EMU NL

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EMU NL
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Completion of Consolidation of Landholdings – Naming Conventions

With Emu having consolidated the land holdings in, around, and between the historic Gnows Nest and Monte Cristo gold mines, located near Yalgoo Western Australia, (previously variously held under disparate ownership) the naming conventions for that newly consolidated singular project and its prospects have now been crystalised for delineation purposes.

Badja Project

The project comprised of the consolidated holding of land secured by Emu over, around and between the historic Gnows Nest and Monte Cristo gold mines will henceforth be known as Badja. The project extends onto the “Badja Station” pastoral lease which was established in the mid-west of Western Australia sometime before 1897.

Badja and the surrounding pastoral leases in the area are host to historic gold production; not just at the historic Gnows Nest and Monte Cristo gold mines held by EMU. Mining operations in the region have come and gone. Today, many are in production with compelling evidence suggesting there are many more to come.

The Prospects

Refer figure 1 for orientation of the Badja Project and its current prospects which comprise:

 Gnows Nest Prospect

This prospect encompasses the historic Gnows Nest gold mine with reported production of ~27,925oz at a recovered grade of 22g/t Au between 1923 and 1941. See ASX Announcement 28 September 2020 “EMU Gnows Nest Gold Project and a Highly Prospective Base Metal Exploration Portfolio in Southwest WA”. Since the acquisition, EMU has completed 2 stages of RC drilling confirming a north-south oriented shear zone containing one or more mineralised quartz veins and two steeply plunging gold shoots containing high grade gold to depth. The prospect remains open to depth and along strike.

 Monte Cristo Prospect

This prospect was acquired subsequent to Gnows Nest. EMU has confirmed through its Stage 1 drilling programme that shear hosted quartz veining at Monte Cristo is prospective for high grade gold. EMU lists the prospect as a tier one target in a structurally significant flexural zone within the Yalgoo Greenstone Belt extending to the northwest of Gnows Nest prospect. Monte Cristo currently remains open along strike and at depth.

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 Watertank Hill Prospect

Located approximately 800m southeast of Monte Cristo and along the same structural and geological marker units, Watertank Hill has been identified as a highly prospective zone for ongoing exploration. Numerous historic workings outline the geological contact with the banded iron formation, a similar feature of the proven Gnows Nest and Monte Cristo deposits. EMU included this prospect in the Stage 2 drilling programme. Assay results are still pending.

 Brilliant Prospect

Located 800m southeast of Gnows Nest mine along a parallel trending maficsedimentary contact, the Brilliant prospect occupies a prospective structural location hosting several underground and surface historical workings. EMU included this prospect in the Stage 2 drilling programme. Assay results are still pending.

 Dantes Camp Prospect

Situated 400m east of Gnows Nest and 800m northwest of the Brilliant Prospect, Dantes Camp is a quartz veined shear-related structural target hosted in volcanosedimentary units extending northwest and parallel to the Gnows Nest structure. Targeting of the Dantes Camp historic working area was included in EMU’s Stage 2 drilling programme. Assays are pending.

 Gnows Nest North Prospect

Located 1500m to the northwest of the Gnows Nest mine on a prominent aeromagnetic feature marking the intersection of a major regional thrust fault and the eastern limb of the Yalgoo Greenstone Belt, this prospect was also drill tested by EMU in the Stage 2 programme. The zone is typified by old workings and exhibits characteristics similar to those present at Gnows Nest and Monte Cristo prospects.

Activity Summary

EMU’s exploration programme at the Badja Project over the past 12 months has included the completion of approximately 18,000m of RC reverse circulation (RC) drilling outlining strong potential for additional zones of high-grade gold mineralisation. The current ~6,850m Stage 2 RC drilling programme has now been finalised, with the balance of the assay results from the programme expected progressively over the next few weeks.

Significant gold intercepts were recorded during the Stage 1 drilling of 10,932m and included the following significant intercepts at the Gnows Nest and Monte Cristo Prospects: (See ASX Announcement 22 February 2021, “EMU’s Maiden Drilling Programme Confirms High Grade Gold at Gnows Nest”).

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