EDT
0.1400 AUD   +7.69%
09/28E2 Metals Limited Reports Earnings Results for the Full Year Ended June 30, 2022
CI
07/27E2 Metals : June 2022 Quarterly Activities & Cashflow Reports
PU
06/27E2 Metals Generates Targets at Conserrat Project in Argentina
MT
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E2 Metals Provides an Update on Regional Exploration At the Conserrat Project and Outline New Priority Targets for Drill Testing

06/26/2022 | 08:18pm EDT

E2 Metals provided an update on regional exploration at the Conserrat Project and outline new priority targets for drill testing. E2 is pleased to an update on regional exploration at the Conserrat gold and silver project located in the Santa Cruz province of Argentina. Conserrat is host to a newly recognised and largely concealed epithermal vein field centered 25 kilometers along trend from AngloGold Ashanti's Cerro Vanguardia mine (historical and current reserves 8.9Moz Au, 137Moz Ag).

Regional exploration at Conserrat has included three main exploration initiatives focused on defining new targets for drill testing: Ongoing mapping and sampling in new areas targeting new vein discoveries, Review of existing holes from regional and advanced prospects to define possible `near-miss' targets where further drilling is warranted. Controlled Source audio-frequency Magnetotellurics geophysics survey to map the subsurface 3D structural and lithological architecture, and map mineralised corridors under Tertiary basalt cover A total of 281 rock chip samples were collected during the first quarter of this year. Sampling was focused on finding potentially overlooked veins in areas of previous exploration.

The work defined surface mineralisation at six prospects prioritised for drill testing. This includes new veins untested by drilling and known veins that were previously considered to be barren, significantly enhancing the potential for mineralisation at depth: Emilia Norte: new vein structure in the northern project area that outcrops over 900m strike. Two discrete high-grade zones are defined along the structure with max values of 9.9gpt Au, 1310gpt Ag in rock chips.

Paulina: untested vein structure, multiple mineralised veins outcrops sporadically over 1900m strike. Up to 3.4gpt Au, 163gpt Ag in rock chip samples. Pampita: Float train of colloform-crustiform vein boulders with up to 1.5gpt Au, 21gpt Ag.

The float train is mapped over 450m strike and disappears under shallow basalt cover. Silvia Oeste. New vein /veinlet zones up to 150m wide with multiple samples >1gpt Au.

Two scout RC holes were completed at the prospect during the last campaign but both encountered shallow water and were terminated on the basis of poor recoveries. Recent sampling has defined surface mineralisation (up to 1gpt Au, 74gpt Ag) near the intersection of the Melisa Oeste and Veta Blanca Oeste vein structures. Melisa Este: new previously unidentified vein structure that returned 1.2gpt Au and 10gpt Ag.

Possibly the western continuation of the Malvina. Andrea Sur is a recent example of where drilling has defined high-grade mineralisation (recent hole CODD-300: 4m at 9gpt AuEq) beneath surface vein samples with moderate (>1gpt Au) gold and silver anomalism. High-grade mineralisation remains open at the Malvina and Andrea Sur (see ASX announcement, 20 June 2022, Drilling expands mineralisation at Andrea Sur and Malvina).

Previously reported high-grade drill intercepts that remain open at depth and along strike include: Malvina: (CODD-295) 1.7m at 34gpt AuEq (4.5gpt Au, 2065gpt Ag) open at depth. Andrea Sur: (CODD-300) 4m at 9gpt AuEq (8.3gpt Au, 31gpt Ag) open at depth, to the northwest. Scout drilling elsewhere in the project has returned encouraging results with new vein structures with potential for better grades at depth or along strike, including: Veta Blanca "link zone" is the inferred eastern continuation of Veta Blanca where scout drill hole CODD-121 returned 3m at 1.1gpt AuEq (1.1gpt Au) from 31m from a new previously unknown vein structure.

The vein structure is adjacent to Emilia where high-grade mineralisation is defined over 150m strike and drilling returned 9.5m at 5.8gpt AuEq (0.4gpt Au, 375gpt Ag) from 49m. Scout drilling at Silvia on initial sections spaced 100m apart intercepted mineralisation over 200m strike. Hole CODD-234 returned 3m at 4.3gpt AuEq (2.9gpt Au, 96gpt Ag) from 160m, within a broader zone of 19m at 1.1gpt AuEq (0.7gpt Au, 31gpt Ag) from 157m.

The structure is open at depth. During May the Company completed a 28-line kilometer CSAMT geophysics survey within the central project areas, covering the interpreted limits of the Conserrat vein field (see Figure 5). The survey was completed on northeast orientated lines spaced 200-400 apart with the object of mapping the subsurface structure and geology.

The survey was carried out by Quantec Geoscience Argentina S.A. The object of the survey was to define major graben structures that have juxtaposed shallow andesite against thick piles of volcaniclastics (quartz eye tuff and white lithic tuff). Andesite is conductive (red in CSAMT inversions) whereas the target volcaniclastic units are resistive (blue in CSAMT inversions). This contrast of rheology and rock competency has served as an important control on localising brittle structures that host high-grade veins like those at Mia (Type 1A veins).

In the same way, gold and silver mineralisation and oxidation markedly decreases when the mineralised structure passes through andesite (Type 1B veins). Scout drill fences are planned at 8 prospects (Ro Este, Malena, Malvina Sur, Ventana Este) to test for blind veins at the andesite-volcaniclastic geological contact. 21 priority geochemical, geophysical targets are prioritised for drill testing when work resumes in September.

This includes advanced prospects testing for extensions of known mineralisation. The Company has secured a drill rig to complete an approximately 5000m drill program aimed at testing all regional prospects. This includes extensions of known mineralisation at Malvina and Andrea Sur.

The program will commence after winter when normal operations resume.


© S&P Capital IQ 2022
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09/28E2 Metals Limited Reports Earnings Results for the Full Year Ended June 30, 2022
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Financials
Sales 2022 - - -
Net income 2022 -8,93 M -5,75 M -5,75 M
Net cash 2022 10,5 M 6,75 M 6,75 M
P/E ratio 2022 -2,34x
Yield 2022 -
Capitalization 27,9 M 18,0 M 18,0 M
EV / Sales 2021 -
EV / Sales 2022 -
Nbr of Employees -
Free-Float 26,6%
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Managers and Directors
Todd Williams Managing Director
Peter James Mullens Chairman
Melanie Jaye Leydin Secretary & Non-Executive Director
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