TIDMEEE
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 To Depth EOH (m) Interval Grade
Depth (m) (m) (g/t Au)
(m)
Homeward
GPRC22_017 Bound 89 90 162 1 2.68
-------------- ------- --------- -------- --------- ----------
Homeward
GPRC22_020 Bound 73 75 120 2 0.74
-------------- ------- --------- -------- --------- ----------
Homeward
GPRC22_027 Bound 79 81 2 1.92
-------------- ------- --------- -------- --------- ----------
87 88 1 2.97
---------------------------- ------- --------- -------- --------- ----------
106 108 120 2 2.09
---------------------------- ------- --------- -------- --------- ----------
Homeward
GPRC22_028 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 or
contact:
Empire Metals Ltd Tel: 020 7907 9327
Shaun Bunn /Greg Kuenzel
S. P. Angel Corporate Finance Tel: 020 3470 0470
LLP (Nomad & Broker)
Ewan Leggat /Adam Cowl
-------------------
Shard Capital Partners LLP (Joint Tel: 020 7186 9950
Broker)
Damon Heath
-------------------
St Brides Partners Ltd (Financial Tel: 020 7236 1177
PR)
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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