Everest Metals Corporation (ASX: $EMC) initiates resource drilling at Mt Edon critical mineral project

Everest Metals Corporation Limited (ASX: $EMC) has announced the commencement of resource definition drilling at the Mt Edon Critical Mineral Project. The project, located 5km southwest of Paynes Find in Western Australia, aims to convert the current Exploration Target to a Mineral Resource Estimate in 2024. The initial phase of drilling, a ~1,400m RC program, will be followed by a second phase in Q3-2024. The company also plans to provide an update on Rubidium and Mica product development in mid to late May 2024.

Executive Commentary on Mt Edon critical mineral project

The CEO and Executive Chairman, Mark Caruso, expressed excitement about the potential of the Mt Edon project, highlighting its current exploration target of 3.2 to 4.5 million tonnes with a grade of 0.23 to 0.35% Rubidium. He emphasized the significance of the project's location on a granted mining lease in Western Australia and the company's anticipation of updating the market on product development in the coming weeks.

Summary of Mt Edon critical mineral project announcement

Everest Metals Corporation (ASX: $EMC) has initiated resource definition drilling at the Mt Edon Critical Mineral Project, aiming to convert the current Exploration Target to a Mineral Resource Estimate in 2024. The project, located in Western Australia, has shown potential with a current exploration target of 3.2 to 4.5 million tonnes with a grade of 0.23 to 0.35% Rubidium. The company plans to follow up with a second phase of drilling in Q3-2024 and provide an update on product development in mid to late May 2024. Additionally, a research agreement with Edith Cowan University has been executed to study the extraction of Rubidium and Mica from Mt Edon ore, aiming to develop a state-of-the-art extraction technique. The Rubidium and Mica markets also show promising growth, further underpinning the potential of the Mt Edon project.