Eastern Metals Prioritises Home Of Bullion Deposit As Copper Price Surges

Eastern Metals Ltd (ASX: EMS) is fast-tracking exploration activities at the Home of Bullion copper deposit in light of the significant increase in the copper price.

Located within the Arunta Project in the Northern Territory, Home of Bullion recently had its resource upgraded.

The project now hosts a resource of 3.1 million tonnes at 2.9% copper equivalent.

Target generation

The company has engaged SRK Consulting to undertake a structural review and interpretation of the Home of Bullion copper deposit.

In addition, Mitre Geophysics has been engaged to review the extensive existing geophysical dataset focusing on Home of Bullion and the Mulbangas prospect.

This will complement the structural review and aid target generation along the ~9 kilometre magnetic trend between Home of Bullion and Mulbangas.

Results from both reviews will be released during the June 2024 quarter.

Copper at two-year high

Copper is currently experiencing a demand boom on the back of its growing uses in the renewable energy transition, from electric vehicles to wind turbines and solar panels.

On Friday, the price of the base metal rallied above US$10,000 per tonne for the first time in two years, propelled by soaring global demand and tight supplies.

Copper is in the spotlight after mining giant BHP launched a US$38.8-billion takeover bid last week for British rival Anglo American.

Anglo American has rejected the proposal, branding it “highly unattractive” and “opportunistic”.

Surging interest

Eastern CEO Ley Kingdom said: “The company has made the strategic decision to prioritise exploration at the advanced Home of Bullion copper project in light of surging interest in the copper sector driven by extremely favourable market fundamentals.

“Shareholders can look forward to significant news-flow in the June Quarter from this exciting project.”

Eastern held cash reserves at the end of the March quarter of ~A$1.1 million.

 

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