AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
E2 Metals Limited (ASX: E2M), is an Australian Securities Exchange listed gold explorer and developer, specifically focused on developing its flagship asset- Neavesville Project. The business portfolio of the company includes Neavesville epithermal gold and silver project in Huaraki Goldfield, New Zealand, and Mount Hope gold project in the central west of South Wales in the Cobar Basin. The Mount Hope includes many prospects including Mount Solitary, Little Mount Solitary, Powerline Hill and Mount Solar.
Recent Update:
In an announcement made public by the company on 7th June 2019 on ASX, E2 mentioned that it received commitments from investors to issue 14,341,616 new fully paid ordinary shares at an issue price of 15.50 cents or $0.1550 a share.
E2 aims to raise a capital of approx. $2.2 million to accelerate the exploration of the companyâs gold and silver projects in the Santa Cruz provinces of Argentina.
Under the equity placement, the company would issue 6,702,574 ordinary shares under its placement capacity in accordance with ASX Listing Rule 7.1; and 7,639,042 ordinary shares under its placement capacity in accordance with ASX Listing Rule 7.1A to the professional and sophisticated investors.
Santa Cruz Provinces:
Santa Cruz is a mining friendly state which hosts one of the South America's most prolific gold zone; the provinces have revealed various âcompany makingâ discoveries including Andean Resources and Extorre Resources, which got acquired for $4.73 billion and $430 million respectively.
E2M holds many prospects in the provinces, and few of them are near to the previous discoveries, which accounts for 90,000 hectares with 80 percent ownership.
Source: Companyâs Website
The Cerro Vanguardia host deposits of 8.9 million ounces of gold, which accounts for 137 million ounces of gold, and Cerro Negro (Newmont Goldcorp) is producing 490k per annum, which makes Santa Cruz provinces a large gold reservoir.
E2Mâs Prospect
Conserrat Project:
The Conserrat Project of the company is along trend from Cerro Vanguardia, and E2M has planned drilling work on it in the second half of the year 2019.
The company discovered a new surface at the Veta Blanca prospect with high-grade gold and silver veins sans any prior drilling work on it. E2M identified 7.46 gram per tonne of gold at the surface and 7510 gram per tonne of gold in the surface rock samples.
Sierra Morena
The project is adjacent to the companyâs existing operations and E2 had completed a drilling program at the prospect in April and assay results are awaited.
Corona Project:
As per the company, the project is alike Newmont Goldcorpâs world-class Cerro Negro mine, with compelling geology and contains multiple early stage targets.
Corona prospect is in the prolific Rio Pinturas Fault Zone, which hosts Cerro Negro and San Jose Mines. It is 30km south to the Cerro Negro mine, with more than 8 million gold equivalent ounces present, and the prospect shows similarities to the Newmont Goldcorpâs recent Silica Cap discovery.
The company included Corona Norte Sinter in the target priority as the prospect resembles Cerro Negro, with an extensive alteration system in northwest structure and Chon Aike volcanics.
Sierra Morena Drilling Update:
E2M completed drilling work at Sierra Morena in April, with 23 reverse circulation drill holes, which accounted for 1903 metres. The company received intercepted veins at the expected depth at SM6 Eastern and Western Vein Prospects. Also, post completing the drilling work, the company received the assay results in May 2019.
Drill Assay Results:
The drilling results of the Eastern Vein are as:
The drill hole identified as SMRC-02 intercepted 12m at 0.33 gram per tonne gold, and 64.3 gram per tonne silver from 30 metre downhole including 1m at 0.46 gram per tonne gold, and 204 gram per tonne silver from 36m.
The drill hole identified as SMRC-03 intercepted 3m at 0.73 gram per tonne gold, and 35.5 gram per tonne silver from 16 metre downhole.
The drill hole identified as SMRC-10 intercepted 2m at 2.34 gram per tonne gold, and 4.5 gram per tonne silver from 14 metre downhole.
The drill hole identified as SMRC-11 intercepted 4m at 102 gram per tonne silver from 42 metre downhole.
The drill hole identified as SMRC-12 intercepted 2m at 0.97 gram per tonne gold, and 39.2 gram per tonne silver from 24 metre downhole.
The drill hole identified as SMRC-13 intercepted 1m at 2.14 gram per tonne gold, and 27.5 gram per tonne silver from 23 metre downhole.
The company drilled a hole in the Southern Project Area as well which identified new gold and silver mineralisation, which in turn, signifies that the prospect contains high potential.
The drill hole identified as SMRC-23 in the southern area intercepted 1m at 0.35 gram per tonne gold and 31.4 gram per tonne silver from 23 metre downhole.
The results of Western prospect are as follows:
The drill hole identified as SMRC-15 intercepted 4m at 0.73 gram per tonne gold, and 98.4 gram per tonne silver from 28 metre downhole including 1m at 1.45 gram per tonne gold, and 198 gram per tonne silver from 29m.
The drill hole identified as SMRC-16 intercepted 1m at 0.45 gram per tonne gold, and 67.2 gram per tonne silver from 25 metre downhole.
The drill hole identified as SMRC-18 intercepted 1m at 0.27 gram per tonne gold, and 56.4 gram per tonne silver from 12 metre downhole.
Price Actions:
E2Mâs shares are moving in an uptrend from the level of A$0.120 (Dayâs low on 7th February 2019). The share prices of the company peaked from the same level to the level of A$0.300 (Dayâs high on 13th May 2019), post retracting to the level of A$0.150 (Dayâs low on 23rd May 2019).
The companyâs share prices recovered to the level of A$0.215 (as on 7 June 2019) from the level of A$0.150.
Performance Profile:
The shares delivered a return of 168.75 percent on a YTD (year-to-date) basis, while the yearly return stood at 144.32 percent. The company delivered a return of 220.90 percent in six months and a negative monthly return of 6.52%.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
