Updated Mineral Resource Estimate (MRE) for the Home of Bullion copper deposit in the Northern Territory has been completed, taking into account the results of recent diamond drill holes (2022) and changes in metal prices since the earlier MRE was completed in 2014. The previous MRE1 was for a total of 2.5 million tonnes at an average grade of 1.8% copper, 2.0% zinc, 36 grams per tonne silver, 1,2% lead, 0.14 parts per million gold and 0.02% cobalt. Expressed as a copper equivalent2, this is 2.5 million tonnes at an average grade of 2.8% Cu eq.

The updated MRE3 is a total of 3.1 million tonnes at an average grade of 1.7% copper, 2.0% zinc, 35 grams per tonne silver, 1.1% lead, 0.17 parts per million gold and 0,02% cobalt. Expressed as a copper equivalent, this is 3.1 million tonnes at an average grade of 2.9% Cueq. The tonnage has increased by 0.6 mt or 24% and the grade by 0.1% Cueq or 4%.

Contained copper equivalent has increased from 70,000 tonnes to 89,900 tonnes of metal - an increase of 19,900 tonnes or 28%. The Home of Bullion mine lies on EL 23186, in the Arunta Province of the Northern Territory, 290 kilometres northeast of Alice Springs. EL 23186 is part of a package of tenements held by Eastern Metals Limited (Eastern Metals, or the Company) that is prospective for base and precious metals, in addition to lithium.

The location of the tenements and the Home of Bullion mine. The deposit consists of two principal lodes: the Main Lode and the South Lode, with an additional low grade footwall unit (LGFW) directly abutting the South Lode. The deposit was mined intermittently between the 1930s and 1950s.

It is generally thought to be a high-grade volcanogenic massive sulphide style deposit. At least three shafts have been sunk to a maximum depth of 90 metres and the lodes have been traced for at least 170 metres underground, with an average width of 2.4 metres and a maximum width of 6 metres. A photo of the headframe on one of the shafts.