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EFE - Eastern Resources

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Eastern Iron Limited (EFE) was formed in July 2007 by PlatSearch to explore for bulk tonnage iron ore in infrastructure rich, eastern Australia. Eastern Iron has grouped the 15 licences into two projects, the Cobar and Main Line Projects. Both areas are highly prospective for Channel Iron Deposits.

http://www.easterniron.com.au
 

springhill

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NOWA NOWA DRILLING PROGRAM COMPLETED

 A diamond drilling program consisting of four holes totalling 477.6m at the Five and Seven Mile iron ore deposits has been completed.

 Assay results from a single hole at Seven Mile returned 71.4m from surface at 46.3% Fe, 31.3% SiO2, 2.6% Al2O3, less than 0.01% P and 0.03% S

 Drill core samples from Five Mile and Seven Mile have been submitted for beneficiation testwork at AMMTEC laboratories in WA. Further assay results from drillholes at Five Mile are pending.

 Engenium have commenced the scoping study for the Nowa Nowa Project.

http://www.asx.com.au/asxpdf/20120719/pdf/427h8jr29ndnzv.pdf
 

greggles

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EFE has seen a bit of movement over the last few months. Up from 1c to a high of 2.4c. At 1.7c today. The company has just recently acquired a high grade cobalt sulphide project in Poland and is currently conducting field work at its Nowa Nowa copper project in Victoria.

Tiny market cap of around $5 million.

screenshot-shareinvesting.anz.com-2018-01-02-12-50-25.png
 

greggles

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Eastern Iron moving its Nowa Nowa Iron Project forward by updating the DFS (September 2014) and progressing the permitting and approvals process simultaneously.

I found this part of the announcement particularly interesting:

The Company has received enquiries from a number of parties that have expressed interest in potential investment and product off-take. The Company will continue to engage with interested parties over the coming months as refreshed information flows from the updated DFS.

Market cap only around $7 million.
 

greggles

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EFE starting to show signs of life again over the last couple of months with spurts of higher volume and an increasing share price.

A recent CR raised around $1 million through the issue of 134,046,386 FPO shares at 0.8c per share. The company says this will fully fund the Nowa Nowa Project though to a final investment decision. Management is still actively seeking offtake agreements with end-users.

The company now has around $2 million in cash at bank.

big.chart-EFE.gif
 

greggles

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I somehow missed this announcement from last week which sent the EFE share price soaring to as high as 4.1c. It is currently trading at 3.3c a week after the announcement.

EFE market cap is still only around $20 million. The Trigg Hill tenements are due to be granted in the December quarter and there is the updated DFS from the Nowa Noa Iron Ore Project due soon.

Lots going on here.


EFE130921.png
 

Dona Ferentes

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I somehow missed this announcement from last week which sent the EFE share price soaring to as high as 4.1c. It is currently trading at 3.3c a week after the announcement.

EFE market cap is still only around $20 million. The Trigg Hill tenements are due to be granted in the December quarter and there is the updated DFS from the Nowa Noa Iron Ore Project due soon.
and now 4.3c

Chinese lithium giant Yahua is making a $1.05m investment in the company. A further $2.52m will be raised from sophisticated and professional investors, EFE says.
"We welcome Yahua as a cornerstone investor of Eastern Iron and are delighted with their financial commitment towards progressing a strategic partnership to acquire and develop Australian lithium projects," chairman Eddie King says
 
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On December 22nd, 2021, Eastern Iron Limited changed its name to Eastern Resources Limited.
 
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From the 11th April announcement.

DUE DILIGENCE SATISFIED FOR TAYLOR LOOKOUT
LITHIUM-TANTALUM PROJECT

Highlights

 Due diligence satisfied for the Taylor Lookout Lithium-Tantalum project.

 Eastern Resources now has two prospective lithium-tantalum projects in strategic locations in
WA.

 A 12-month work program has been planned to expedite exploration.

Eastern Resources Limited (“Eastern Resources” or the “Company”) is pleased to announce that it has positively completed its due diligence on the Taylor Lookout Lithium-Tantalum Project (“Project”).
All transaction conditions precedent of the HOA announced on 28 February 2022 have now been satisfied/waived by Legacy Iron Ltd and the Company.

The Company has recently undertaken due diligence on the Project and was pleased to identify numerous outcropping pegmatites during the site visit.

SP hasn't reacted to the above as expected. Probably a case of price subsidence until they get busy on the search.

Screenshot_20220420-114504.png
 
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SP hasn't reacted to the above as expected. Probably a case of price subsidence until they get busy on the search.
Hit a high on Friday of $0.034 or 30% up.
Settled lower, as per chart below.

ASX Announcement 8/7/22

"OUTSTANDING LITHIUM ASSAYS AT TRIGG HILL PROJECT

Highlights
• Rock-chip assays confirm extensive lithium-caesium-tantalum (LCT) pegmatites.

• Results up to 2.28% Li2O, 1.23% Rb2O, 1,552ppm Cs2O, 514ppm Ta2O5 and
2,921ppm SnO2 from the
Curlew East pegmatite swarm.

• One pegmatite chip rock sample returned 10.3% copper."

Screenshot_20220709-161229.png
 
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