Eastern Metals Ltd (ASX:EMS) has cut the ribbon on a key project acquisition in the highly mineralised Arunta Province in the Northern Territory.
The explorer picked up the Neutral Junction Project from Bowgan Minerals Ltd, adding six exploration licences — spanning 504 square kilometres — to its portfolio.
This buy brings its Arunta project landholding up to 593 square kilometres, all of which lies within the highly prospective Arunta Pegmatite Province. There’s direct exposure to the Barrow Creek Pegmatite Field in the north and the Alcoota Pegmatite District in the south.
Several ASX-listers have been involved in lithium exploration in the area but the tenement is also prospective for base metals, rare earth elements and gold.
This includes a highly prospective copper trend next to the Home of Bullion copper mine, which Eastern Metals already owns.
What’s next?
This latest acquisition means Eastern is now the registered holder of five tenements, in addition to a 75% joint venture interest in a sixth tenement held by Mithril Resources.
Eastern has already commissioned a third-party prospectivity review, which will evaluate the new tenements to augment its existing copper and lithium exploration strategy.
The explorer will also pay a $50,000 cash consideration and allocate 408,163 consideration shares to Bowgan shortly, concluding the asset sale agreement.
Increased potential for discovery
Managing director and CEO Wayne Rossiter said: “Our Arunta Project has been significantly enhanced with this acquisition, which dramatically increases the scope to discover additional copper and gold resources along trend from the Home of Bullion Mine, in addition to targets already identified on existing tenure.
“This new area is known to have anomalous copper from earlier exploration.
“The significant increase this acquisition brings in the Barrow Creek pegmatite field and broader Arunta Pegmatite Province provides Eastern Metals with significantly increased potential for discovery, not just of lithium but also rare earth elements, base metals and gold.”
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