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Highlights
- Empire Resources has received final assays of the drilling program conducted in February this year
- There is "strong" Cu and Au mineralisation demonstrated in the A-Zone drilling, and YT01 drilling shows Cu mineralisation
- Managing Director Sean Richardson has lauded the "excellent results" and said that the Yuinmery project has "exciting" opportunity
ASX listed gold and copper explorer Empire Resources (ASX: ERL) has released an update on the results from the February 2023 drilling (reverse circulation) at its Yuinmery Project (Copper-Gold). The results at the A-Zone demonstrate presence of strong Cu and Au mineralisation, both near surface and in fresh rock. The YT01 prospect demonstrated thickening in mineralisation (Cu), which is very close to the strike to the east and down dip to the north. The Company has four highly prospective projects, which ERL claims have targets with "excellent potential".
ERL shares surged post the announcement and were trading at AU$0.006, up 20%, at the time of writing on 18 April 2023, with ERL's market cap over AU$5.5 million.
A Zone Oblique Cross Section; Source: ERL ASX announcement dated 18 April 2023
YT01 Prospect 687,350mE Cross Section; Source: ERL ASX announcement dated 18 April
The development
Empire Resources’ Yuinmery Cu-Au Project 470 km northeast of Perth (WA) has now received the final assay outcomes for the over 920 meters RC drilling program. Notably, this drilling was subsequent to previous Cu-Au assays at the YT01 prospect and the A-Zone prospect. Both the prospects are along the strike of Empire’s Just Desserts deposit, which has returned 2.52Mt @ 1.31% Copper & 0.49g/t Gold.
A-Zone
At the A-Zone prospect, which is in close proximity to the existing Just Desserts Resource, the previous drilling activity had returned high-grade results. The result included 12m @ 2.05% Copper, with respect to YRC18-01, and 7m @ 3.30% Copper with respect to YRC11-26. The results of latest drilling activity demonstrate strong Cu and Au mineralisation, near the surface and within fresh rock. The Company is planning further drill activity to examine the extents of near surface mineralisation up-dip to the west and along strike to the north.
YT01
At the YT01 prospect, which is in close proximity to the mineralisation identified on section 687,250mE, the drilling activity was for 220 metre depth to examine the presence of sulphide mineralisation. The company had also previously reported broad Cu intersections. The February drilling validates the premise that broad zones of Cu mineralisation is present along strike in both directions from 687,250mE. There is also thickening in mineralisation along strike to the east and down dip to the north.
Source: ERL ASX announcement dated 18 April 2023
Statement of Managing Director
Sean Richardson has lauded the latest "excellent" assay results and has commented that the Project provides "exciting" Cu opportunity to Empire Resources. He has also stated that the company is "well-funded" to undertake future exploration activities.