REG - Empire Metals Ltd - Commencement of Exploration Field Work at Pitfield

Empire MetalsAnnouncement

23/11/2022 07:01

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RNS Number : 2558H  Empire Metals Limited  23 November 2022

Empire Metals Limited / LON: EEE / Sector: Natural Resources

 

23 November 2022

Empire Metals Limited

("Empire" or "the Company")

 

Commencement of Exploration Field Work at Pitfield Ahead of Schedule

 

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and
development company, is pleased to announce that exploration activities have
now commenced at the Pitfield Copper Project ("Pitfield" or the "Project"),
located in Western Australia.  These field activities will focus on
under-explored areas of the Project and generate new exploration data that
will add significantly to the Company's understanding of the size and nature
of this potential Giant copper province.

 

Highlights

·    Pitfield has the potential to contain multiple sediment-hosted
stratabound copper ("SSC") deposits across a 40km N-S magnetic anomaly (as
announced on 21 September).

·    Current exploration focus is on areas that were previously
under-explored by major mining companies to further the Company's
understanding of the size and nature of this potential "Giant" copper
province.

·    Highly experienced exploration team, led by Ed Baltis, mobilised to
Pitfield to conduct field work including geological surface mapping and soil
sampling.

·    Further exploration field work, including IP surveying, is expected
to continue in Q1 2023 ahead of an intended drill programme to evaluate the
economic significance of any SSC deposit.

 

Shaun Bunn, Managing Director, said: "I am pleased to report that we have
commenced our exploration field work at Pitfield ahead of schedule, thanks to
the efforts of our highly experienced exploration team. Having successfully
put in place the initial land access agreements needed to commence surface
exploration the team has mobilised to site to expedite the surface mapping and
soil sampling programme at the Project, which has shown strong potential to be
a new Giant copper province.

 

"The areas currently targeted are along strike from known soil anomalies,
where high values of copper, silver and base metals have been identified from
previous exploration. We expect that the results from our current programme
will significantly expand the areas of high discovery potential ahead of
completing surface IP surveys to identify drill targets beneath the surface
metal anomalies.

 

"We have been keen to get our boots on the ground at this highly prospective
new asset, and the exploration team are all eager to begin work as we look to
prove up the presence of a new Giant copper province."

 

Phase 1 Exploration Programme - Mapping Surface Geology and Soil Sampling

The favourable geology of the Yandanooka basin for large-scale copper deposits
has previously attracted major mining companies which carried out exploration
within the area. For example, CRA Limited ("CRA") (1992) identified widespread
copper ("Cu"), silver ("Ag"), nickel ("Ni") and zinc ("Zn") anomalism over
large parts of the Yandanooka basin, particularly in association with
magnetite-altered rocks.

 

The local surface geology has been previously mapped by others on a sporadic
basis, relying on areas that were either topographic highs or outcrops. With
the geophysical data collected by Empire from the recent Airborne Magnetic
("AM") and Airborne Electromagnetic ("AEM") surveys, a more comprehensive
interpretation of the local geology has been prepared (Figure 1) which
highlights the extent of the Mt Scratch magnetic siltstones and the associated
structures.

 

 

Figure 1. Pitfield Interpretative Geology and Structural Map.

 

 

The 9,000m thick Mt Scratch siltstone has been subdivided based on geophysical
character as follows:

•             the conductive sequence is shown in darker blue
and likely contains reduced graphite bearing units;

•             the highly magnetic units (magnetite bearing) are
highlighted in stippled fill; and

•             low magnetic units and low/variable conductivity
are in light blue.

 

When looking to further define geochemical anomalies within the magnetic
siltstones, either through soil sampling and/or surface mapping, consideration
has once again be given to those areas exhibiting shallow cover and/or
topographic highs where the surface prospecting methods will be most effective
(Figure 2).

 

Figure 2. Target areas and soil sampling lines for Phase 1 Exploration
Programme.

 

 

Extensive Cu, Ag, Ni and Zn anomalies have previously been highlighted within
the surface sampling. In the context of sedimentary rock sequences, copper
values >100ppm, nickel >50ppm and silver >0.5ppm are considered
highly anomalous and may indicate the presence of significant SSC mineral
systems. By multiplying the assays for all four elements to produce an
overall  mineralised factor several Cu-Ag-Ni-Zn anomalous zones, each
stretching over several kilometres, become clearer (Figure 3). The current
geological mapping and soil sampling programme aims to both extend these
mineralised zones even further, and define substantial new areas of metal
anomalism compatible with SSC systems. The current work is targeted at
unexplored portions of the project with soil sample lines positioned in the
northern, central and southern areas of the licence.

 

Figure 3. Surface sampling by CRA highlighting combined Cu-Ag-Ni-Zn anomalism.

 

Pitfield Geology Compares Favourably with the Sandstone Sub-type of SSC

Geophysical surveying, geochemical sampling and geology work show that the
Yandanooka basin contains coincident favourable features that make this an
attractive sediment-hosted copper exploration target.

 

The AEM survey identified significant variations in rock conductivity
including a suite of anomalous conductive features within the Mt Scratch
siltstone, which indicates the presence of reductants such as graphite.  The
presence of reduced carbonaceous rocks (containing organic matter, graphite or
hydrocarbons) stratigraphically higher in the sequence may provide a redox
trap to allow for the precipitation of copper.

 

The AM survey has distinguished a widespread, stratabound, regional magnetic
anomaly (magnetite-bearing alteration) over 40km long. This massive magnetic
anomaly, extending over 40km north-south indicates that the project area has
been impacted by a large alteration event compatible with the influx of warm,
oxidized, metals-transporting, sedimentary brines.

 

BHP (1984), which drilled four stratigraphic diamond holes focussed along the
western contact of the Yandanooka basin within the basement Mullingarra
gneiss, confirmed that the basement rock was depleted in Cu, indicating that
the base metals have been leached and mobilised by the fluids passing through
and this most likely explains the Cu anomalies identified within the upper
zones of siltstone/sandstone.

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014, as incorporated into UK law by the European Union (Withdrawal) Act
2018, until the release of this announcement.

 

**ENDS**

 

For further information please visit www.empiremetals.co.uk
(http://www.empiremetals.co.uk)   or contact:

 Empire Metals Ltd                                                                       Tel: 020 7907 9327

 Shaun Bunn / Greg Kuenzel
 S. P. Angel Corporate Finance LLP (Nomad & Broker)                                      Tel: 020 3470 0470

 Ewan Leggat / Adam Cowl
 Shard Capital Partners LLP (Joint Broker)                                               Tel: 020 7186 9950

 Damon Heath
 St Brides Partners Ltd (Financial                                                       Tel: 020 7236 1177
 PR)

 Susie Geliher / Ana Ribeiro / Max Bennett

 

About Empire Metals Limited
Empire Metals is an AIM-listed (LON: EEE) exploration and resource development company with a project portfolio comprising gold interests in Australia and Austria.

 

The Company's strategy is to develop a pipeline of projects at different stages in the development curve. Its initial focus has been on the high-grade Eclipse and Gindalbie Gold Projects in Western Australia.  The Company expanded its exploration licence area in April 2022 from 9.5km(2) to 1,728km(2) with the acquisition of the Pitfield Copper-Gold Project and the Walton Copper-Gold Project in Western Australia, and the Stavely Copper-Gold Project in the Stavely Arc region of Victoria.

 

Empire also holds a portfolio of three precious metals projects located an historically high-grade gold production region comprising the Rotgulden, Schonberg and Walchen prospects in central-southern Austria.

 

The Board continues to evaluate opportunities through which to realise the
value of its wider portfolio and reviews further assets which meet the
Company's investment criteria.

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