A 1,266m RC program has returned high grade rubidium and lithium results
EMC says the project is one of, if not the highest, rubidium projects in the world
A resource is due to be released in August
Special report: Resource drilling at Everest Metals’ Mt Edon project has uncovered high-grade rubidium and lithium, up to 0.54% and 1% respectively.
With its growing use across a wide range of new energy and high-tech applications as well as traditional industries, several countries around the globe have rubidium ranked as a critical and strategic mineral including the USA and Japan.
Several market factors support growth in demand for rubidium and underpin the current price of ~US$1,200/kg including global demand for newer and faster electronic products due to the rapid pace of innovation, technology advancement and R&D activities.
Commodity analysts believe if more rubidium were produced, the market could grow rapidly. Ergo, its very small market could be more a function of supply constraints than a lack of demand.
When comparing the rubidium grade of the Mt Edon exploration target, which sits at 3.2–4.5Mt at 0.23–0.35% rubidium, to worldwide rubidium hard rock deposits, Everest Metals Corporation (ASX:EMC) says the project boasts one of the highest grades of rubidium mineralisation systems.
The exploration target doesn’t include any untested targets along strike or at depth, which means the deposit could well extend further given pegmatite zones have been mapped over the entire Mt Edon project.
A cross section looking southeast shows significant mineralised intersections over a 500m strike. Pic via EMC
First Mt Edon resource to be delivered shortly
Phase 1 drilling results from early May have now been received, returning up to 0.54% rubidium and 1% Li2O from a 1,266m campaign.
The mineralisation remains open over a strike length of 550m within a 1.2km pegmatite corridor with other results showing 45–90m at 0.32% Rb2O from 36m, including 28m at 0.45% Rb2O from 60m, and 35–103m at 0.22% Rb2O from 23m to EOH at 126m.
Drilling results and geological structure also show near surface mineralisation, suggesting flat dipping low stripping ratio.
“These resource drilling results solidifies EMC’s Mt Edon project as one of, if not the highest-grade rubidium projects in the world,” EMC CEO and executive chairman Mark Caruso says.
“The project is further enhanced by its location at Paynes Find directly adjacent to the Great Northern Highway on a granted mining lease.
“We are excited to deliver an initial JORC resource in the coming weeks.”
What’s next?
EMC’s upcoming plans include the release of a maiden resource in early August, receiving rubidium extraction test work results in mid Q3 and carrying out Phase 2 drilling in late Q3.
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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