Eastern Resources Limited ('EFE' or 'Company') is pleased to announce that it has entered into a Heads of Agreement with its wholly owned subsidiary, Eastern Lithium Pty Ltd ('Eastern Lithium'), and Legacy Iron Ore Ltd ACN 125 010 353 ('Legacy Iron') to earn up to an 85% beneficial interest in certain specified minerals located in or on the Tenement, being the lithium, beryllium, caesium, niobium, rubidium, tantalum and tin ('Lithium Rights') (the 'HOA').
Highlights
Eastern Resources Limited has, via its wholly owned subsidiary, has secured the right to earn up to an 85% beneficial interest in the lithium and related minerals located within exploration licence E80/5066 ('Tenement') in the Kimberley region, which contains a number of pegmatites.
The Tenement comprising 35.6 km2 , is located in the Kimberley region of Western Australia (Figure 1), approximately 80km SW of Halls Creek.
Anomalous tantalum discovered in creeks draining areas containing pegmatites associated with the Taylors Lookout and Frog Creek granite plutons, with no exploration for lithium on the Tenement.
EFE will explore for fractionated pegmatites, within several kilometres radius of the plutons, which may be prospective for lithium mineralisation.
Geology
The Tenement is situated within the Halls Creek Orogen, which developed initially during the Palaeoproterozoic, in a collision of the Kimberley Craton (northwest) and the North Australian Craton (southeast). The orogen includes Palaeoproterozoic, low to high-grade metasedimentary and metaigneous rock, granitoid and gabbro. A number of small leucocratic granite plutons of the Sophie Downs Suite have intruded the metasediments and metavolcanics of the Halls Creek Group. The Sophie downs granitoids have a composition consistent with 'fertile granites' and are the likely source of fractionated pegmatites containing minerals of tin, tantalum and lithium with the Mount Dockrell pegmatite field. Two of the granite plutons and associated pegmatites occur within the Tenement.
Pegmatites are common within a 10km radius of the Tenement.
Mineralisation
Numerous base metal and skarn related tin-tungsten occurrences occur within the Tenement. Pegmatites have been mapped but no records on mineralogy of the pegmatites are available however the presence of the minerals tantalum within heavy mineral concentrates is a strong indication of increased fractionation in some of the pegmatites. Minerals tantalum, tin, lithium, niobium and beryl have been recorded to the west of the Tenement.
Previous Exploration
The Tenement has an extensive exploration history and has been explored by numerous companies for different commodities. Tin (cassiterite) and tantalum was first discovered in Columbian Creek and in source pegmatites in 1927. Cassiterite was mined in Columbium Creek, which is 0.5km to 2km west of the Tenement. Exploration for tungsten during 1980's in the areas surrounding the Taylors Lookout and Frog Creek monzogranite plutons was successful in locating tin and tungsten skarns. Stream sediment sampling identified anomalous tantalum and niobium in the headwaters of the Columbium Creek north and south branches draining the margins of the granite plutons within the Tenement. Mapping by the Geological Survey of Western Australia in 1990-1992 identified a number of pegmatites within E80/5066 which are the likely source of the mineraltantalum within the headwaters of Columbian Creek. Tantalum generally occurs within fractionated pegmatites. 3 www.easterniron.com.au No systematic follow-up exploration for tantalum has been undertaken on the Tenement. No exploration has been undertaken on pegmatites or for lithium on the Tenement.
COMPETENT PERSONS STATEMENT
The information in this release that relates to Exploration Results is based on and fairly represents information and supporting documents complied by Mr Mark Calderwood, consultant to the Company. Mr. Calderwood is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Calderwood has sufficient relevant experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person within the definition of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('JORC Code)
Contact:
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Phone: (02) 9290 9600
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