Proactiveinvestors Australia Emu NL Proactiveinvestors Australia Emu NL RSS feed en Sat, 20 Jul 2019 09:44:00 +1000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Emu shares surge after gold hits at Vidalita Prospect, Chile ]]> Emu NL’s (ASX:EMU) shares are trading about 28% higher intra-day at 9.5 cents after intersecting gold mineralisation in the first drill hole from its 2017/18 program at the Vidalita Prospect, Chile.

The diamond tail intercepted three mineralised zones of elevated gold, silver, copper, lead, antimony, mercury and zinc typical of high sulphidation epithermal (HSE) systems.

Notable intercepts include:

• 26 metres at 0.32 g/t gold from 181 metres, including 1 metre at 0.68 g/t gold from 183 metres; and
• 10 metres at 0.33 g/t gold, including 1 metre at 0.83 g/t gold from 217 metres.

Importantly, the entire diamond drill segment of the hole has elevated gold, averaging 0.13 g/t gold for 162 metres.

The silver mineral is identified as pyragyrite, a reddish silver sulfosalt and an important source of precious metals.

Region with a total gold endowment of over 90 million ounces

There are many analogues for this style of mineralisation in the Maricunga Belt, an area with a total gold endowment of over 90 million ounces of gold equivalent.

The nearest, the Maricunga Mine, 30 kilometres northwest of Vidalita, has a resource 146.2 million tonnes at 0.57 g/t gold for 2.65 million ounces of gold.

Emu director Greg Steemson said: “These results validate Emu’s persistence with this project.

“The geology and surface geochemistry told us there had to be significant mineralisation on our ground.

“The assays from 5700-1 confirm the earlier geological observations and suggest that Emu is now well and truly in the hunt.”

Wed, 13 Jun 2018 16:01:00 +1000
<![CDATA[News - Emu NL gets ready to raise after share price surge ]]> Emu NL's (ASX:EMU) shares last traded at $0.185, or around double their valuation from the start of 2017.

Emu is now heading to market with a capital raising.

The halt will remain in place until the opening of trade on Tuesday 7th March 2017, or earlier if an announcement is made to the market.

Fri, 03 Mar 2017 12:00:00 +1100
<![CDATA[News - Emu NL shares rise on unveiling gold, silver potential in Chile ]]> Emu NL (ASX:EMU) has confirmed the potential for gold and silver at its Vidalita project in Chile after analysing surface geochemical results.

The company’s shares were last trading 19% higher intra-day on Thursday, at $0.125.

Emu had collected 235 samples from the 2 kilometre X 3 kilometre area defined from surface prospecting.

Remarkably, the soil results detected gold and silver in every sample.

The highest gold result is 66 ppb and the highest silver result is 1.9 ppm. The majority of the soil samples contain tens to hundreds of ppb silver.

During January, further surface sampling was completed to infill existing lines, extending the sample coverage.

The results from these additional sample are expected in mid-February.

Moreover, Emu also completed mapping in January which showed evidence of mineralisation in several locations including several areas of ‘sinter’, a rock usually associated with epithermal systems.

The company is well funded with a cash balance of about $1.7 million as at 31 December 2016.

Thu, 02 Feb 2017 13:00:00 +1100
<![CDATA[News - Emu NL’s shares rise on project acquisition near major gold deposits in Chile ]]> Emu’s shares were last trading at $0.084, up 27% intraday.

The Vidalita project area covers 2,800 hectares in two blocks.

Emu’s project lies near the recent discoveries of large gold deposits in the Miocene belt of rocks adjacent to the Argentine border.

Examples of these deposits include:
- Gold Fields Ltd’s (JSE:GFI) high grade Salares Norte project - May 2014 inferred resource of 23.3 million tonnes at 4.2 g/t gold for 3.1 million ounces gold and 44 g/t silver; and
- Barrick Gold Corp.’s (TSE:ABX) Alturas deposit, which is the latest major discovery in the belt - April 2016 resource of 5.5 million ounces gold at 1.25 g/t gold.

Surface sampling of rocks typical of epithermal gold systems in the eastern block of the project has defined an area of about 2 square kilometres with up to 5.24 ppm gold.

Emu can acquire Altius’ rights under a prior option agreement.

This will entail a payment of US$40,000, US$50,000 and US$100,000 in November of 2016, 2017, 2018 respectively and a payment of US$2 million in November 2019 to complete the transaction.

Emu is well funded with $1.8 million as at 30 September 2016.

Tue, 15 Nov 2016 14:30:00 +1100
<![CDATA[News - Emu NL drills for gold in Nevada ]]> Gold explorer Emu NL will soon have the drill spinning at its gold project in Nevada in a region that has unearthed large discoveries.

A U.S. subsidiary of Emu NL has received approval to drill two drill holes at a prospect called Speedway subject to lodging a rehabilitation bond which is underway.

Nevada produced about 5 million ounces of gold in 2014 from 30 producing mines providing a prize to explorers that have a commercial discovery.

The two drill holes are targeting an Audio Magneto-Telluric (AMT) feature within inferred Palaeozoic rocks below younger pediment sediments and volcanics.

The AMT feature is key as the size (~1.5km x ~0.5km) and nature of it and the geological setting provides promise.

In comparison with other large gold systems in the south-west USA, the AMT feature could represent a large alteration system that is usually associated with these gold deposits.


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Tue, 12 Jan 2016 12:43:00 +1100
<![CDATA[News - Emu receives first instalment from sale of South African diamond project ]]> Emu NL (ASX:EMU) has received the first instalment of $500,000 from the sale of its shareholding in Itakane Trading 243 Proprietary Limited to El Nino Mining Proprietary Limited.

This follows the company’s shareholders approving the $3 million sale on 29 May 2014.

Itakane Trading 243 holds the Superkolong Diamond Project in South Africa.

The second instalment of $500,000 is due on or before 31 July 2014 while the remaining $2 million is payable in quarterly instalments of $500,000 thereafter.


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Mon, 02 Jun 2014 18:00:00 +1000
<![CDATA[News - Emu NL to update interest in Superkolong Diamond Operation, South Africa ]]> Emu NL (ASX: EMU) is in pre-open this morning, following the ASX granting the company a trading halt.

The halt was requested due to Emu preparing an update relating to its interest in the Superkolong Diamond Operation.

Superkolong is lcoated near the town of Kimberley, South Africa.

The halt will remain in place until the opening of trade on Monday 10th March 2014, or earlier if an announcement is made to the market.


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Thu, 06 Mar 2014 15:20:00 +1100
<![CDATA[News - Emu NL raises funds for diamond hunt in South Africa and acquisitions ]]> Diamond focused Emu NL (ASX: EMU), formally known as Emu Nickel, has placed 5,050,000 ordinary fully paid shares at $0.10 per share and with free attaching contributing shares on a one for five ratio. The placement raised around $500,000.

The company said that the new funds will be allocated to its South African operations, and in particular for acquisitions.

Emu is the 50% owner of Superkolong (Pty) Ltd which company operates a diamond tailings operation at Kimberley, South Africa.

During the June quarter 2013 the company made good progress improving plant availability, with a spreader conveyor added to the end of the coarse residue conveyor, with a puddle tank incorporated into the pans circuit, and new earthmoving equipment was purchased - with other small upgrades also made.

During the period 26,420 carats were recovered, with 24,649 carats sold, with funds received R28.27 million (around A$3.1 million).

Pursuant to the terms of the sale agreement for Superkolong, the purchaser (being Itakane Trading 243 (Pty) Ltd jointly owned by Emu and Batla Minerals) is required to make payments of R25M, R35M and R35M on 1 September 2013, 1 March 2014 and 1 September 2014 respectively.


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Wed, 07 Aug 2013 10:10:00 +1000
<![CDATA[News - Emu NL is the new name for Emu Nickel ]]> Emu NL (ASX: EMU) is the new name for the company formally known as Emu Nickel, following the Australian Securities and Investments Commission recording the name change on Monday. The ASX code remains unchanged.

Greg Steemson remains the managing director of the company and holds voting power of 17.48%.

Just last month the company announced that the first diamonds recovered at the Superkolong plant at Kimberley, South Africa, were to be placed on tender.

All of the diamonds presented at the tender were sold realising a significant increase in the average per carat price over that received in 2012 due the number of high value stones.

Diamonds totalling 3,046 carats were sold at an average price of US$158.60. This compares with the average price received during 2012 of US$102/ct.


Emu has $0.9 million in cash, with the current market cap. around $2.5 million based on 34.6 million ordinary shares. There are also 19.9 million contributing shares.

Emu's net operating cash flows for the December quarter were just $56,000, following the receipt of $48,000 in interest, with costs totalling $104,000.


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Wed, 17 Apr 2013 09:00:00 +1000
<![CDATA[News - Emu Nickel to acquire diamond producing operation ]]> Emu Nickel (ASX:EMU) has belied its name and acquired an operating diamond tailings operation that was owned by De Beers Consolidated Mines Limited.

The operation currently produced up to 15,000 carats per month and is cash flow positive.

The average tender price of ~US$100/carat was received for the product during 2012.

The diamonds recovered range from industrial type diamonds through to gem quality diamonds.

Emu Nickel, together with a subsidiary of Batla Minerals SA, an entity listed on the NYSE Euronext in Paris have jointly offered to acquire Superkolong Proprietary Limited (SK) through a special purpose vehicle company.

SK is a 30.4% shareholder in the South African company Kimberley Miners Forum Proprietary Limited (KMF). KMF has purchased various coarse, diamondiferous, kimberlite tailings dumps located around the town of Kimberley in South Africa from De Beers.

The purchase price payable by SPV to the SK Vendors is in the amount of ZAR135M (50% by Emu and 50% by El Nino) payable in four payments due as to R40M on 1 March 2013, R25M on 1 September 2013, R35M on 1 March 2014 and R35M on 1 September 2014.

Based on current operational parameters, funding for the payments due on 1 September 2013, 1 March 2014 and 1 September 2014 to the SK Vendors will be met from the SK cash flow.

The transaction between SPV and the SK Vendors is subject to a number of conditions.


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Wed, 20 Feb 2013 11:40:00 +1100
<![CDATA[News - Emu Nickel to reveal acquisition ]]> Emu Nickel (ASX: EMU) is set to release some acquisition news to the market, with the ASX granting the company a trading halt this morning - with its shares placed in pre-open.

The company board recently finalised its restructuring plan with Greg Steemson appointed as Managing Director. Emu Nickel had $3.1 million in cash at the end of December 2012.

In the December 2012 quarterly, the company said that it is currently examining new mining and development opportunities with potential to add significant value to the company.

These opportunities include advanced stage projects that are either close to production or in production including diamond operations (including several separate, discrete and entirely unrelated primary kimberlite, tailings re treatment and alluvial operations in Africa) and tantalite exploration / development projects.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 20th February 2013.


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Mon, 18 Feb 2013 10:30:00 +1100
<![CDATA[News - Emu Nickel to acquire near production ready gold and antimony mine in New South Wales ]]> Emu Nickel (ASX: EMU) has secured the rights to acquire the Hillgrove Gold and Antimony Mine in New South Wales, one of the largest Antimony projects ready to go into production by 2013.

Hillgrove has sufficient reserves to support a nine year mine life with additional resources to extend that mine life by another seven years.

The project has a Resource of 6.3 million tonnes at 1.6% antimony and 4.3 grams per tonne (g/t) gold for 101,000 tonnes of antimony and 870,000 ounces of gold.

Reserves comprise 2.2 million tonnes at 2.1% antimony and 3.8g/t gold for 46,000 tonnes of antimony and 270,000 ounces of gold.

Mine recommissioning is scheduled for the June quarter of 2013 with a projected steady state production targeted for the December quarter of 2013.

Earnings before interest, taxes, depreciation and amortisation are projected to be around A$40 million for the December quarter of 2014.

Hillgrove has a base case annual production of 4,500 tonnes of antimony and 25,000 ounces of gold in concentrate.

Importantly, 50,000 tonnes of ore is already on the run of mine pad ready for commissioning and Emu will have immediate access to sufficient underground ore for the first 18 months of production.

The Hillgrove project, which covers 425 square kilometres, is located about 25 kilometres east of Armidale, a major regional town in New South Wales.

The historic Hillgrove mineral field has a rich history having produced 49,000 tonnes of antimony and 720,000 ounces of gold.

Emu has allocated $4 million per annum to undertake near mine and regional exploration.

Recent drilling at Bayley Park and Conningdale has located new areas of mineralisation.

Highlights from Bayley Park include 1.9 metres at 7.6% antimony and 1.5g/t gold from 39.5 metres, while drilling at Conningdale intersected 37 metres at 0.23g/t gold and 4.2g/t silver from 35.8 metres.

Hillgrove Acquisition

Emu has agreed to acquire ANCOA NL by issuing shares in Emu in two tranches. Upon completion of the acquisition Emu will change its name to ANCOA and purchase the Hillgrove mine for $40 million.

The company will settle the mine acquisition with $10 million in cash and the remaining $30 million through a combination of cash, shares or convertible notes.

Emu plans to undertake a $60 million capital raising to secure sufficient funds to proceed with the acquisition.

Wed, 08 Feb 2012 11:40:00 +1100
<![CDATA[News - Emu Nickel NL granted halt due to share price gyrations ]]> Emu Nickel NL (ASX: EMU) has been granted a request by the ASX for the company's shares to be placed in pre-open, due to some volatility in the share price.

Emu said in its request to the ASX that, '... on the basis that the company has observed that the share price has moved without explanation at a time when it is in the middle of incomplete negotiations.'

The company said in its quarterly released earlier in the week that it is currently evaluating several new opportunities.

Shares in the company changed hands as low as $0.054 in January, with the last trade at $0.08. The halt is scheduled to last until the opening of trade on Monday 6 February.


Thu, 02 Feb 2012 09:00:00 +1100
<![CDATA[News - Emu Nickel hits nickel at Emu Lake near Kalgoorlie ]]> Emu Nickel (ASX: EMU) has hit nickel and copper in some small intersections at the Emu Lake nickel project, 70 kilometres north-east of Kalgoorlie.

Highlights included; 5.68% nickel and 0.67 copper for 0.25 metres from 447 metres, 1.82% nickel and 0.14% copper for 0.7 metres from 173 metres, and, 1.41% nickel and 0.13% copper from 363 metres.

Of interest, the 5.68% nickel intersection occurs 170 metres down dip from a similar high grade intersection previously reported of; 0.28 metres at 5.35% nickel.

The company said this indicated the potential for extensions to this contact mineralisation south of Binti Gossan.


Thu, 27 Jan 2011 15:36:00 +1100
<![CDATA[News - Emu Nickel confirms large EM conductor at Emu Lake ]]> Emu Nickel (ASX: EMU) has reported that recent interpretation of downhole EM (DHEM) data and further processing of existing fixed loop ground EM (FLEM) have confirmed the presence of 500m long x 150m (down dip) EM conductor at Binti South, part of the Emu Lake joint venture situated 70km north east of Kalgoorlie, Western Australia.

The FLEM survey completed in 2009 identified a conductive trend parallel to the ultramafic rocks in this area. Several higher conductance targets were drill tested. Each of the completed drill holes were surveyed by DHEM which yielded further conductive targets.

DHEM surveys in drill holes ELD039 and ELD042A detected late-time, conductive anomalies striking south east from the holes. Of significance, ELD042A intersected two zones of nickel sulphide mineralization including:

- 0.21m @ 6.32% Ni from 282.28m associated with a small conductor, interpreted to be 50m wide x 50m in strike length.
- 1.57m @ 1.14% Ni from 393.43m, including 0.45m @ 2.67% Ni, associated with a distinct conductor interpreted to be 500m in strike length and 150m down dip, but of lower conductance.
George Sakalidis, managing director, said "this conductor could be open to the south. Further FLEM surveys are planned in June 2010 to infill gaps in the previous survey coverage and to identify targets for diamond drilling."

"Emu Nickel is most encouraged by this large EM conductor which is known to be associated with nickel sulphides and which may remain open to the south," he added.

Diamond drilling of this highly prospective target remains a priority for Emu. Emu has earned 80% of Image Resources’ 33% interest in the Emu Lake JV and has elected to proceed to earn the remainder of this interest.

Emu Nickel shares rose 44% to 13 cents in trading this morning.

Fri, 28 May 2010 11:05:00 +1000
<![CDATA[News - Emu Nickel shares rise on Barlee South uranium news ]]> Emu Nickel (ASX: EMU) has completed first pass soil sampling at its 100%-owned Barlee South uranium prospect situated 200km NNE of Southern Cross, Western Australia.

The sampling targeted an area of anomalous radiometric responses evident in regional survey data.

Uranium values up to 823ppm (0.97kg U3O8 per tonne) have been obtained from this sampling, outlining three anomalous areas within a clay pan and lake embayment on the edge of Lake Barlee.

The sample spacing ranged from 200m x 200m to 200m x 400m. The main anomalous area is 700m by 400m in area and averages more than 200ppm U in soils based on a 50ppm U threshold.

The northern two anomalies are 900m and 2000m long respectively and 100-200m wide based on the 50ppm U threshold.

The uranium anomalism is associated with calcrete occurrences and remains open in several directions. Extensive deposits of calcrete have been mapped to the south of the anomalous areas.

Emu is preparing to extend the area of sampling, including the calcrete area to the south, in order to outline the full extent of the anomalies and to define drilling targets at this new calcrete uranium prospect.

Thu, 29 Apr 2010 12:12:00 +1000
<![CDATA[News - Emu Nickel shares jump after potential new nickel sulphide zone near Kalgoorlie ]]> Shares in Emu Nickel (ASX: EMU) rocketed almost 30 per cent after the company announced potentially rich nickel zones had been uncovered at its Emu Lake joint venture, located 70km north east of Kalgoorlie.

Following today’s news, shares in the Perth-based miner jumped 29.5 per cent, or 6.5c, to 28.5c, giving nickel investors something to smile about.

In a statement, the company revealed diamond drilling had intersected nickel sulphides to the north, south and within the Binti Gossan Zone.

The results indicates the mineralisation remains open to the north, identifying a potential new nickel sulphide position 300m to the south which is open at depth.

Significant intersections include:
ELD 023: 0.28m @ 5.35% Ni and 0.40% Cu from 292.79m
ELD 035: 0.22m @ 1.84% Ni and 0.74% Cu from 528.97m
ELD 036: 1.58m @ 3.70% Ni and 1.33% Cu from 320.56m

Further drilling is being targeted as the company awaits assays from an additional drill hole.

Emu Nickel, which is earning one-third of the joint venture, is partnered with Xstrata Nickel, which is earning two-thirds by funding $3.25 million over a three-year period ending September 2010.

Emu has six nickel projects in the Yilgarn area surrounding Kalgoorlie and a 51 per cent stake in the Windy Knob tenement package near Meekatharra that hosts uranium, base metals and possibly iron ore.


Thu, 22 Oct 2009 06:28:00 +1100