EEE Empire Metals Limited

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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June 16, 2021 04:30 ET (08:30 GMT)