There's been a lot of discussion about the potential of the Cowalinya Ionic Rare Earth Project recently. Thought I'd write my analysis notes in here starting with the Poona project, it can be a start of a general chat / discussion thread perhaps as this is not specific to any particular announcement or narrow lensed prospect? Let's see how that goes. Below are some rough and tumble thoughts on the Poona Rare Metals Project done while my little one was sleeping yesterday. Might go hunting for detailed drill hole data today if I get a chance but if I do not at least here's something. Quality of research limited by time
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Poona Rare Metals Project
https://www.emetalslimited.com.au/sites/default/files/asx-announcements/61011384.pdfSummary
Although tantalum is expensive currently I would not go after that as the #1 target given oversupply coming. The Li-Be-Rb deposits may have some potential given the high grades of Be/Rb in rock-chips if it can be replicated under surface, and given the number of potential targets, i.e. there might be scale to make that work with sufficient mine life over a few locations. A lot of the targets start pretty much at surface which is a plus but doesn't look particularly big so anything coming out of it would likely need to be targeted as a relatively small scale high vale operation.
The Raj (Tantalum Pegmatite Swarm)
Dug around a bit more re tantalum, just in anarrow lens on that not the other elements or parts of projects. In a nutshellyour comment re Lithium tantalum by-product seems to be on target, overall it'sbest summarised by this quote:
· "Roskill also forecasts positive growth in tantalum demandof 4.6%py between 2019 and 2029 in its new report, Tantalum: Outlook to 2029,15th Edition; however, demand growth will be outstripped by that of risingsupply.", https://www.globenewswire.com/news-release/2020/04/16/2017499/0/en/Roskill-Tantalum-industry-to-be-shaped-by-supply-over-next-decade.html
Price should drop markedly as Lithium supply grows and outpaces tantalum demandgrowth by a wide margin, so in the context of the Poona project over the timeit'd take to develop I suspect it would not be worth pursuing the sub-portionof the project that'd be tantalum revenue focussed, only if it's a by-productlike other Lithium mines. This prospect however seems to be the one at Poona they are the one they are most keen on. I don't really get it tbh.
The curx of the 11th Feb Announcement is that they’repursuing drilling at the Raj - https://www.emetalslimited.com.au/sites/default/files/asx-announcements/61019875.pdf- personally I'd certainly rather be in aspace of limited supply rather than an area projected to be in a massive oversupply situation so although the current prices are reasonable I wouldpersonally (with my limited knowledge) not have prioritised that particularpegmatite patch even though they say the results are higher than severalprevious historic tantalum operations. Acknowledging this is not an area I havedepth of knowledge. The Beryllium and Rubidium results are potentially the dark horses here but I do not see them make any mention of those at all in the announcement. Happy for anybody to challenge my view.
TheMughal Prospect (Nickel Copper, Copper, PGE) – from Venus Metals Corporation
Only comments I can really make on this one is that the 8historic drill holes they reference has pretty low grades compared to forinstance Chalice. I haven’t yet had a chance to check if there’s some moremapping data available. To be honest although I do hold one NiCuCoPGE play I am not interested in anything that doesn't look like it has Tier 1, lowest quartile cost curve potential given DeepGreen might kick in late this decade https://deep.green/ (not promoting, they're saying they're targeting 2024 but they're full of Silicon Valley fluff, imho they'll get things working by 2030). This doesn't seem like it fits the bill and I haven't seen a tantalising aeral map. There was one with a few smaller spikes so there might be something but on gut feel doesn't fit my criteria to be interested.
Poona East (Lithium)
For some reason I can’t copy the link properly, it’s in an announcement form Venus Metals 23rd Nov 2016. Available on their website, there's a couple of other announcements related to Poona as well but again I can't link it.
Overall impression is that 9 metres and 3 metres isn’t much and the grades aren’t too great, >1.2% would be much better. Surface sampling had yielded much higher results than the drill bit did.
EMT included that as a highlight in this announcement https://www.emetalslimited.com.au/sites/default/files/asx-announcements/61006835.pdf
In conclusion, there’s definitely Lithium there, whether there’s enough of grades that are economic let’s see. Some of the rock chips are stellar, but the drilling the previous tenement owner did certainly didn’t back up the rock chips. If the vendor missed the spot then there’s definitely some potential based on the rock chips, especially the areas that got hits for Lithium > 2%, Cs + Be >1% or Rb >1%. It’s a matter of actually finding the spot and finding it in an economic quantity, if it exists. I still would not focus on the pure tantalum prospect given the demand outlook.
Will see if I can find some more drill data on these tenements today if I get an opportunity and will post if there's anything interesting. Happy for any of my thoughts to be challenged. I AM NOT AN EXPERT
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