EMU NL (ASX: EMU) has published the shareholder presentation which relates to exploration results based on information compiled by Mr Marcus Flis (Fellow of The Australasian Institute of Mining and Metallurgy) and the general manager of EMU.
The report focuses on Vidalita located in the richly mineralised Maricunga Belt with a massive gold, silver and copper deposits. The Maricunga Belt Project is based on High Sulphidation Epithermal (HSE) Deposit Model. Vidalita shows all the alteration of a classic HSE system.
Vidalita Drilling: Large High Sulphidation Epithermal Au-Ag System
The drilling has indicated a mineralised zone of approximately 1.4km strike length and up to 400m wide (ASX announcement, 5 Oct 2018). The shallow mineralisation plunges to the north and appears to be controlled by major bounding NNE trending structures. The Au-Ag-Cu zonation is emerging – to be tested by 2019 drilling campaign. The possible fault displaces mineralisation to the east which is an interpretation that will also be tested by the 2019 drilling campaign.
Vidalita Drilling: Section 5300 N – Defining the High-Grade Core
The similar gold mineralised systems in the Maricunga Belt can have high-grade gold cores of less than 100m diameter. Vidalita is currently drilled on 200m spaced lines where the hunt is aimed for a possible bonanza-grade “gold room”. There is an increase in gold grade and thickness to the east possibly reflecting mineralisation controlling eastern structure.
The prominent NE structure extends from Vidalita which is indicated by Au+Ag+Sb-in-soil, rock chips with vuggy silica and alunite with anomalous Au-Ag and prominent IP chargeability anomaly indicating disseminated sulphide.
The current Vidalita Drilling Program has its camp already set-up and is fully operational. The four AC drill holes have been completed, and the fifth one is work in progress. The assays are awaited for the first two drill holes. The rock samples collected from Arroyo Ancho & Vidalita NE structure have assays awaited on them. The reconnaissance fieldwork has been planned.
The Maricunga Belt is located 120km East of Copiapo, Chile. The EMU is surrounded by global majors and their 3 Tier 1 gold deposits are within 30km. The mines are operating at over 5,000m asl and are facing no issues at Vidalita.
On 31 January 2019, EMU released its Quarterly Activities Report ending on 31 December 2018, which stated that drilling at Vidalita has commenced in early January (as announced on 21 January 2019) and is progressing. The drilling is being done with an aircore rig and Australian crew to ensure effectiveness, productivity, and economy. Portable XRF testing is being undertaken on site with drill samples dispatched to a local laboratory for assaying.
EMU’s stock has generated a positive return of 20.93% during the past three months. The shares of the company are currently trading at A$0.052 (as at 3:07 PM AEST, 5 February 2019). EMU has 127.85 million shares outstanding with a market capitalisation of circa A$127.85 million. The 52-week high and low of the company are marked at A$0.135 and A$0.036 respectively. The earnings per share of the EMU stands at - AUD 0.030.
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