TIDMEEE
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.
**S**
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/
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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