Eastern Metals Ltd

Cobar

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The Cobar Project is located 470km west of Sydney, near the town of Lake Cargelligo in New South Wales. It includes the Company’s Browns Reef tenement (EL6321), as well as the Tara, Bothrooney and Black Range Exploration Licences (EL9180, EL9136 and EL9565). All four tenements lie in the southern Cobar Basin, a Tier-1 base metals exploration and production province.

Browns Reef (EL6321) is an ‘advanced exploration project’ located 5km west of Lake Cargelligo in the southern Cobar Basin, NSW. It is a structurally controlled, polymetallic system extending along the inferred, regional-scale Woorara Fault and the Preston Formation and Clements Formation contact.

It was discovered in the late 19th century with shallow shafts sunk in the 1930s and was worked briefly for gold. The lode trends north-northwest where the Preston Formation consists of steeply dipping volcanic sandstones, siltstones and black shales. The lode contains pyrite, sphalerite and galena, along with minor gold and chalcopyrite mineralisation.

Modern exploration commenced in the 1970s, when six diamond holes were drilled. Since then, several drilling programs have been completed by various tenement holders.

The Project’s previous owner, Kidman Resources, defined a JORC 2012 Exploration Target* for the Browns Reef deposit, based on 52 diamond drill holes and 22 RC holes, of 27 to 37Mt grading between 1.3-1.4% zinc, 0.6-0.7% lead, 9-10g/t silver and 0.2-0.3% copper.

The key target identified for follow-up exploration is the Evergreen Zone, which is centred near the historical hole BRD013 drilled by previous owner Kidman Resources, which returned 7.0m grading 5.5% Zn, 2.3% Pb, 0.5% Cu, 20.2g/t Ag and 0.5g/t Au.

Tara (EL9180), Bothrooney (EL9136) and Black Range (EL9565) represent exciting secondary targets within the Company’s Cobar Project.

Eastern Metals has identified prospective geology within each of these licence areas, with exploration programs to be undertaken in parallel with the Company’s primary work program focussed on Browns Reef.

Eastern Metals completed drilling at Browns Reef over the first half of 2022, with a series of high-grade assay results defining the Evergreen lode zone over a strike length of more than 150m and a vertical depth of 300m, with the mineralisation remaining open along strike in both directions and at depth.

Highlights from the drilling included 12.5m grading 8.1% Zn, 2.6% Pb, 0.10% Cu, 17.3g/t Ag and 0.5g/t Au from 269.5m (BRD019).

Surface rock chip sampling in May 2024 defined two new targets, 

, which lie along strike from the Evergreen zone on the highly prospective Woorara Fault. Kelpie Hill is located approximately 700m to the north-west of Evergreen, and Windmill Dam is 500m to the south-east.

The rock chip assays returned anomalous base metals results at both targets, and both may potentially represent mineralised zones in addition to the known high-grade mineralisation at Evergreen.

*The potential quantity and grade of this Exploration Target are conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource. Eastern Metals confirms that it is not in possession of any new information or data that materially impacts on the reliability of this estimate.