TIDMEEE
RNS Number : 0798C
Empire Metals Limited
16 June 2021
To view the announcement with the illustrative images please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/0798C_1-2021-6-16.pdf
Empire Metals Limited / AIM: EEE / Sector: Natural Resources
16 June 2021
Empire Metals Limited ('Empire' or the 'Company')
Historical drilling results and acquisition of geophysics data
fast tracks the development of a geological database for Central
Menzies Gold Project
Empire Metals Limited, the AIM-quoted resource exploration and
development company, is pleased to announce the commencement of
exploration activities covering the four exploration licences which
comprise the Central Menzies Gold project ('Central Menzies' or the
'Project'), including verification of historical reverse
circulation ("RC") drilling and the acquisition of airborne
geophysical survey data.
Highlights:
-- Central Menzies lies within a classic granite-greenstone
belt, with mineralisation associated with the regional Menzies
Shear Zone. Gold-bearing quartz veins occur along the contact
between basalts and sediments.
-- A series of structurally controlled high-grade gold deposits
have been historically mined and display extensive exploration
potential for high-grade extensions.
-- The locality is under-explored and is directly south along
strike of the 15km-long First Hit - Yunndaga line of workings which
had a total metal inventory of 1.1Moz of gold.
-- Historically, 777m of reverse circulation drilling has been
completed at the property by the current owner, Mel Dalla-Costa,
with several high-grade intercepts reported:
-- MCD02: 5m @ 19.59 g/t Au from 30 metres
-- MCD04: 3m @ 5.15 g/t Au from 35 metres
-- MCD10: 2m @ 5.51 g/t Au from 30 metres
-- MCD11: 1m @ 14.18 g/t Au from 48 metres
-- Empire has purchased close-spaced airborne magnetic and
radiometric data over the four exploration licences comprising the
Project from Kingwest Resources Ltd which commissioned an airborne
geophysical survey across the adjacent tenements in Q4 2019.
Shaun Bunn, Managing Director, said: "We have now commenced our
exploration campaign for the Central Menzies Gold Project and are
currently compiling a robust geological database, utilising both
historical reports and the results from the recent RC drilling
programme carried out by the owner of the tenements, Mel
Dalla-Costa. In addition, we have also been able to purchase recent
aeromagnetic and radiometric survey data from Kingwest Resources
Ltd, our immediate northern neighbour, which will greatly assist us
in building a detailed geophysical map of our licence area and help
fast track our proposed drilling campaign.
"As previously announced, we are continuing to build momentum at
our Eclipse Gold Project, where the focus now is on bringing the
Eclipse resource into JORC compliance ahead of mine optimisation
and planning and evaluating the resource potential at the adjacent
Jack's Dream deposit. It is pleasing to note that Empire remains in
a strong financial position given the recent sale of its 50%
holding in Georgian Copper & Gold JSC and receipt of the cash
consideration totalling US$3.3 million."
The Central Menzies Gold Project
The Project is located in the Menzies Shire, approximately 115km
north of the city of Kalgoorlie-Boulder and 10km south of the
township of Menzies. The prospect is accessible from
Kalgoorlie-Boulder via the sealed Goldfields Highway and then by a
2km unsealed road.
Central Menzies is wholly located within a north-north-west
trending greenstone belt, with basalts as the dominant hosts
together with interbedded shales and magnetite-rich banded iron
formations ("BIF"), with mineralisation hosted within the Menzies
Shear Zone, or associated fault splays. Gold-bearing quartz veins
occur along the contact between basalts and sediments. A series of
structurally controlled high-grade gold deposits have been
historically mined and display extensive exploration potential for
high-grade extensions.
The Project comprises four tenement blocks, all 100% owned by
Mel Dalla-Costa, a well-known and successful local prospector. The
licence area is largely surrounded by tenements held by Kingwest
Resources Ltd (refer Figure 2) and occurs along a lineament of
historical mine workings.
Historical RC Drilling at the Menzies Central Gold Project
A series of RC drill holes have been drilled by Mel Dalla-Costa
on P26/2361 during his period of ownership. A total of 14 holes has
been drilled for a total of 777 metres. This has identified a
strike length of mineralisation of up to 750 metres. Significant
intercepts include:
Hole_ID m_from m_to total_m Au g/t
MCD01 21 42 21 0.31
------ ---- ------- ------
MCD02 30 49 19 5.87
------ ---- ------- ------
Including 30 35 5 19.6
------ ---- ------- ------
Including 44 49 5 1.54
------ ---- ------- ------
MCD04 34 41 7 2.41
------ ---- ------- ------
Including 35 38 3 5.15
------ ---- ------- ------
MCD05 27 30 3 1.46
------ ---- ------- ------
MCD08 21 23 2 1.89
------ ---- ------- ------
MCD09 21 30 9 0.58
------ ---- ------- ------
Including 25 26 1 2.28
------ ---- ------- ------
MCD10 28 41 13 1.52
------ ---- ------- ------
Including 30 32 2 5.51
------ ---- ------- ------
Including 37 38 1 2.29
------ ---- ------- ------
MCD11 48 49 1 14.18
------ ---- ------- ------
MCD14 42 45 3 1.65
------ ---- ------- ------
Airborne Geophysics Survey
Empire has purchased invaluable geomagnetic and radiometric data
over the four exploration licences comprising the Menzies Central
Gold Project from Kingwest Resources Ltd who commissioned an
airborne geophysical survey across their adjacent tenements. This
data, once analysed, will enable detailed geophysical maps to be
prepared for the license area and assist with the prioritizing of
drilling targets as part of the proposed exploration campaign to be
commenced in the next few months.
Competent Person Statement
The technical information in this report that relates to the
Central Menzies Gold Project has been compiled by Mr Andrew
Bewsher, a full-time employee of BM Geological Services. Mr Bewsher
is a Member of the Australian Institute of Geoscientists. Mr
Bewsher has been engaged as a consultant by Empire Metals Limited.
Mr Bewsher 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
Bewsher 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.
**S**
For further information please visit www.empiremetals.co.uk or
contact:
Shaun Bunn Empire Metals Ltd Company Tel: 020 7907
9327
Mike Struthers Empire Metals Ltd Company Tel: 020 7907
9327
Ewan Leggat S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Adam Cowl S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 020 7186
LLP 9950
Susie Geliher St Brides Partners Ltd PR Tel: 020 7236
1177
Cosima Akerman St Brides Partners Ltd PR Tel: 020 7236
1177
About Empire Metals Limited
Empire Metals' primary focus is on the Eclipse Gold Project in
Western Australia which produced 954 tonnes @ 24.6 g/t Au for
754.25 oz Au from the Eclipse shaft which operated up to 1910.
Empire owns 75% of Eclipse with a right to acquire a further
25%.
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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