Commenting on drilling results of the Mt Edon tenement, Chief Operating Officer
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BACKGROUND
Mt Edon mining lease (M59/704) is located 5km southwest of Paynes Find and covers the southern portion of the Paynes Find greenstone belt, southern Murchison and hosts an extensive swarm of pegmatites. The geology of the area consists of metamorphosed sediments present with regional greenschist and amphibolite facies metamorphism which foliated, deformed, and recrystallised granitoids intruding Archean ultramafic and felsic to mafic extrusive. Late pegmatite dykes/ sills intrude the mafic and felsic volcanics in a contrasting position to the regional orientation of the northeast-southwest.
The Company has determined to exercise its exclusive option to farm-in to acquire the right to earn a 100% interest in the
REVERSE CIRCULATION PROGRAMME
Reverse Circulation (RC) holes for a total of 507m of drilling was completed in late
Assays returned encouraging results with elevated Rubidium (Rb) up to 3,670 ppm, Caesium (Cs) up to 354 ppm, Tantalum (Ta) up to 219 ppm, and Lithium (Li) up to 1220 ppm. The maiden drilling program determined the subsurface lithium-bearing potential of the Project area below the weathered zone and indicated that pegmatites have moderate to strong fractionation characteristics.
Interpretation of results from the recent drilling program has confirmed the pegmatite samples are anomalous in terms of rare metals by a median factor of around 14 times higher than background host rock and suggest that there are several prospective targets for lithium-bearing pegmatites within the Project area. Pegmatites appear to be a folded sill dipping into variable directions and angles and connected at depth.
Drill collar information is outlined in Appendix 1. 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.
On the basis of the Due Diligence drill results and prospectivity of the tenement and the consideration of the potential commercial risks in completing additional geological and structural mapping of the project before the expiry of the 120 day Due Diligence period, the Company will now move to exercise its farm-in rights to earn 51% of the Mt Edon Tenement package[2], which is subject to shareholder approval.
Consideration and Key terms for the farm-in acquisition of 51% in the
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