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Eastern Resources Limited (ASX:EFE)

ALERT: Price-sensitive ASX Announcement for EFE
Current share price for EFE : $0.032 -0.005 (-13.51%)+
Announcement
Release
29 Sep 2025 8:31AM
Price at Release
$0.037
Full Release
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Summary
Eastern Resources Limited (EFE) announced a Farm-in Agreement to earn up to an 80% interest in the Marengo Gold Project situated in a prolific Queensland mineral belt with historical gold workings. The project, encompassing exploration permit EPM 25715, spans approximately 95 km² and is located southwest of Bowen, Queensland, near the Mt Carlton Gold mine. Marengo offers EFE a low-cost entry into a high-potential exploration area, historically under-explored with modern techniques. The area is noted for high-grade rock chip assays and a large Intrusion Related Gold Copper System (IRGCS). The agreement involves no upfront consideration, with EFE committing to a minimum expenditure of $1.5 million over three years for exploration and development during which EFE will hold full management. The project is seen as a strategic addition, offering significant upside given its location in a well-endowed mineral region.
Key Points
  • Eastern Resources to earn up to 80% interest in Marengo Gold Project.
  • Located in Queensland's prolific mineral belt with over 20 million ounces of gold endowment.
  • No upfront consideration; EFE to spend minimum $1.5 million in three years.
  • Project spans approximately 95 km² near existing infrastructure.
  • High-grade rock chip assays suggest gold system near surface.
  • Geology includes Palaeozoic extrusive rocks and Cretaceous diorite and granite.
  • Agreement managed through subsidiary Queensland Iron Pty Ltd.
  • Potentially reduces lead time and capital for future mining developments.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.