Everest Metals resource drilling intersects multiple pegmatites, expands existing target area
Drilling designed to enable definition of maiden rubidium resource at Mt Edon
Assays expected in early July 2024 with Phase 2 drilling planned for Q3 2024
Special Report: Everest Metals could be looking at a significant maiden rubidium resource for its Mt Edon project in WA’s Mid-West after resource drilling intersected multiple pegmatites and expanded the existing target area.
Mt Edon hosts an extensive field of pegmatites; a type of rock that can host substantial lithium, tin, tantalum, rubidium and niobium mineralisation.
What sets Mt Edon apart from other pegmatite fields is that it is prospective for high grade rubidium, which was designated as a critical mineral by the US Government Geological Survey in 2023 due to uses in biomedical research, electronics, specialty glass, pyrotechnics and as well as military industrial applications.
Given its range of uses, rubidium carbonate currently commands a price of ~US$1,200/kg.
Phase 1 resource drilling holes at Mt Edon in red. Pic: Everest Metals Corporation
Thick pegmatite intersections
Everest Metals Corporation (ASX:EMC) had previously pencilled in an initial exploration target of between 3.2Mt and 4.5Mt at 0.23% to 0.35% rubidium that highlighted Mt Edon’s potential.
The 14-hole Phase 1 program, which follows on previous drilling that returned very high-grade hits of up to 80m at 0.32% rubidium from a down-hole depth of 25m, was designed to deliver a maiden rubidium resource for the project.
Each of the 14 holes intersected pegmatite bodies with highlights including 125m hit from surface, 89m from 34m depth, and 89m from 37m to end of hole.
“The drilling intersections further confirm the geological setting of an emerging world class rubidium deposit,” Everest Metals executive chairman Mark Caruso said.
“EMC concurrently will continue to advance the project to JORC resource status, whilst actively progressing processing product development through R&D with ECU’s (Edith Cowan University) Mineral Resource and Recovery Centre.
“EMC has also initiated consulting arrangements with international industry marketing and business development advisers to assist in the commercialisation of the project.”
Next steps
Assay results from the drill program are expected in early July 2024.
EMC had previously flagged that it will start Phase 2 resource drilling, which will be designed to enable calculation of a higher confidence indicated resource for mine planning, in Q3 2024.
Research is also underway at ECU’s Mineral Recovery Research Centre to develop a state-of-the-art extraction technique that maximises the recovery of rubidium and mica in a sustainable and environmentally friendly manner.
Phase 1 resource drilling at Mt Edon (hold-MD48). Pic: Everest Metals Corporation
This article was developed in collaboration with Everest Metals Corporation, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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