Ann: ASX Retraction and Clarification, page-12

Sad days for this company :/
What’s next?

https://thewest.com.au/business/min...aims-serendipitous-wa-lithium-find-c-12540756

Neometals gets pulled up by the Australian Securities Exchange as it proclaims ‘serendipitous’ WA lithium find

Adrian RausoThe West Australian
Mon, 13 November 2023 4:32PM



Neometals is led by Chris Reed. Photo by Michael Wilson The West Australian Credit: Michael Wilson/Kalgoorlie Miner

Battery materials recycler Neometals touted a lithium discovery in a geological hotspot for the commodity before being promptly forced by the Australian Securities Exchange to issue a retraction and clarification.

On Monday, Neometals announced it had discovered visible spodumene at its Spargos lithium project located 50 kilometres southwest of Coolgardie. The Chris Reed-led producer said the discovery had a similar “geological signature” to major lithium deposits — Mineral Resources’ Mt Marion, Liontown Resources’ Kathleen Valley and Delta Lithium’s Mt Ida — and was located near the latter.

Mr Reed said the presence of fertile, spodumene-bearing pegmatites in diamond core from historic nickel exploration was “serendipitous”.

“The geological model is reminiscent of our former Mt Marion project and analogous to significant deposits further north up the Mt Ida Fault,” he said.

“Whilst Neometals core focus remains the commercialisation of our downstream battery materials technologies, our senior executives have the capacity and expertise to maximise value from what could bean exceptional upstream lithium opportunity.”

But later on Monday, Neometals was forced to issue an updated announcement on the ASX retracting a table of historical drill results it had referenced.

“These drill holes were undertaken prior to Neometals acquiring the tenement and no drill result should have been released to the market previously by Neometals,” the company stated.

“Accordingly, the company cannot place any reliance on these drill holes or lack of results.”

Neometals also had to issue a clarification, after stating it had visually estimated spodumene at between 10 to 15 per cent.
“The company cautions that visual estimates by the company’s geologists of spodumene material abundance should never be considered a proxy or substitutefor laboratory analysis,” Neometals stated.

“Laboratory assay results are required to determine the type and grade of the visible mineralisation reported in geological mapping described in this announcement.
“The company will update the market when laboratory analytical results become available in about 3 to 4 weeks.”
Neometals is currently in a trading halt and last changed hands at 25¢, shedding 86¢ over the past year.