HIGHLIGHTs The company has reported results from its copper, lithium, tin-tungsten projects in the quarter ending 31 December 2022. Results indicate the continuity of copper-silver-zinc mineralisation at Don Enrique Copper Project, with 28 samples demonstrating copper values of up to 3.22%. Shaw River Lithium Project confirmed potential for Li mineralisation. Results of tungsten and tin values have been received from the Khartoum Tin-Tungsten Project. The company has also waived its first right of refusal to acquire EUR's 20% ownership of the Austrian Lithium Projects. At Christina Tin-Tungsten Project, 15 out of 100 samples collected showed high values of tungsten and tin, with higher grades correlated to wider and more substantial veins. OPERATIONSThe Khartoum Project in North Queensland has shown potential for tungsten mineralization associated with the Black Prince Granite and tin mineralization at Mary Ann. Initial exploration in historic tungsten mines in the Fingertown-Geebung area returned positive tungsten values (0.68% W to 2.01% W). Sampling in the Black Prince Granite and in the Geebung and Bovis mine areas revealed tungsten values (0.14% W to 2.03% W) and elevated tin (3.96% Sn). Follow-up sampling is underway. with results pending. Mary Ann ProspectThe Mary Ann Prospect has been tested by RC drilling and sampling of historic pits. The drilling found elevated tin values (0.22% to 0.19%) associated with increased quartz veining in the greisenised host granite. Samples from the historic pits also showed elevated tin values (0.10% to 0.49%) with elevated multielement values. Of previous samples tested, only one had elevated tin value (1.7%). Based on past drilling and sample results, the Mary Ann mineralized trend has potential to extend 400m.
Shaw River ProjectEVR has received results from follow-up sampling at its Shaw River Lithium Project in Western Australia. The fieldwork was done to find economic-grade lithium mineralization in areas with potential from initial field visits. Results from 26 samples showed grades of up to 1615ppm Li and 819ppm Sn. A number of muscovite-rich pegmatite clusters were discovered, one of which returned 839ppm Li. Low K/Rb ratios indicate high level of fractionation and potential for lithium mineralization. Historic data shows pegmatite occurrences and elevated tin-tantalum that need investigation. EVR is re-processing a hyperspectral survey to define pegmatite targets in the tenement and identify lithium-bearing minerals. During the quarter, EVR increased its ownership in the project from 80% to 100%.
Christina Tin-Tungsten Project EVR reported an update on the results of 100 rock samples collected at the Christina Tin-Tungsten project in Morocco. Results showed tungsten values up to 15.9% and tin values up to 0.41%. The company has secured an option for a 48km² area under license, a portion of which will be converted to a mining license. The deposit is located in the southern part of the Hercynian granitic Zaer intrusives and is associated with the presence of coarse-grained two-mica granite and quartz veins. The mapping campaign outlined a 1-3km wide and 8km long NW-SE trending corridor of frequently mineralized quartz and micro veins.EVR's exploration team is designing a 2,000m diamond drilling program to test the down-dip extension of mineralized veins and structural traps.
EVR Resources Limited (EVR) has signed a Standby Placement Agreement (SPA) with Mint Capital Advisors Ltd. for a financing facility of up to $10 million with a two-year term and set to expire in February 2023. The company may draw funds at its discretion by issuing shares to Mint. The price per share will be 90% of the average of the 15 trading day daily VWAP of EVR's shares for the 15 trading days after the drawdown notification. The number of shares to be issued will be determined by the daily traded volume of shares. EVR may draw up to $300,000 per month with a maximum of $10 million, and the issuance price must be above $0.04 per share. Mint's shareholding cannot exceed 9.99% of EVR. All share issuances are subject to compliance with the Corporations Act 2001 and the ASX Listing Rules.
I wanted to share my thoughts and speculation with you regarding EVR Resources Limited and their recent Standby Placement Agreement with Mint Capital Advisors Ltd. I strongly believe that we will hear an announcement this week regarding the SPA or the drilling. The expiration of the two-year financing facility in February 2023 is quickly approaching and I think it is possible that the company will use this opportunity to make a significant announcement.
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