TIDMEEE
RNS Number : 0159A
Empire Metals Limited
28 January 2022
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Empire Metals Limited / AIM: EEE / Sector: Natural Resources
28 January 2022
Empire Metals Limited
('Empire' or the 'Company')
Update on Central Menzies Gold Project
Empire Metals Limited, the AIM-quoted resource exploration and
development company, is pleased to provide an update on the second
phase of reverse circulation ('RC') drilling at the Central Menzies
Gold Project in Western Australia ('Central Menzies' or the
'Project'), over which Empire holds an option to acquire a 75%
interest.
Highlights:
-- 1,422m of RC drilling completed, focusing mainly on the
mineralised trend known as Nugget Patch which was prioritised based
on previous exploration results showing a coherent supergene
gold-enriched zone.
-- At Teglio, additional holes were drilled to confirm historic
high-grade gold intersections closely associated with the main
workings, plus an additional traverse to test under a strong
gold-in-soil anomaly recently defined by Empire some 300m northwest
of the previous drilling
-- Significant intercepts reported :
Ø 1m @ 1.35 g/t Au from 81m downhole at Nugget Patch
Ø 2m @ 1.41 g/t Au from 90m downhole at Nugget Patch
Ø 3m @ 3.1 g/t Au from 13m downhole at Teglio (drilled 300m NW
of old workings)
Ø 4m @ 1.12 g/t Au from 36m downhole at Teglio (drilled near old
workings)
Shaun Bunn, Managing Director, said: "The results from the
December drilling programme indicate the existence of gold
mineralised zones along the projected Menzies Shear Zone corridor.
The drilling has intercepted quartz veins and alteration which
occur along the contact between basalts and sediments however only
a few of these intercepts have identified significant gold
mineralisation extending into fresh rock. We will continue to
evaluate the technical merits of the overall licence area with a
plan to complete our evaluation of the Central Menzies Project in
the period leading up to the Option expiry date, due late February
2022. We look forward to updating the market on the outcome of this
review once available."
Background on the Central Menzies Gold Project
In May 2021 Empire entered into an option agreement to acquire a
75% interest in the Central Menzies Gold Project, located in the
Menzies Shire, approximately 115km north of the city of
Kalgoorlie-Boulder and 10km south of the township of Menzies.
Central Menzies consists of four prospecting tenements (P26/2361,
2362, 2363 and 2364) covering a total area of 618 hectares.
Empire can exercise the Option at any time up to the 9-month
option expiration date by payment of AUD$1,750,000 in cash and
AUD$1,250,000 to be settled via the issue of new ordinary shares of
no-par value at a price calculated by reference to a 10% discount
to the 30-day VWAP.
Since entering into the Option Agreement in May Empire Metals
has undertaken several exploration campaigns in order to
technically evaluate the potential for a significant gold resource
within the licence area. The exploration activities undertaken
include:
Geophysical mapping: Empire Metals purchased close-spaced (25
metres) airborne magnetic and radiometric data over the four
exploration licences from Kingwest Resources Ltd which had
commissioned an airborne geophysical survey across the adjacent
tenements in Q4 2019.
Geochemical Mapping: A soil programme comprising 688 sites was
completed in July 2021. The sampling sites were situated on each of
the four licences, although largely focused on P29/2361 and
P29/2363. The sampling grid was 160m x 40m and samples were
collected from 10-30cm below surface using standard industry
practices.
RC Drilling Programme: An initial RC drilling programme of 27 RC
holes for a total of 2,379 metres was completed in September 2021,
targeting the two priority prospects initially identified from the
historical exploration dataset (refer Figure 1.). 14 RC holes for
1,189 metres were drilled at Teglio, testing a strike length of 520
metres. A total of seven sections of drill holes spans this length.
At Nugget Patch a further 13 holes were drilled for 1,190 metres.
These targets were chosen based on elevated gold concentration
within the licence area and the potential to generate significant
strike and lateral extension from old workings. Table 1 summarises
the significant gold intercepts from the Phase 1 drilling
programme.
Hole Number From Depth To Depth Interval Grade (g/t) Target
(m)
----------- --------- --------- ------------ -------------
CMRC21-001 34 41 7 0.5 Teglio North
------------- ----------- --------- --------- ------------ -------------
CMRC21-002 46 49 3 0.36 Teglio North
------------- ----------- --------- --------- ------------ -------------
CMRC21-005 45 48 3 0.86 Teglio
------------- ----------- --------- --------- ------------ -------------
CMRC21-013 44 47 3 0.47 Teglio South
------------- ----------- --------- --------- ------------ -------------
CMRC21-015 48 49 1 4.44 Nugget Patch
------------- ----------- --------- --------- ------------ -------------
CMRC21-016 61 63 2 0.81 Nugget Patch
------------- ----------- --------- --------- ------------ -------------
CMRC21-020 7 10 3 0.53 Nugget Patch
------------- ----------- --------- --------- ------------ -------------
49 51 2 1.51 Nugget Patch
------------- ----------- --------- --------- ------------ -------------
CMRC21-023 50 52 2 1.18 Nugget Patch
------------- ----------- --------- --------- ------------ -------------
CMRC21-026 43 45 2 0.9 Nugget Patch
------------- ----------- --------- --------- ------------ -------------
Table 1. Significant Intercepts from Phase 1 drilling with an
Incremental cut-off grade >0.3g/t Au and >1g Au*m
intervals.
Figure 1. Central Menzies Project drill hole location plan with
the recent drilling collar locations in green and the recent soil
sampling in brown. Historic drill intersections with significant
grade*metres are also highlighted.
Phase 2 RC Drilling Programme
A second phase of RC drilling was carried out in December 2021,
focused on testing the 500m long Nugget Patch gold trend where a
coherent zone of supergene gold mineralisation was previously
delineated close to the base of strong weathering during the
initial RC drilling programme in September 2021. At Teglio
additional holes were drilled to confirm historic high grade gold
intersections closely associated with the main workings, plus an
additional traverse to test under a strong gold-in-soil anomaly
recently defined by Empire some 300m northwest of the previous
drilling.
The drilling programme consisted of 13 RC holes for a total of
1,422 metres with nine RC holes drilled at Nugget Patch, for
1,1,112 metres, and a further four holes drilled at Teglio, for 310
metres (refer Figure 2), with the following significant intercepts
reported :
o 1m @ 1.35 g/t Au from 81m downhole at Nugget Patch
o 2m @ 1.41 g/t Au from 90m downhole at Nugget Patch
o 3m @ 3.1 g/t Au from 13m downhole at Teglio
o 4m @ 112 g/t Au from 36m downhole at Teglio
Figure 2. Phase 2 RC drill hole collar locations highlighted in
red, Phase 1 in grey. Historic drill intersections with significant
grade*metres are also highlighted.
Competent Person Statement
The technical information in this report that relates to the
Eclipse 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
Greg Kuenzel 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
/Ana Ribeiro 1177
Selina Lovell St Brides Partners Ltd PR Tel: 020 7236
1177
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 Gold Project and the Central Menzies Gold
Project 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 in 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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