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Highlights
- Empire Resources has kicked off an AC drilling at its Penny’s Gold.
- ERL drilling campaign will continue for around two weeks, and results are anticipated six weeks thereafter.
- The Penny’s Gold Project comprises several prospects and targets that are at different stages of exploration development.
Empire Resources Limited (ASX:ERL) has been going hammer and tongs at its flagship Yuinmery project for quite some time and has been seeking to advance work across its other projects as well. The Company has now announced the commencement of Air core (AC) drilling at its 100% owned Penny’s Gold Project.
ERL has witnessed great success in targeting and drilling earlier unidentified gold mineralisation at Penny’s Gold Project.
AC drilling commenced at Penny’s Gold Project
ERL has initiated ~5,000m AC drilling campaign at its Penny’s Gold Project, located 45km east of Kalgoorlie in Western Australia.
Through this drilling, ERL looks to follow up on anomalous gold intercepts from drilling conducted by the Company at Penny’s Gold Project. Moreover, the company also seeks to target historical gold in soil anomalies that have not undergone testing through contemporary drilling techniques.
Source: ERL Announcement 29/08/2022
Currently, ERL anticipates that the campaign to take around two weeks to conclude, and laboratory assay returns are expected to be received around six weeks after the campaign is concluded.
Empire Resources Limited (ASX:ERL)- Investor Presentation - Invest-Nest Webinar
Multiple targets identified at Penny’s Gold Project
The targets at Penny’s Gold Project are located immediately close to and along strike of the current 250,000t @ 5.22g/t Au for 42,000oz Resource at the Penny’s Find Gold Mine owned by Horizon Minerals Limited (ASX:HRZ). ERL is entitled to royalties on gold production from mining operations conducted at the Penny’s Find Gold Mine.
Source: ERL Announcement 29/08/2022
In June 2019, ERL undertook a comprehensive geological review of the project aimed at delivering fresh target areas prospective for gold mineralisation. Two broad and historically untested areas were identified through the review.
The Project comprises several prospects and targets that are at different stages of exploration development.
ERL stock was noted at AU$0.009 on 29 August 2022.
