The Directors of eMetals Limited (ASX:EMT) (eMetals) (Company) are pleased to advise they have entered into a binding heads of agreement (HOA) with an unrelated third party Salmon Gums Minerals Pty Ltd (ACN 651 315 258) (Salmon Gums) and its shareholders (Salmon Gum Shareholders) to acquire 100% of the issued capital in Salmon Gums from the Salmon Gum Shareholders. Salmon Gums holds two highly prospective tenement applications in the Albany Fraser Range Province of Western Australia (ELA2126 and ELA2127) (Project).
HIGHLIGHTS
- The Project covers an area of 163 blocks for a total of 469 square kilometers of the Eucla Basin prospective for Ionic Adsorption Clay (IAC) style rare earth element (REE) mineralisation.
- The Project is in close proximity to the Company’s wholly owned Cowlinya REE Project which is adjacent to the Mount Ridley REE Project of Mount Ridley Mines Ltd (MRD).
- RM Corporate Finance Pty Ltd (AFSL 315235) (Lead Manager) (RM Corporate) appointed lead manager to a capital raising of 350,000,000 Shares at $0.0125 together with a free attaching option to raise $4,375,000 before costs (Placement).
Commenting on the acquisition eMetals Director Mathew Walker said:
“The Eocene aged sediments of the onshore Eucla Basin in south-eastern Western Australia are increasingly becoming recognized for their RRE potential, in particular the more readily recoverable ionic adsorption clays which have significantly lower capital requirements and processing complexity than conventional hard rock deposits. We are delighted to expand our tenement position in this exciting new and developing critical mineral province.”
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