Everest Metals has wasted no time in pursuit of 100 per cent ownership of the Mt Edon pegmatite field in the Mid West region of WA.
With detailed mapping now completed and new outcropping identified, Everest is starting geophysics as the company prepares for diamond drilling in the June quarter of this year.
March’s detailed structural mapping program, covering over 192.4 hectares, delivered another surprising exploration windfall, with several new lithium-ceasium-tantalium (LCT) pegmatites and quartz bearing veins identified, all of which were not previously known to the company before.
Once famous for its role in the 1890’s gold rush, Everest’s Mt Edon project could now play a crucial role in the modern-day ‘white gold rush’, that is securing lithium as cars switch from fossil fuels to electric batteries.
With Mt Edon just 5km from the Paynes Find greenstone belt Everest is on the cusp of unearthing a new lithium-ceasium-tantalium pegmatites deposits in the highly fertile ground.
Mapping outlined some 350m of northeast-southwest strike over a 1.2km corridor, giving the geologists on site plenty of new rocky outcrops to explore.
The pegmatites are wider in the east than the west. Despite the folded sills dipping and various angles, it looks like the pegmatites are connected at depth signalling a sill and dyke structure may lie underneath.
Everest Metals chief operating officer Simon Phillips said: “The mapping program carried out across pegmatite outcrops at Mt Edon further enhances EMC’s knowledge of the structural formation, lateral extensions and zoning of LCT pegmatite. The data obtained from mapping and the DGPR geophysical survey assists with effective selection of drilling locations, with drilling scheduled for commencement early next quarter.”
In addition to the mapping, Everest is now kicking off with a form of geophysics called deep ground penetration radar to look for potential subsurface pegmatite pods hosted in the main structure.
Deep ground penetrating radar uses radar pulses to image the subsurface and can reach depths of up to 100m. It’s considered to be environmentally friendly, cost effective and offers high resolution images. This form of geophysics is ideal given that LCT pegmatites are famous for their shallow mineralisation and often extend for several kilometres.
While the geophysics is being completed, Everest is also busy planning a diamond drill program for the June quarter, scheduled to start almost immediately after results from the deep ground penetrating radar program are analysed.
Everest’s due diligence program indicated certain pegmatites in the area could be holding a much higher quantity of rare metals than previous thought and this information will support the coming diamond core drilling program.
Initial reconnaissance comprising of eight holes covering 507m turned out some impressive results with the samples yielding rubidium up to 3670 parts per million, caesium up to 354 ppm, tantalum at 219ppm and lithium up to 1220ppm.
The results allowed Everest to exercise the right to increase the company’s stake to 51 percent.
No doubt market watchers will be keen to see what the diamond core rigs pull out after the success of the due diligence program.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
