Highlights:

• Empire Resources Limited has published the first batch results from its recently conducted air core drilling at prospects PF07 and PF09 of the Penny’s Gold Project.
• Anomalous and high-grade gold mineralisation was intersected in regolith and in end-of-hole lithology within the north-trending structures.
• Results from final batch of assays are expected to roll out early November, which are expected to further enhance the prospectivity of the project’s targets.
• At Yuinmery Copper-Gold Project, the company has received final results from recently completed diamond drilling of holes YDD22‑06 (Smiths Well Prospect) and YDD22‑07 (YT01 Prospect).

Empire Resources Limited (ASX:ERL), an exploration and development company focused on gold and copper, has received the first batch of results from its recently completed air core drilling program at its wholly owned Penny’s Gold Project.

Terming the air core drilling results at Penny’s Gold Project as outstanding and encouraging, Empire Managing Director, Sean Richardson, said that the results reported thus far have identified anomalous and high-grade gold mineralisation within prospective geology settings. He remains hopeful that the final results, awaited early November, will be further boosting the prospectivity of the targets.

Penny’s Gold Project – Overview

The Penny’s Gold Project sits 45km northeast of Kalgoorlie in the Eastern Goldfields Region, Western Australia.

The project’s targets are located immediately next to and along strike of the existing 270,000 tonnes @ 4.99 grams per tonne gold for 43,000 ounces of resource at Penny’s Find Gold Mine.

Source: Company update, 25 October 2022

Air core drilling results from PF07 and PF09

Empire drilled a total of 69 air core holes for 5,289m, testing many gold prospects including

1. previously drilled aircore gold anomalies
2. aeromagnetic structural trends, and
3. historic MMI anomalies.

Results from the first batch of assays returned multiple mineralised intervals, which included high‑grade gold ± arsenic:

Source: Company update, 25 October 2022

Results from final batch of assays are due to be reported early November.

AC Drilling Penny’s Northern Tenements (Image source: Company update, 25 October 2022).

Upon drilling prospects PF07 and PF09, basalt was intersected with a fine spinifex texture locally and domains of mafic schist. The weathering profile ranged from 30-130m in thickness.

PF07 Prospect Section 6,626,550mN (Source: Company update, 25 October 2022)

Gold was intersected in regolith, and in end-of-hole lithology associated with quartz veining, pyrite<2%, and foliated basalt.

The following image shows the relevant air core drilling assay results for Penny’s PF07 and PF09 prospects:

Source: Company update, 25 October 2022

Yuinmery Copper-Gold Project Update: Smiths Well and YT01 Prospects

For the Yuinmery Copper-Gold Project, the company has received final results from recently completed diamond drilling holes YDD22-06 (at Smiths Well Prospect) and YDD22-07 (at YT01 Prospect). Downhole Electromagnetic (DHEM) geophysical surveys have been concluded as well.

Smiths Well Prospect diamond drill results

At Smiths Well’s diamond drillhole YDD22-06, 5.5m of disseminated pyrrhotite‑chalcopyrite-pyrite sulphides were intersected from 357.0m downhole. Assay results include the following:

Source: Company update, 25 October 2022

On holes YDD22-05 and YDD22-06, DHEM surveys were conducted to determine the extent of the sulphide-conducting bodies. Thanks to the DHEM survey, the extents of the conductor down plunge of the existing drilling were confirmed.

Smiths Well: Long Section (Source: Company update, 25 October 2022).

YT01 Prospect diamond drill results

Previously intercepted sulphide mineralisation was confirmed by diamond drillhole YDD22-07 at YT01 Prospect. The lithologies that were intercepted are similar to those encountered in previous drilling, which includes zones of disseminated chalcopyrite and stringer sulphides (chalcopyrite‑pyrite) in altered basaltic rocks. Assay results include the following:

Source: Company update, 25 October 2022.

Upon conducting DHEM surveys at YT01, no presence of sufficiently conductive bodies was detected. However, the company says it will continue to explore YT01 for extensions of previously identified mineralisation along strike.

YT01 Cross Section 687,250mE (Source: Company update, 25 October 2022).

The following image shows the relevant diamond drilling assay results for Yuinmery’s Smiths Well and YT01 prospects:

Source: Company update, 25 October 2022

ERL stock last traded at AU$0.008 as on 25 October 2022.