REG - Empire Metals Ltd - Higher Grade Mineralisation Identified

Empire MetalsAnnouncement

15/05/2024 07:00

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RNS Number : 4264O  Empire Metals Limited  15 May 2024

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

 

15 May 2024

Empire Metals Limited

('Empire' or the 'Company')

 

Higher Grade Mineralisation Identified in the Near Surface, Highly Weathered
Zone

 

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and
development company, is pleased to announce the analytical lab results from
the final 22 Reverse Circulation ('RC') drillholes at the Pitfield Project in
Western Australia ('Pitfield' or the 'Project'), which combined with the
previous drill results, has confirmed that higher grades of TiO(2)
mineralisation are present within the near-surface, highly weathered zone of
bedrock which covers the extent of this giant titanium-rich mineral system.

 

Highlights

·    Consistently higher TiO(2) grades identified in the uppermost 40m of
mineralised bedded sandstone, corresponding closely to the near-surface zone
of weathering at both key target areas, Cosgrove and Thomas (refer Figure 2).

·    Analytical lab results received for the remaining 22 RC drillholes of
the recently completed 40 RC drillholes, with all holes identifying high-grade
TiO(2) mineralisation, from near surface to end of hole.

·    Successfully completed four diamond drillholes with excellent core
recovery from surface, analytical results pending.

·    Logging of the diamond drill core has confirmed significant
near-surface weathering of the sandstones coincident with higher TiO(2)
grades. Mineralogical and metallurgical assessment of the weathered
mineralised sandstones is underway.

·    Significant RC drillhole intercepts include:

§ RC24TOM022 intersected 154m @ 6.76% TiO(2) from 0m to end of hole;

§ RC24TOM021 intersected 150m @ 6.44% TiO(2) from 4m to end of hole;

§ RC24COS032 intersected 154m @ 6.31% TiO(2) from 0m to end of hole; and

§ RC24COS030 intersected 142m @ 6.05% TiO(2) from 12m to end of hole;

·    This highly successful drill programme takes the total drilling
completed to date to a total of 107 holes for 17,003m (including seven diamond
core holes for 2,025m), and will be used to delineate JORC Exploration Targets
at both Cosgrove and Thomas areas, a key step in the mineral resource
development programme.

·    Snowden Optiro, an Australian mining and resources consulting and
advisory group, appointed to provide independent advice, consulting and
training to support our exploration team and to assist with the QA/QC and
geological modelling required in the development of the JORC Exploration
Targets.

 

Shaun Bunn, Managing Director, said: "I am delighted to announce the latest
results from our recent RC drilling which have provided further evidence of
extensive high-grade titanium mineralisation within our two key target areas.
What is particularly exciting is the identification of significantly higher
TiO(2) grades within the highly oxidised saprolite zone found near surface.
Logging of the diamond core has confirmed strong, deep weathering of the
mineralised sandstones and we have initiated additional mineralogical and
metallurgical studies specifically aimed at assessing the grade-enriching
affect that weathering appears to have had on the mineral assemblage.

 

"In the meantime, delineation of a resource development Exploration Target for
the Cosgrove and Thomas prospects continues to gather momentum.  We have
engaged Snowden Optiro, a leading Australian resources consulting and advisory
group, to provide independent advice, consulting and training to support our
exploration team and to assist with the QA/QC and geological modelling in the
build-up to completing the Exploration Target. I look forward to being able to
release the results in the next few weeks."

 

 

The Pitfield Project

Located within the Mid-West region of Western Australia, near the northern
wheatbelt town of Three Springs, Pitfield lies 313km north of Perth and 156km
south of Geraldton, the Mid West region's capital and major port. Western
Australia is ranked as one of the top mining jurisdictions in the world
according to the Fraser Institute's Investment Attractiveness Index published
in 2023, and has mining-friendly policies, stable government, transparency,
and advanced technology expertise. Pitfield has existing connections to port
(both road & rail), HV power substations, and is nearby to natural gas
pipelines as well as a green energy hydrogen fuel hub, which is under planning
and development (refer Figure 1).

 

Figure 1. Pitfield Project Location showing the Mid-West Region Infrastructure
and Services.

 

RC Drilling & Diamond Drilling Programme - February - March 2024

The planned drill programme at Pitfield (announced 5 February 2024) was
completed in late March, and consisted of 40 RC drillholes totalling 6,086m,
and four diamond core drillholes totalling 807m (refer Figure 2). The RC
drillholes ranged between a downhole depth of 148m to 154m, whilst the diamond
holes were all drilled to a downhole depth of 202m. The drilling was completed
safely, on time and on budget. Excellent core recovery was achieved from the
diamond drilling, commencing from surface to the end of the hole.

The Company announced the results for an initial 18 RC drillholes on 25 April
2024. The remaining 22 RC drillhole analytical laboratory results have now
been received, with all drillholes intercepting high-grade TiO(2)
mineralisation and still in TiO(2) mineralisation at the end of each hole
(refer Table 1). The drilling continues to prove up the extent and grade of
the mineralisation at two of the key prospects (Cosgrove and Thomas), which
have been identified as having thick, high-grade, near-surface, bedded TiO(2)
mineralisation, each being over 7km in strike length (refer Figures 3 and 4).

 Figure 2. Grey-scale magnetics map overlain by airborne gravity survey
results with the location of the 2024 RC and diamond drill holes, and the 2023
RC and diamond drillholes.

 

Significant Drill Results - Second Batch from 2024 RC Programme

 Hole ID     Depth From (m)  Depth To (m)  EOH (m)  Interval (m)  Grade (TiO(2) %)
 RC24COS017  0.0             148.0         148.0    148           5.55
 RC24COS026  0.0             150.0         150.0    150.0         3.88
 RC24COS027  0.0             150.0         150.0    150.0         6.02
 RC24COS028  0.0             154.0         154.0    154.0         2.44
 RC24COS029  0.0             154.0         154.0    154.0         3.83
 RC24COS030  12.0            154.0         154.0    142.0         6.05
 RC24COS031  0.0             154.0         154.0    154.0         3.11
 RC24COS032  0.0             154.0         154.0    154.0         6.31
 RC24COS033  0.0             154.0         154.0    154.0         3.28
 RC24COS034  0.0             154.0         154.0    154.0         4.43
 RC24TOM014  12.0            154.0         154.0    142.0         4.01
 RC24TOM021  4.0             154.0         154.0    150.0         6.44
 RC24TOM022  0.0             154.0         154.0    154.0         6.76
 RC24TOM023  0.0             154.0         154.0    154.0         5.83
 RC24TOM024  0.0             154.0         154.0    154.0         5.82
 RC24TOM025  0.0             154.0         154.0    154.0         5.96
 RC24TOM026  0.0             154.0         154.0    154.0         5.39
 RC24TOM027  0.0             154.0         154.0    154.0         5.91
 RC24TOM028  0.0             154.0         154.0    154.0         5.77
 RC24TOM029  2.0             154.0         154.0    152.0         5.61
 RC24TOM030  0.0             154.0         154.0    154.0         5.12
 RC24HYN001  0.0             154.0         154.0    154.0         4.06

Table 1.                Significant Intercepts from RC Drilling

 

 

Figure 3.  Cosgrove Prospect Drill Collar Location: including colour coding
for drill holes based on TiO(2) assay grade.

Figure 4.  Thomas Prospect Drill Collar Location: including colour coding for
drill holes based on TiO(2) assay grade.

The Company has now completed a total of 107 drillholes for 17,003m (including
seven diamond core holes for 2,025m) with continuous TiO(2) mineralisation
reported throughout each and every drillhole. (Note: Two other holes were
abandoned at 12m and 20m due to technical reasons, with replacement holes
successfully completed nearby. The two abandoned holes are not included in the
totals quoted above.)

An analysis of the 67 RC drillholes completed to date over the Cosgrove and
Thomas prospects (the areas referred to in Figures 3 and 4) shows elevated
TiO(2) grades are present within the top 40m in 86% of the drillholes.  The
average grade for the top 40m, representative of the near-surface zone of
weathered sandstone, was 5.53% TiO(2) metre across all 67 drillholes, compared
to an average grade of 4.82% TiO(2) metre for the >40m to end of hole
intercept which represents an average 14.7% increase in grade within the
uppermost 40m of weathered sandstone.

The Company is currently awaiting the analytical laboratory results from the
four diamond drill holes. However, logging of the diamond drill core has
confirmed strong, deep weathering of the mineralised sandstones.  The diamond
drilling, particularly the near-surface core, has provided important samples
for ongoing metallurgical and mineralogical studies, and sections of core have
been submitted for microprobe work and Tescan Integrated Mineral Analyzer
("TIMA") analysis to determine the mineral assemblage within the highly
oxidised saprolite zone. Results will provide important information in
relation to the differing zones of oxidation encountered from surface to
depth, and the effect of weathering on the ore and gangue minerals present.
This in turn will inform the metallurgical team and allow them to tailor the
processing testwork to better suit the ore characteristics in this zone of
surficial weathering.

 

Competent Person Statement

The technical information in this report that relates to the Pitfield Project
has been compiled by Mr Andrew Faragher, an employee of Eclipse Exploration
Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the
Australian Institute of Mining and Metallurgy. Mr Faragher has sufficient
experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr
Faragher consents to the inclusion in this release of the matters based on his
information in the form and context in which it appears.

 

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

 Shaun Bunn / Greg Kuenzel / Arabella Burwell                                            Tel: 020 4583 1440
 S. P. Angel Corporate Finance LLP (Nomad & Broker)                                      Tel: 020 3470 0470

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

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

 Susie Geliher / Charlotte Page

 

About Empire Metals Limited

Empire Metals is an AIM-listed (LON: EEE) exploration and resource development
company with a project portfolio comprising copper, titanium and 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 current focus is on the Pitfield Project
in Western Australia, which has demonstrated to contain a newly recognised
giant titanium-rich mineral system that hosts a globally significant titanium
discovery.

The Company also has two further exploration projects in Australia; the
Eclipse Project and the Walton Project in Western Australia, in addition to
three precious metals projects located in a historically high-grade gold
producing region of Austria.

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