Nov 7, 2024

Elementos Reports 319.5m @ 5.97% CaF2 at Cleveland Project, Tasmania

Introduction:

Elementos Limited (ASX: ELT) has reported significant fluorite assay results from its Cleveland Project in Tasmania, highlighted by 319.5m @ 5.97% CaF2 from 772.4m.

Last Close: $0.079 | Market Cap: $17.24M

Performance: 5d: -5% | 1m: -9% | 6m: -52% | 1y: -31%

Drill Results:

319.5m @ 5.97% CaF2 from 772.4m (including 27.25m @ 10.84% CaF2 from 777.5m) (C2124A)
40.25m @ 6.06% CaF2 from 698.9m (including 3.4m @ 10.4% CaF2 from 698.9m) (C2124A)
38.3m @ 9.1% CaF2 from 992.45m (C2124A)
9.18m @ 10.6% CaF2 from 1064.2m (C2124A)‍
6.08m @ 10.5% CaF2 from 651.78m (C2124A)

Project Overview:

The Cleveland Project is located in north-west Tasmania, Australia. It encompasses the historic Cleveland Tin Mine and includes a defined tin-copper Mineral Resource of 7.5Mt. The project area also contains a 4.0Mt tungsten Inferred Mineral Resource.

The recent drilling targeted the Foleys Zone Exploration Target, which sits beneath the historic tin mine and existing mineral resources. This zone has now emerged as a significant critical minerals target with fluorite mineralization consistently co-mineralized with tungsten, rubidium, molybdenum, and bismuth.

Program Details:

The reported results come from drill hole C2124/C2124A, which was drilled to a depth of 1,122m. The hole tested for extensions to the tungsten Inferred Mineral Resource within the highly prospective Foleys Zone. The drilling intersected a significant zone of approximately 420m of observed quartz veining within strongly altered sediments, containing visual wolframite, scheelite, molybdenite, fluorite, and chalcopyrite mineralization.

Understanding These Results:

The fluorite assays are reported as CaF2 (calcium fluoride), which is the common form of fluorite in commercial concentrates. A strong correlation between calcium and fluorine assays supports the interpretation that a large proportion of the fluorine is present as fluorite.

The intersection of a continuous 319.5m zone grading 5.97% CaF2, including multiple high-grade zones, indicates a substantial fluorite mineralization system. The co-mineralization with other critical minerals enhances the potential economic significance of the Foleys Zone.

Management Commentary:

Joe David, Managing Director of Elementos Limited, stated:

“The Cleveland Tin Project has officially emerged as more than just a tin and copper project, its critical minerals potential has exceeded all expectations and could amplify possible future economic outcomes for the development considerably.

“Multiple assays have confirmed significant and continuous mineralisation over 500m made up of fluorite, tungsten, rubidium, molybdenum and bismuth. (see Figure-2).”

“Desktop programs are now underway, which may also lead to the re-logging and sampling of historic core, will seek to quantify grades and tonnages of these critical minerals that are likely to be co-mineralised but previously unreported within the current 4.0Mt tungsten Inferred Mineral Resources Estimate (MRE).”

“The company remains focussed on developing the 7.5Mt of tin and copper Mineral Resources associated with the old tin mine, with both these minerals listed as critical and/or strategic minerals in Australia and the USA.”

Next Steps & Catalysts:

Elementos is planning a downhole geophysical program and desktop review of historic project data to establish further targets and extensions of these critical minerals. The company is also commencing a desktop program to re-evaluate the 4.0Mt tungsten Mineral Resource, aiming to quantify grades and tonnages of co-mineralized critical minerals previously unreported.

Future work may include re-logging and sampling of historic core, as well as assessing opportunities for upgrading mineralization grades via XRT ore sorting and conducting mineralogical and metallurgical test work.

Commodity Outlook:

Fluorite, along with the other critical minerals identified at Cleveland (tungsten, rubidium, molybdenum, and bismuth), are in high demand for various industrial and technological applications. These minerals are listed as critical or strategic by several countries, including Australia and the USA, highlighting their economic importance and potential supply risks.

Conclusion:

The latest results from the Cleveland Project demonstrate its potential as a multi-commodity critical minerals deposit. The extensive fluorite mineralization, coupled with previously reported critical minerals, enhances the project's prospects beyond its historical tin and copper focus. With ongoing exploration and evaluation work, Elementos is well-positioned to further define and potentially expand the resource base at Cleveland.

Sources:

ELT Drill Results Announcement

Additional Figures:

Australia

ASX

Tin

Nov 18, 2024