Empire Resources (ASX:ERL) marches forward after a productive June quarter

Highlights

• Empire Resources (ASX:ERL) has witnessed major progress across its Yuinmery Project, with encouraging results received during the June quarter.
• ERL tested down dip and down plunge of earlier intercepted massive and disseminated sulphides across multiple prospects at Yuinmery Project.
• ERL is yet to receive results from recently concluded works and now looks forward to continuing exploration across its project portfolio.

Empire Resources Limited (ASX:ERL) has successfully concluded another productive quarter with significant developments across the project portfolio. During the June quarter ended 30 June 2022, ERL has made major progress with regards to unravelling the geology of its Yuinmery project.

The various key activities undertaken during the June quarter include a 1,612m diamond drilling program, initiation of downhole geophysics surveys, and received assays and geophysics modelling undertaken from the March quarter drilling for Yuinmery.

Let us have a deeper look at ERL’s progress during the June quarter.

DHEM survey results at Smiths Well Prospect

The results from downhole electromagnetic (DHEM) surveys conducted across the Smiths Well Prospect delineated a very high conductance (>20,000S) response within the known sulphide horizon.

ERL believes that the DHEM modelling has significantly enhanced the understanding of the Smiths Well conductor.

Source: ERL Announcement 29/07/2022

ERL has also gathered and submitted samples of drill core from Smiths Well for petrographic analysis, which will help the company in characterising the host geology, sulphide mineralogy and alteration. ERL also aims for petrophysical testing to support measuring magnetic susceptibility, resistivity, IP chargeability, EM conductance and density.

Both these activities will further help to optimise the geophysical techniques and improve exploration targeting.

Source: ERL Announcement 29/07/2022

ERL has concluded additional DHEM surveys on holes YDD22-04 and YDD22-05. These were aimed at testing the down plunge continuation of the Smiths Well sulphide conductor and testing the occurrence of off-hole conductors. The company is yet to receive results and any modelling of the June quarter DHEM surveys as at end of the quarter.

Progress at YT01 Prospect

During the quarter, ERL received assay results for two earlier intercepted broad sulphidic zones in diamond drillhole YDD22-01 at YT01.

The upper sulphidic zone from 169m returned 3m @ 0.89% Cu & 0.12g/t Au from 172m, including 1m @ 1.49% Cu & 0.12g/t Au from 173m.

Intercepts 13.4m @ 0.56% Cu & 0.12g/t Au from 240.6m, including 3.9m @ 1.01% Cu & 0.13g/t Au from 240.6m were returned from the lower sulphidic zone from 239m.

YT01 Prospect 687,250mE Cross Section (Source: ERL Announcement 29/07/2022)

During the quarter, ERL also received additional diamond drill hole YDD22-07 at YT01, for which logging has been concluded, and samples have been submitted for lab analysis.

Moreover, the petrographic analysis of thin sections from YDD22-01 suggests that the mineralisation occurs in an intensely altered lithology.

ERL has gathered samples of drill core from YT01 and submitted them for petrophysical testing. The Company also awaits results for surveys undertaken on holes YDD22-01 and YDD22-07, which are anticipated during the ongoing quarter.

Source: ERL Announcement 29/07/2022

Progress at Penny’s Find and ERLs’ financial stance

ERL has noted Horizon Minerals’ (ASX:HRZ) intentions to kick off extension drilling at the Penny’s Find Resource in the near term, followed by an updated Resource estimate. In addition, HRZ expects a development decision for Penny’s Find to take place during the upcoming December quarter.

The progress at Penny’s Find offers optimism for ERL, and the company looks forward to further development of the Penny’s Find Gold Mine in the current year.

ERL remains focused on the continued assessment of investment and project acquisition opportunities that align with the nature of its existing business activities.