Highlights

  • Five completed core holes totalled 321 metres at Mineral Range.
  • Three skarn horizons were recorded from geological logging.
  • Laboratory assays remain outstanding for the maiden holes.
  • September quarter cash was A$1.541 million.

eMetals Limited (ASX:EMT) is a mineral exploration company advancing the Mineral Range Tungsten Project in Utah. The company’s September 2026 quarterly report describes initial core drilling that intersected scheelite-bearing skarn horizons, alongside earlier underground sampling results and a closing cash balance. Logged rock intervals are geological observations, not assays confirming tungsten grade.

Samples have been sent to ALS Laboratories in Reno, Nevada, where they will be analysed using lithium borate fusion and XRF. eMetals Limited (ASX:EMT) said the results will be used to refine its geological model and guide follow-up drilling.

What the drilling logs establish

Before drilling, the company re-entered the historic Garnet Mine at the 12-metre and 30-metre levels and observed mineralisation under shortwave ultraviolet light. Channel results reported include 1.2 metres at 0.76 per cent tungsten trioxide (WO3), 5.5 metres at 0.18 per cent and 1.5 metres at 0.27 per cent. Underground grab samples returned up to 3.83 per cent WO3, with others at 1.91, 1.66 and 0.95 per cent. The UV observation is a visual indicator and is not a substitute for laboratory analysis. Grab samples are selective and do not necessarily represent the average grade of the mineralisation.

Separately, eMetals Limited (ASX:EMT) issued a notice of intent to withdraw from its Mubende and Busia gold projects in Uganda, which leaves Mineral Range as the only project described in the report beyond the Ugandan exit.

Sampling and geology at Mineral Range

Cash at 30 September 2026 was A$1.541 million, down from A$1.786 million at the end of June. Operating outflow was A$183,000, of which staff costs were A$54,000 and administration and corporate costs A$130,000, and investing outflow, mainly exploration, was A$63,000. The company has no debt or credit facilities. On the report's calculation, the cash balance represents about 6.26 quarters at the current rate of spending, though the filing does not describe a plan for raising further capital. There are 97,500,111 fully paid ordinary shares on issue, along with 7.5 million Class A performance rights expiring on 21 July 2031.

The report contains minor inconsistencies, including exploration spending of A$62,000 in the listing rule disclosure against A$63,000 in the cash flow statement. Audited FY2026 accounts were lodged on 29 September 2026. Mathew Walker, an executive director, receives remuneration of A$12,000 a month from 1 September 2026.

Cash expenditure and securities

Until the ALS assays are received, it is not possible to say whether the logged skarn horizons carry economic tungsten grades. The confirmed next step is the receipt of assays for SK1, SK2 and SK3, after which the company intends to use the data to plan further drilling. No timing for the assays was given in the report.

eMetals (ASX:EMT) distinguished observed scheelite mineralisation from laboratory-determined tungsten grades. That distinction matters because core logging can identify a target horizon without establishing the average metal content of the interval.

The company’s reported cash balance is a point-in-time measure. eMetals (ASX:EMT) did not provide a confirmed assay return date, and subsequent drilling plans depend on information from the laboratory programme.

The figures describe an exploration programme, not a mineral resource or producing operation. Preliminary thickness estimates and selective underground samples answer different geological questions. Results from the new drilling remain necessary to establish tungsten grades in the logged horizons. The planned follow-up drilling will therefore be informed by the assay data rather than visual observations alone.

Key Insights

eMetals (ASX:EMT) has identified skarn horizons through drilling, while assays and subsequent geological interpretation remain necessary before the significance of the intercepts can be assessed.