How Will eMetals’ New Soil Sampling Unlock Busia’s Gold Potential?
eMetals Limited has progressed its exploration at the Busia Gold Project in Uganda, initiating a second phase of soil sampling to better define a significant gold anomaly. The company ends the quarter with a solid cash position following strategic asset sales.
- Phase 2 soil sampling underway at Busia Gold Project
- 300m-wide gold-in-soil anomaly identified in initial sampling
- Busia license covers over 9km of banded iron formation
- Mubende Gold Project partnership talks ongoing, no recent activity
- Cash reserves stand at approximately AUD 3.6 million post asset sale
Exploration Momentum at Busia
eMetals Limited (ASX, EMT) has reported steady progress in its September 2025 quarter, focusing on advancing exploration at its Busia Gold Project in eastern Uganda. The company has submitted regulatory approvals to enable further fieldwork and has commenced a second phase of soil sampling aimed at delineating the extent of a promising gold-in-soil anomaly first identified earlier this year.
The Busia Gold Project is situated within the highly prospective Busia Greenstone Belt, a geological setting known for hosting significant gold deposits. The project area features a prominent banded iron formation (BIF) extending over 9 kilometres, flanked by metavolcanic rocks. Initial soil sampling revealed a 300-metre-wide anomaly with gold values reaching up to 187 parts per billion, a signal that has prompted the current phase of more detailed sampling.
Strategic Regional Context
This region is notable for large gold deposits nearby, including the West Kenya Project held by Shanta Gold, which boasts a resource of 1.76 million ounces at 5.55 grams per tonne, and the Wagagai Gold Project less than 25 kilometres away. eMetals’ exploration license covers approximately 32 square kilometres, with no prior systematic exploration or artisanal mining activity, suggesting untapped potential for a maiden discovery.
The phase 2 soil sampling campaign is designed to map the anomaly over a strike length of about 2 kilometres with closely spaced sampling lines, while also extending coverage to assess possible strike extensions. Concurrent geological mapping and rock-chip sampling are planned to complement the soil sampling data.
Other Projects and Financial Position
Meanwhile, the Mubende Gold Project, a larger landholding of 202 square kilometres in central Uganda, saw no field activity during the quarter. However, eMetals is actively engaging with neighboring landholders and license holders to explore potential partnerships for further exploration and development, though these discussions remain preliminary and non-binding.
In Western Australia, the Salmon Gums Project also experienced no activity this quarter. Financially, eMetals has strengthened its position by selling its holding in Minerals 260 Limited, ending the quarter with approximately AUD 3.6 million in cash. Exploration expenditure was modest at AUD 82,000, reflecting a focused approach to advancing key projects.
Payments to related parties, including director fees and consulting services, totaled AUD 52,000. Importantly, no mining production or development activities were reported during the quarter, consistent with the company’s exploration stage status.
Bottom Line?
With phase 2 soil sampling underway at Busia and partnership talks progressing at Mubende, eMetals is positioning itself for potential breakthroughs in Uganda’s gold belts.
Questions in the middle?
- What will the assay results from phase 2 soil sampling reveal about the gold anomaly’s extent and grade?
- How might potential partnerships at Mubende influence eMetals’ exploration strategy and capital allocation?
- What are the company’s plans for advancing the Salmon Gums Project amid current inactivity?
