EMU NL (ASX:EMU) Announces Q4 2024 Exploration Progress and Financial Placements
Exploration Progress
EMU NL advanced its exploration program at the Yataga Copper Project in Georgetown, North Queensland. The company completed a 220-line km helicopter airborne electromagnetic survey and a 24-line km ground-based Pole-Dipole Induced Polarisation and Magnetotelluric survey. Final results for both surveys are pending. Updated geological modelling confirmed multiple intra-pluton porphyry copper centres close to the surface, enhancing the project’s potential.
Future Exploration
EMU has begun assessing 2024 field geochemical and geophysical survey data to identify high-priority drill targets for the first half of 2025. The Yataga Copper Project now defines an 8km² copper-in-soil anomalism with significant expansion potential, positioning it as one of Queensland’s largest recent copper discoveries.
Financial Highlights
The company completed a two-tranche placement, issuing 61 million fully paid ordinary shares at $0.025 per share to sophisticated and professional investors, raising $1.5 million. Additionally, EMU extended its Controlled Placement Agreement with Acuity Capital, increasing the collateral shares to 6.5 million.
Corporate Appointments
EMU appointed Mr Roland Bartsch as Non-Executive Technical Director, bringing over 35 years of global exploration and operational experience. The company also announced the resignation of Mr Gavin Rutherford from the board.
Project Updates
At the Badja Project, EMU updated its Mineral Resource estimates, currently classified under the JORC code 2012. The Sunfire Project tenements are being surrendered due to lack of government feedback on drilling consent.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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