Binding Heads of Agreement signed with Carawine Resources (ASX:CWX) in December 2020 to farm-in to a package of 8 exploration licenses in the east Pilbara region of WA (collectively the Carawine Project).
Large tenement footprint (800km2) in a proven belt adjacent the operating Woodie Woodie Mine (45mt @ 30% Mn, 11% Fe) and similar geological setting to Element 25’s Butcherbird Project.
Prospective for “Woodie Woodie” hydrothermal (high-grade Mn) and “Supergene Balfour” style manganese deposits (med-grade Mn/Fe).
Shallow mineralisation means cost effective and potentially rapid conversion to Resources. Multiple surface and untested IP anomalies to be followed up for manganese.
Potential for SEDEX hosted copper and base metals.
Exploration Head-Start: existing drill data and geophysical surveys shortcut the exploration lead-time with drill targets to be selected based on previous drilling and surface evaluation.
Drill data – 420 holes for 37,090m. Estimated cost to replicate ~$3m
Inherent value in existing datasets estimated at more than $4m
Comparable Story: Element 25 (ASX:E25) had a market cap ~$17m prior to PFS in early 2020 and now has a market cap ~$200m. The Butcherbird Deposit has a declared Ore Reserve of 50.6mt @ 10.3% Mn that upgrades with simple beneficiation (crushing, washing and screens) to saleable 33% Mn product. E25 has well advanced offtake discussions underway with OM Holdings (ASX:OMH).