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EMU NL

ASX: EMU

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

EMU NL formerly known as Emu Nickel has entered into a joint venture with Image Resources NL on a prospective tenement package including 24 granted exploration licences and four exploration licence applications covering 2,500sq km situated in the Yilgarn Craton, one of the world's most fertile nickel sulphide provinces. The terms of the joint venture are:

* a minimum expenditure of $1 million in the first year from listing on ASX.
* a minimum expenditure of $2 million within two years of listing, on any or all of the projects, to earn an 80% interest.
* the right to increase Emu's interest to 100% by spending an aggregate $3 million within 3 years of listing and converting Image's interest to a 1% gross royalty interest which Emu may buy out at any time on payment of $200,000.

Emu Lake (Emu earning 33%)

The project area covers a 10km strike of komatiitic ultramafic rocks with demonstrated potential for high-grade nickel sulphide mineralisation At the Binti Gossan Zone drilling has identified nickel sulphide mineralisation over a 500m strike length on an ultramafic contact. To date, ten high-grade drill intersections have been made at grades of between 3%-10% Ni with best intersections of 2m at 6.2% Ni, 1.8% Cu and 2.2g/t PGE (platinum group elements) from 336m and 2m at 2.0% Ni, 1.0% Cu and 4.2g/t PGE from 343 5m in drill hole ELD15.

Interpretation of the drill intersections indicates the presence of two plunging high-grade shoots within a broad sulphide contact zone It is a characteristic of komatiite hosted nickel sulphide deposits to have a long down-plunge dimension as demonstrated by the high-grade nickel sulphide shoots at the Silver Swan nickel mine which have been drilled to more than 1500m below surface.

By comparison, the sulphide shoots at Emu Lake have been drilled to depths of about only 350m below surface and remain open at depth, suggesting considerable potential for depth extensions to this high-grade mineralisation Significantly, the intersections made to date are interpreted to be hosted by flanking facies ultramafics, with changes to the geology at depth indicating potential for development of the more prospective channel facies ultramafics where thicker nickel sulphide accumulations could be expected to occur.

In September 2007 the Emu Lake JV commenced the first stage of a two stage programme, including a proposed 4400 metre RC and diamond drilling programme to test for downplunge extensions of the massive sulphide mineralisation on the main contact within channel facies ultramafics The first two stages are anticipated to be completed in the June 2008 quarter with provision for a third stage of drilling later in the year.

Kambalda West (Emu earning 30%)

The Kambalda West joint venture comprises 10 granted exploration licences totalling 753sq km in the Nepean district, south of Coolgardie and west of Kambalda. The tenements cover interpreted ultramafic rocks considered prospective for nickel sulphides. Nickel miner Mincor Resources may earn a 51% interest by expenditure of $750,000 by January 2010 and may elect to increase this interest by a further 19% by expenditure of an additional $750,000 within a further two years. Mincor has carried airborne VTEM geophysical surveys over several target areas and reported several conductor anomalies worthy of follow-up.

Woongaring (Emu earning 100%)

This 900sq km project covers a series of soil-covered and poorly explored greenstone sequences prospective for nickel and gold situated about 140km northwest of Southern Cross. Geochemical soil surveys have outlined an interpreted ultramafic sequence about 30km in length and obscured by soil cover containing several nickel and copper anomalies. Scout RAB drilling has confirmed the presence of ultramafic rocks and identified elevated nickel and copper values at 1.05% Ni and 190ppm Cu from 10m) in two areas about 5km apart. Ground EM surveys on these targets did not identify any strong conductors. Two additional areas of coincident nickel and copper anomalism have not yet been tested and large parts of the project area remain to be geochemically sampled.

Ward Springs (Emu earning 90%)

This project, situated 120km west of Menzies, covers an 8km-long sequence of mapped and interpreted ultramafic and mafic rocks of the Barlee greenstone belt. Wide-spaced geochemical sampling over a 3km strike has identified elevated nickel values indicative of two, possibly three, ultramafic units. Previous exploration for nickel in this area has been limited and further exploration is warranted.

Lookout Well (Emu earning 100%)

The Lookout Well tenement covers three discrete aeromagnetic anomalies situated 60km south of Leinster and 3-6km west of the narrow greenstone belt hosting the recent Sinclair nickel sulphide discovery by Jubilee Mines. A strong ground EM anomaly has been reported in the greenstone belt at Outcamp Well some 4km east of Lookout Well. The Lookout Well aeromagnetic targets are alluvium-covered and possibly reflect ultramafic rocks prospective for nickel.

Koolyanobbing (Emu earning 100%)

This project covers a 15km-long series of linear aeromagnetic anomalies east of the Koolyanobbing greenstone belt, possibly representing extensions or repetitions of the greenstone sequence. On its western flank, the Koolyanobbing greenstone belt hosts the Pavarotti and Jock’s Dream nickel sulphide occurrences suggesting potential for further nickel sulphide occurrences within ultramafic rocks in this region. The Koolyanobbing aeromagnetic targets are extensively soil covered with little evidence of any previous modern exploration.

Boodarding (Emu earning 100%)

Boodarding is situated 60km southeast of Southern Cross on the eastern flank of the Parker Dome, a large folded sequence of greenstones north of the Forrestania nickel sulphide belt. The Boodarding tenement covers a 20km-long series of linear aeromagnetic features which may reflect greenstone sequences below extensive Quaternary alluvial cover. These targets will be explored for ultramafic-hosted nickel sulphides.

Gnamma Hole, Bronzite, Beetle Lake and Dingo Dam (Emu earning 100%)

These projects cover aeromagnetic anomalies interpreted to be associated with ultramafic rocks with potential to host nickel sulphides. Very little information is available on these unexplored targets to the east and north of the Kambalda West JV tenements.

Mine For

nickel, copper, platinum, platinum group elements, gold, zinc

Location of operation(s)

Western Australia

Address

10 Walker Ave
WEST PERTH, WA, AUSTRALIA

Phone

(61 8) 9226 4266

Email

Website


Last Updated

23/04/2013

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.