Eastern Metals Limited announced that the renewal of EL6321 that hosts the Browns Reef polymetallic base metal sulphide deposit in the Cobar Basin near Lake Cargelligo in Central Western New South Wales has been recommended by the mining regulator for approval for six more years. The tenement will be renewed in full, without a requirement to relinquish any ground. EL6321 will now expire on 19 October 2028.

Browns Reef: Browns Reef is a large lode of zinc-dominated mineralisation in which two zones of higher-grade zinc and lead sulphides have been identified by the Company. Eastern Metals drilled six diamond holes at Evergreen in 2022. All holes returned strong zinc and lead values.

The Company intends to drill a further six diamond holes at Evergreen in 2023. The results of these holes along with the Company's six existing holes and two holes drilled by a previous explorer are expected to lead to the estimation and release of a JORC 2012-compliant resource estimate for this zone. Eastern Metals also intends to drill two diamond holes in the Pineview zone in 2023.

In addition, the Company expects to drill some 450 shallow air core holes to test geochemical anomalies and other targets elsewhere on the Browns Reef tenement during 2023. Zinc: Zinc's traditional industrial role has for many years been its ability to prevent corrosion in steel structures by the application of a thin coating of zinc to produce galvanised steel. However, it is increasingly being used in forward-facing industries.

Examples include its use in zinc-ion batteries that are safer than lithium-ion batteries as they use a water-based chemistry, avoiding fires; galvanising of steel requires a zinc coating, and galvanised steel is the preferred material used for automobile panels by electric vehicle manufacturers; zinc coatings protect solar panel fixtures and prevent rust; and offshore wind turbines that require a zinc coating to handle extreme environmental conditions. At least one highly regarded investment bank has suggested mine supply constraints will lead to significant price rises in 2023. Zinc mining is not a sunset industry.