REG - Empire Metals Ltd - Very High-Grade Intercepts Reported at Gindalbie

Empire MetalsAnnouncement

30/03/2022 07:00

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RNS Number : 4376G  Empire Metals Limited  30 March 2022

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

30 March 2022

Empire Metals Limited

('Empire' or the 'Company')

 

Very High-Grade Intercepts Reported: Gindalbie Gold Project

 

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 Gindalbie Gold Project in Western
Australia ('Gindalbie' or the 'Project'), over which Empire holds a Tribute
Agreement granting exploration, development and mining rights.

 

Highlights:

 

·     1,676m of RC drilling completed, focused mainly on known
mineralised trends based on historical workings, soil geochemistry mapping and
previous RAB/RC drill results, being Homeward Bound, Laurel-Bulletin, South
Gippsland #3, Golden Puzzle and Bud's Find.

·      Of the four RC holes drilled at the Homeward Bound target, three
reported very high-grade intercepts:

Ø 5m @ 8.99 g/t Au from 31m downhole, including 1m at 40.90 g/t Au

Ø 3m @ 8.96 g/t Au from 98m downhole, including 2m at 13.28 g/t Au

Ø 3m @ 9.88 g/t Au from 46m downhole, including 1m at 26.20 g/t Au

and the fourth hole encountered 2m at 3.0 g/t Au from 43m downhole.

·    Significant intercepts were also reported at Bud's Find and
Laurel-Bulletin:

Ø 3m @ 1.15 g/t Au from 27m downhole at Laurel

Ø 2m @ 0.64 g/t Au from 89m downhole at Bud's Find

 

Shaun Bunn, Managing Director, said: "We are extremely pleased with the
results from our initial drilling campaign at Gindalbie, which was a purely
speculative effort aimed at identifying priority targets for further, more
detailed exploration activities.  To hit such high-grade shoots at Homeward
Bound on the first pass is very encouraging, and to have a 100% success rate
on all four holes drilled at this target bodes well for future, more targeted
drilling campaigns.

 

"In addition, we have encountered significant gold mineralisation at depth,
below the small open pit at Bud's Find and we have intercepted a 3m wide
mineralised lode at Laurel, both of which merit follow-up drilling.

 

"In parallel with this work at Gindalbie, we are completing a 900m strategic
diamond drilling programme on our adjacent Eclipse Gold Project, which will
provide further geological and structural information on the mineralised
system and give further evidence on the potential scope and scale for a
significant mining operation focussed on this expanded licence area."

 

Gindalbie Gold Project Background

The Gindalbie Gold Project consists of the "granted" area contained within
mining lease M27/158, which lies adjacent to Empire's high-grade Eclipse Gold
Project, and is located near the historic gold mining town of Gindalbie,
situated 55km north-east of Kalgoorlie (refer Figure 1). The "granted" area
covers 643ha of highly prospective ground containing historic gold mines
located along a series of northwest-southeast striking mineralised trends.

 

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.

 

Initial Exploration Programme

Empire has completed an RC drilling programme at Gindalbie with the main
objective of testing for high-grade gold lodes within the transition and fresh
rock, immediately below or adjacent to several of the historic mine shafts
(and the small pit at Bud's Find). This programme consisted of 16 RC holes for
1,676m, targeting five distinct mineralised areas, selected based on the
location of historical workings, soil geochemistry mapping and previous RAB/RC
drill results, being Homeward Bound, Laurel-Bulletin, South Gippsland #3,
Golden Puzzle and Bud's Find (Figure 2.)

 

Figure 2. Plan view of the location of the initial drilling targets and
previously reported significant drilling intercepts.

 

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 Buds 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 16 RC holes drilled, six returned significant intercepts (refer Table
1.) and Homeward Bound, in particular, produced very high grades and/or good
intercept widths within all four drill holes. In addition, significant gold
mineralisation was encountered at depth below the small open pit at Bud's Find
and a 3m wide mineralised lode was identified at Laurel.

 

 

 

 Hole Number  From Depth  To Depth  Interval (m)  Grade (g/t)  Target
 GCRC22_003   89          91        2             0.64         Bud's Find
 GCRC22_005   27          30        3             1.15         Laurel
 GCRC22_007   31          36        5             8.99         Homeward Bound
 incl         32          33        1             40.90
 GCRC22_008   43          45        2             3.00         Homeward Bound
              68          69        1             1.32
 GCRC22_009   62          64        2             0.79         Homeward Bound
              90          92        2             0.89
              98          101       3             8.96
 incl         98          100       2             13.28
 GCRC22_010   46          49        3             9.88         Homeward Bound
 incl         46          47        1             26.20

Table 1. Significant Intercepts from RC drilling with an Incremental cut-off
grade >0.3g/t Au and >1g Au*m intervals.

 

Future Work

Several high priority targets have been defined at Gindalbie and it is
intended to follow up on these with further, more targeted drill campaigns
over the coming months. Currently Empire is completing a 900m strategic
diamond drilling programme on the adjacent Eclipse Gold Project, which will
provide further geological and structural information on the mineralised
shear, and this information will also assist Empire's technical team in
planning the next drilling campaign at Gindalbie.

 

Competent Person Statement

The technical information in this report that relates to the 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                                                       Tel: 020 7236 1177
 PR)

 Susie Geliher/ Ana Ribeiro/ Selina Lovell

 

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 strategy is to develop a pipeline of projects at different stages
in the development curve. Its current focus is on the high-grade
Eclipse-Gindalbie Gold Projects in Western Australia, with the goal to expand
through the addition of further projects in the region to develop a viable and
compelling portfolio of precious metals assets.

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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