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Empire Resources (ASX:ERL) advancing on its projects after an action-packed September quarter - Kalkine Media

October 24, 2022 01:36 PM AEDT | By Ankur Jaiswal
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Highlights:

  • During the September quarter, Empire Resources’ (ASX:ERL) was focused on the exploration activities at its Penny’s Gold Project and Yuinmery Project.
  • The exploration programs consisted of drilling campaigns and downhole electromagnetic geophysical surveys.
  • During the period, Horizon Minerals finalised the acquisition of the remaining 50% of Penny's Find Gold Project.
  • Empire received AU$100,000 as part of the fourth and final non-commencement royalty pre-payment for Penny's Find Gold Project.

Gold- and copper-focussed exploration and development player Empire Resources Limited (ASX:ERL) wrapped up an eventful quarter ending 30 September 2022 highlighted by the extended exploration and investment activities across its asset portfolio.  

During the September quarter, Empire completed the diamond drilling program at its Yuinmery copper-gold project, producing outstanding results that strengthened the company's assumption that the project could host additional economic multielement mineral deposits.

Also, in late August, Empire started an aircore drilling (AC) campaign at its fully-owned Penny’s Gold Project.

Embed video: https://www.youtube.com/watch?v=-0YvzeBk3DA

The company’s balance sheet strengthened by AU$100,000 with the company receiving the royalty pre-payment for Penny's Find Gold Project.

Source: © 2022 Kalkine Media®, data source: company update

Exploration activities

Penny’s gold project: The project is located 45 km east of Kalgoorlie in Western Australia. Its targets lie immediately adjacent to and along the strike of the existing 270 kt @ 4.99 g/t gold for 43 koz resource at Penny's Find Gold Mine.

In August, the company initiated an ~5,000m aircore drilling campaign at the project targeting five highly prospective gold targets. The program's objective was to follow up anomalous gold intercepts from drilling previously undertaken by Empire at Penny’s Gold Project. The drilling also focused on historical gold in soil anomalies that have not been tested by modern drilling techniques as well as testing the regolith and basement for gold and pathfinder elements.

 AC drilling in progress

Image source: Company update, 29 August 2022

The campaign was completed by the company after drilling 5,289 m. Empire has submitted all the collected samples to the laboratory. The company is expecting to receive the assay results around six weeks after submission.

Yuinmery copper-gold project: Empire has completed a four-hole diamond drilling campaign for 1,612 m at its Yuinmery Project and received assays for the first two diamond holes (YDD22-04 and YDD22-05) of the Smiths Well prospect.

The program was aimed at testing the down-plunge extension of the strong downhole electromagnetic conductor and the sulphides identified in the previous drilling.

Source: © 2022 Kalkine Media®, data source: company update dated 1 July 2022

 YT01 prospect:

Additional diamond drilling at YT01 confirmed previously intercepted sulphide mineralisation, the company reported. The lithologies intercepted are identical to those identified during the previous drilling, including zones of disseminated chalcopyrite and stringer sulphides (chalcopyrite-pyrite) in altered basaltic rocks.

The company shared its plan to continue exploring YT01 for extensions of previously identified mineralisation along the strike.

The company has also completed the downhole electromagnetic geophysical surveys for both the Smiths Well and YT01 prospects.

Investments

Empire is entitled to royalty payments from the Penny’s Find Gold Mine to the following extents:

 

Image: © 2022 Kalkine Media®

Also, the company’s balance sheet was strengthened by AU$100,000 with the fourth and final Penny’s Find Gold Project non-commencement royalty pre-payment received during the September quarter.

Empire states that it is looking forward to seeing how Penny’s Find Gold Project develops under Horizon Minerals’ stewardship, with the latter acquiring the remaining 50% of that project.

Financial footing: The company’s expenditure during the quarter stood at ~AU$207,000, with cash in hand of AU$1.64 million as at the quarter end.


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