Golden Ridge Project

Essential Metals 100%

The Golden Ridge Project is located 20 km south-east of the world-class Kalgoorlie Superpit and 7 km along strike from the Boorara Gold Project being developed by Horizon Minerals Limited (ASX: HRZ).

The Project lies within the well-endowed Menzies-Boorara Shear Zone (MBSZ) that hosts the New Boddington, Paddington, Boorara and Golden Ridge Deposits (the latter two are owned by Horizon Minerals Limited – ASX:HRZ).

Historical drilling intercepts¹ include:

  • 21 metres @ 2.5g/t Au from 59 metres (hole ID: GOC0288 – Flying Ant Prospect); and
  • 19 metres @ 2.21g/t Au from 51 metres (hole ID: GOC0259 – Flying Ant Prospect); and
  • 11 metres @ 4.18g/t Au from 3 metres (hole ID: GOC0274 – Flying Squirrel Prospect).

¹ ASX release dated 6 July 2020

Juglah Dome Project

Essential Metals 100%

The Juglah Dome Project is contained within tenement E25/585, expected to be granted end-July 2020. The Project is located approximately 60 km southeast of Kalgoorlie and 6 km north of Silverlake Resources Limited (ASX:SLR) Randall’s Gold Processing Facility.

Kangan Project Farmin/JV

Essential Metals 30% – free carried until a decision to mine

The Kangan Project is located in the West Pilbara W.A: Under the farmin & JV agreement with Novo Resources Corp (TSXV:NVO, “Novo Resources”) and Sumitomo Corporation, the parties will jointly fully fund gold exploration programmes until a decision to mine is made, with Pioneer retaining a 30% interest until the decision to mine.

The Kangan JV forms a part of Novo Resources’ larger Egina Gold Project.

From a gold perspective, Kangan’s prospectivity was assessed as low for ‘lode’ type quartz vein structures and low to medium for ‘conglomerates’ due to the lack of the key geological units being identified. Work by Novo Resources has demonstrated that the Kangan ground has excellent potential for gold-bearing, deflationary and/or marine lag gravels blanketing an erosional terrace covering most of the Egina area.

Acra Project JV

Essential Metals 25% – free carried until approval of mining proposal

The Acra Gold Project covers an area of 340 km² and is located 60 km north east of Kalgoorlie, WA. The Project has historically been explored for nickel, however Essential Metals’ exploration focus turned to gold, and was successful in identifying a 20 km long gold target zone. In October 2016, the Company entered into a Joint Venture Agreement with gold miner Northern Star Resources Limited (ASX: NST, “Northern Star”), which now holds a 75% Joint Venture interest in the Project. Essential Metals has a 25% free-carried up to DMIRS approval of a mining proposal from Northern Star.

Balagundi Project Farmin/JV

Essential Metals 25% – free carried until completion of BFS

A Farm-in & Joint Venture agreement was signed with Black Cat Syndicate Limited (ASX: BC8) on 27 July 2019. Balagundi is located adjacent to Black Cat’s Bulong Gold Project. Upon Black Cat meeting the farm-in expenditure requirements, Essential Metals will retain a 25% carried-free interest up to completion of a bankable feasibility study.