Empire Resources (ASX:ERL) wraps up a solid December quarter

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Empire Resources (ASX:ERL) wraps up a solid December quarter

Diamond Drillers Setup on 1st Hole at Smith’s Well
Image source: ERL Announcement 24/01/22

Highlights

  • During the December 2021 quarter, Empire Resources commenced a substantial diamond drilling program at its Yuinmery Project and fieldwork at the Nanadie
  • ERL sold its investment in Dacian Gold Limited, pocketing a hefty 175% return.
  • ERL remains suitably funded, with AU$2,666,000 as cash in hand at the end of the December 2021 quarter.

Empire Resources Limited (ASX:ERL) has been advancing exploration work across project portfolio and the December 2021 quarter saw the pace picking up. The Company made notable progress as multiple exploration programs advanced during the quarter at its tenures.

The Company has showcased all-round development and a solid financial stance during the period.

Let us look at how ERL faired during the December 2021 quarter in more detail.

RELATED ARTICLE: Empire Resources (ASX:ERL) kicks off diamond drilling at Yuinmery Project

Drilling commenced at Yuinmery Project

ERL commenced a 1,800m diamond drilling program at its Yuinmery Copper-Gold Project, targeting extensions to mineralisation at Smiths Well, YT01 and Constantine prospects.

These prospects indicate highly encouraging Cu-Au, Cu-Ni-Co and Pt group metals in deep RC drilling undertaken in July 2021.

Prospects and Drill Collar Locations at Yuinmery

Source: ERL Announcement 24/01/22

RELATED ARTICLE: Empire Resources (ASX:ERL) enhances positioning for expediting exploration

The ongoing drilling program comprises 5 holes to a total depth of 450m and is intended to locate the established mineralisation of those prospects to further depth.

Currently, ERL anticipates the diamond drilling campaign and DHEM surveys to continue until the end of February 2022, subject to border constraints and logistics controls. Moreover, the Company will continue the logging, processing, and sampling of the core during the course of the campaign.

Final laboratory assays are expected to be returned during the June 2022 quarter.

Ongoing work at Nanadie Copper-Gold Project

ERL commenced fieldwork activities at the Nanadie Copper-Gold Project; wherein geological fact mapping was completed by Compass Geological. Further, ERL has engaged Southern Geoscience Consultants (SGC) for reviewing, reprocessing, and interpreting all available historical and publicly accessible geophysical data.

RELATED ARTICLE: Empire Resources (ASX:ERL) bolsters exploration team with latest appointment  

E51/1938 Soil Sampling, Geology Mapping, and Interpreted Structures

Source: ERL Announcement 24/01/22

A significant amount of aerial magnetic and ground electromagnetic survey data and overlaying many possible prospective areas of the project have been identified by SGC. ERL also completed the field collection of soil samples and now anticipates the processing and analysis of final geochemical results during the ongoing quarter.

The Company plans to utilise results from detailed mapping and soil sampling and the reinterpreted geophysical data for identifying prospective AC and/or RC drilling targets.

RELATED ARTICLE: Empire Resources (ASX:ERL) investment in Dacian Gold (ASX:DCN) generates 175% return

ERL’s investment and cash position

During the quarter, Horizon Minerals Ltd (ASX:HRZ) took over the 100% ownership of the Penny’s Find Gold Project and shared its intention to continue evaluating the project with further infill and extensional drilling. ERL looks forward to the further development of Penny’s Find Gold Mine by HRZ throughout 2022.

ERL also completely sold its remaining shareholding in Dacian Gold Limited (ASX:DCN), which delivered a 175% return on investment amounting to AU$2,629,130.

MUST READ: Empire Resources’ (ASX:ERL) investment in Dacian Gold (ASX:DCN) delivers substantial returns  

During the quarter, ERL incurred an expenditure of around AU$534,000 and added around AU$2,133,000 to its balance sheet during the quarter from multiple sources, including Penny’s Find royalty prepayment sale of the final shareholding in DCN, rights issue and the amount released from trust to ERL’s account after the settlement of a legal dispute. The Company held cash on hand of AU$2,666,000 at the end of the quarter.

ERL stock was noted at AU$0.012 on 25 January 2022.

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