Empire Resources (ASX:ERL) boasts a strong stance with solid work across portfolio

Highlights

• Empire Resources has recently undertaken significant work across the project portfolio to deliver value through exploration.
• Assay results from multiple drilling programs remain pending and are expected to be received in the coming months.
• ERL has significant works planned to be undertaken across various projects in the near future.

Empire Resources Limited (ASX:ERL) is a gold and copper focussed explorer which is principally engaged in mineral exploration and evaluation of land assets across Australia. To date, the Company has carried out significant exploration works across its highly prolific set of projects.

Over the years, the Company has come a long way with an aim to deliver value through exploration. The recent significant advances in the activities have delivered excellent results for the Company. Moreover, the Company has also expanded its project portfolio along with strengthening its balance sheet.

ALSO READ: How has Empire Resources (ASX:ERL) managed to deliver consistent exploration success?

Let us take an overview of the Company’s recent stance.

Advancement at Penny’s Find Gold Mine

ERL is entitled to a 5% Net Smelter Royalty for the first 50,000oz and 2.5% thereafter for the gold produced from the Penny’s Find Gold Mine. During half year ended 31 December 2021, Horizon Minerals (ASX:HRZ) had moved to 100% ownership of the Penny’s Find Gold Project.

HRZ has been rapidly advancing Penny’s Find Gold Mine towards production. The resource update for the mine was completed in July 2021 and HRZ has planned additional infill and extensional drilling. It is completely permitted with a toll milling agreement executed for the second half of 2022.

RELATED ARTICLE: Empire Resources (ASX:ERL) reports further massive sulphides at Smiths Well, shares zoom up 25%

Exploration work across Yuinmery Project

ERL’s Yuinmery Project spans 107km² of granted exploration tenements, which comprises two deposits, 26 prospects and 18 defined targets (9 untested). ERL is actively engaged in exploration work at the project, with some assays pending.

Source: ERL Presentation 14/06/22

ERL had recently concluded diamond drilling across Smiths Well prospect in May 2022, and the assays are currently pending, due third quarter of 2022. Currently, a technical assessment is underway at the prospect, and the Company plans to undertake DHEM surveys in June 2022.

The YT-01 target has recently undergone diamond drilling, with assay results due third quarter of 2022.

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Besides these, the A-Zone prospect has witnessed limited exploration since 2011 and remains open in all directions. The recent 2021 RC drilling results include 4m @ 1.03% Cu from 128m from hole YRC21-22.

Source: ERL Presentation 14/06/22

Setting boots on the ground at Nanadie Project

The Nanadie Project consists of Cu-Au mineralisation in Greenstones with 127km² of granted exploration tenements. The project lies in proximity to the Nanadie Well Copper Project of Cyprium Metals Limited (ASX:CYM).

Notably, the Nanadie Project has witnessed limited historical exploration and indicates a strong correlation of chromium with nickel and copper. The Company had completed detailed geological mapping completed in September 2021 and collected more than 1,500 soil samples in October 2021.

Source: ERL Presentation 14/06/22

The geophysical review undertaken by the Company has generated 17 targets.

RELATED ARTICLE: Empire Resources (ASX:ERL) reports another busy quarter of fieldwork

Key findings from the priority area NAN-01 of the project include the following:

• Magnetic high overlying interpreted greenstone rocks
• Peak soils 107ppm Cu, 455ppm Ni & 1,388ppm Cr
• Interpreted weak bedrock conductors

Key findings from the priority area NAN-16 include the following:

• Greenstone rocks adjacent to major shear zone flexure
• Peak soils 67ppm Cu, 924ppm Ni & 929ppm Cr
• Outcropping ultramafic rocks

The Company has identified a strong correlation of chromium to nickel and copper and is currently planning fieldwork to be undertaken on the project.

Field mapping planned for Barloweerie project

ERL’s Barloweerie project has also witnessed limited modern exploration since 1987.

Through historical logging, the mineralisation has been found to be associated with intense silicification and sulphide minerals, comprising chalcopyrite, sphalerite, galena, pyrrhotite and pyrite.

Source: ERL Presentation 14/06/22

ERL has identified outcropping mineralisation over a 2km strike at the project, with mineralisation currently open along strike and at depth. Moreover, ERL’s site visit in 2021 established geological settings and access.

ERL has successfully undertaken field mapping across the project area in March 2022.

ALSO READ:  DHEM results enhance Empire Resources’ (ASX:ERL) understanding of Smiths Well conductor

Planned drilling at Penny’s Gold prospects 

The Penny’s Gold Project – PF09 prospect has indicated widespread supergene mineralisation, with recent RC drilling identifying bedrock mineralisation. The mineralisation remains open in all directions, and the Company has planned additional AC drilling to test the extent of supergene mineralisation.

Source: ERL Presentation 14/06/22

At the PF04 prospect, there exists structurally controlled mineralisation. Moreover, historical drilling at the project ended in mineralisation and/or failed to reach design depth. Key intercepts from ERL’s recent RC drilling results include 4m @ 3.1g/t Au from 36m (PRC20-07).

The mineralisation at the prospect remains open in all directions, and the Company has planned additional RC drilling to be undertaken across the prospect area.

Bottom Line

Overall, ERL believes that its portfolio of exploration projects is excellent and highly prospective. The Company looks forward to actively progressing exploration with continuous news flow. The Company is backed by an experienced leadership team that has a history of corporate success with strong commercial and technical skill sets.

ERL remains debt-free with a financially solid cash position. ERL’s success to date is reflective of the Company’s systematic approach to efficient and effective exploration.

ERL stock was noted at AU$0.009 on 14 June 2022.