REG - Empire Metals Ltd - Multiple Significant Intercepts Reported

Empire MetalsAnnouncement

16/08/2022 07:01

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RNS Number : 0651W  Empire Metals Limited  16 August 2022

 

 

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

16 August 2022

Empire Metals Limited

('Empire' or the 'Company')

 

Multiple Significant Intercepts Reported: Eclipse-Gindalbie Gold Project

Three New Mineralised Zones Identified at Homeward Bound

 

Empire Metals Limited, the AIM-quoted resource exploration and development
company, is pleased to provide an update on the reverse circulation ('RC')
drilling programme recently completed at the Eclipse-Gindalbie Gold Project,
situated 55km north-east of Kalgoorlie, in Western Australia.

 

Highlights:

·      26 RC holes drilled, for a total of 3,360m, focused mainly on
extending the known mineralised trends, along strike and at depth, around some
of the historical gold mines such as Homeward Bound, Bulletin, Eclipse and
Jack's Dream as well as the small pit at Budd's Find.

·      Of the 13 RC holes drilled at the Homeward Bound target, four
reported significant intercepts with the best of the drill holes being
GPRC22_027 which intersected three new mineralised zones:

Ø 2m @ 1.92 g/t Au from 79m downhole

Ø 1m @ 2.97 g/t Au from 87m downhole

Ø 2m @ 2.09 g/t Au from 106m downhole

·    Significant intercepts were reported at Budd's Find and Bulletin from
four of the seven holes drilled, including:

Ø 2m @ 3.30 g/t Au from 117m downhole at Budd's Find

Ø 1m @ 1.72 g/t Au from 65m downhole at Bulletin

 

·    Of the six holes drilled around the Eclipse and Jack's Dream shafts,
two reported significant intercepts:

Ø 3m @ 2.20 g/t Au from 165m at Eclipse

Ø 2m @ 0.85 g/t Au from 184m at Jack's Dream

 

Shaun Bunn, Managing Director, said: "These results are very encouraging
having returned multiple significant intercepts which supports our hypothesis
that the combined Eclipse-Gindalbie project has the potential to support a
significant gold resource.  In particular, the holes completed at the
Homeward Bound shaft and Budd's Find open pit have provided important
structural data on the direction of the gold mineralised veins which  will
advance our technical team's understanding of the structural model of the
wider project area."

 

"This drilling campaign stepped out north and south along the Homeward Bound
trend and was aimed at extending the known strike length around the historical
Homeward Bound shaft. The drilling not only confirmed that the previously
identified mineralised veins continue at depth but has also identified a
previously unknown parallel mineralised system to the east of the old Homeward
Bound mine shaft.

 

"We also drilled to extend the mineralised zone around Budd's Find and
discovered significant gold mineralisation well below the current Budd's Find
small open pit, from 117m downhole. The Budd's Find shear zone was
consistently intersected by the recent drilling close to target depth and
remains open along strike to the NW and down-dip. Similarly, the deeper
drilling at both Eclipse and Jack's Dream intercepted significant gold
mineralisation below the previously identified mineralised zones, from 165m
downhole and 184m downhole respectively."

 

Eclipse-Gindalbie Gold Project Background

The combined Eclipse-Gindalbie Gold Project consists of two adjacent mining
leases, located near the historic gold mining town of Gindalbie, situated 55km
north-east of Kalgoorlie (refer Figure 1). Empire holds a 75% interest in the
306ha Eclipse mining lease (M27/153), which contains the Eclipse and Jack's
Dream historical gold mine workings, and which have been to date the focus of
the Company's drilling campaigns to date. Since commencing its involvement at
Eclipse in August 2020, Empire has completed five exploratory drilling
programmes, consisting of 124 RC drill holes for a total of 11,001 metres and
nine diamond drill holes for a total of 1,200 metres.

 

In February of this year, Empire entered into a Tribute Agreement that gives
Empire the exclusive right to explore, develop and mine within a granted area
on Maher Mining's 100% owned mining lease M27/158, which sits adjacent to the
eastern border of the Eclipse licence area and extends the current area for
exploration targets by over 200% to a total of 943ha. The "granted" area
covers 643ha of highly prospective ground containing historic gold mines
located along a series of northwest-southeast striking mineralised trends. The
main trend containing the Company's Eclipse and Jack's Dream deposits aligns
with several of the old workings to the southeast including the Golden Puzzle,
Laurel and Bulletin mines. Other, sub-parallel north-west - south-east
striking trends have been identified which include the Homeward Bound and
South Gippsland #3 mines.

 

 

Figure 1. Location Map - Location of Eclipse Gold Project (red), which
contains the old Gindalbie townsite, and mining lease ML 27/158 (blue) which
contains the Gindalbie Gold Project.

 

Exploration Programme

Empire completed an RC drilling programme in July at the Eclipse-Gindalbie
Gold Project with the main objective of testing for extensions to the
high-grade gold lodes around the Homeward Bound and Bulletin mine shafts and
the small pit at Budd's Find on the Gindalbie lease and around the Eclipse and
Jack's Dream mine shafts on the Eclipse lease. This programme consisted of 26
RC holes for 3,290m, 13 of which were targeting gold mineralisation to the
north and south of the Homeward (Figure 2.).

A further five RC holes were drilled around Budd's Find (Figure 3.), and six
RC holes were drilled around Eclipse/Jack's Dream.  A single RC hole was
placed at Bulletin.

 

 

 

 

Figure 2. Plan view of the drill collar location around Homeward Bound.

Figure 3. Plan view of the drill collar location around Budd's Find.

 

 

The principal targets of the RC drilling are shear-hosted lodes which, as
observed at Eclipse and elsewhere within the Gindalbie region, tend to strike
300-340 degrees with sub-vertical to steep SW dips.  At Eclipse, and observed
at Budd's Find pit, there are centimetre scale shear parallel quartz veinlets,
which are associated with silicification and strong alteration in fresh rock,
and these appear to host the high-grade gold mineralisation. Another key
indicator is arsenopyrite, which may occur in association with the high-grade
gold mineralisation.

 

Of the 26 RC holes drilled, 10 returned significant intercepts (refer Table
1.)

 

 Hole Number  Target          From Depth (m)  To Depth (m)  EOH        (m)      Interval  (m)   Grade   (g/t Au)
 GPRC22_017   Homeward Bound  89              90            162                 1               2.68
 GPRC22_020   Homeward Bound  73              75            120                 2               0.74
 GPRC22_027   Homeward Bound  79              81                                2               1.92
                              87              88                                1               2.97
                              106             108           120                 2               2.09
 GPRC22_028   Homeward Bound  17              19                                2               0.97
                              49              51                                2               1.00
              inc.            50              51            126                 1               1.60
 GPRC22_031   Budd's Find     92              94                                2               1.11
                              100             103                               3               0.63
                              112             115                               3               0.70
                              117             119           150                 2               3.30
 GPRC22_033   Budd's Find     112             117                               5               0.86
              inc.            112             115           150                 3               1.07
 GPRC22_035   Budd's Find     155             157           162                 2               1.01
 GPRC22_036   Bulletin        31              32                                1               1.07
                              65              66                                1               1.72
                              100             101           174                 1               1.14
 ECRC22_008   Eclipse         165             168           200                 3               2.22
 ECRC22_011   Jack's Dream    184             186           200                 2               0.85

Table 1. Significant Intercepts from RC drilling with an Incremental cut-off
grade >0.4g/t Au and >1g Au*m intervals.

 

Future Work

This latest RC drilling programme has provided multiple significant gold
intercepts which will require further analysis and structural interpretation.
 Optical televiewer surveys have been completed on several of the RC holes
around Homeward Bound and these, along with the diamond drill core collected
during the previous drill campaigns, should greatly assist Empire's technical
team in building a more robust structural model for the overall project area.

 

Competent Person Statement

The technical information in this report that relates to the Eclipse-Gindalbie
Gold Project has been compiled by Ms Louisa Stokes, an employee of Eclipse
Exploration Pty Ltd, a wholly owned subsidiary of Empire. Ms Stokes is a
Member of the Australian Institute of Mining and Metallurgy. Ms Stokes is
employed in the role of Exploration Geologist and has been planning the
exploration activities for the Eclipse-Gindalbie project areas. Ms Stokes 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'. Ms
Stokes consents to the inclusion in this release of the matters based on her
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                                                             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 PR)                                         Tel: 020 7236 1177

 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 9.5km2 to 1,728km2
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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