Empire Resources (ASX:ERL) Confirms Widespread Gold Mineralisation At Penny’s

Summary

  • Empire Resources had concluded aircore drilling at PF09 prospect that validated potential for interpreted super-gene enrichment.
  • Best gold results reported is 12m @ 0.80g/t Au from 40m, including 4m @ 1.78g/t Au from 48m in hole PAC20-02 along with consistently strong gold anomalism from consecutive holes.
  • The recent aircore drilling has confirmed the presence of widespread gold mineralisation at PF09 prospect and the super-gene enrichment remains open in all directions.
  • ERL is planning to undertake a follow-up RC drilling to test the continuity of mineralisation with depth at PF09.

Gold and copper focussed mineral explorer and developer, Empire Resources Limited (ASX:ERL) has been engaged in undertaking significant exploration activities across its landholdings. ERL’s landholdings are composed of two highly prospective projects, namely the Yuinmery Copper-Gold Project and the Penny’s Gold Project.

Opportunistically, ERL has identified several exploration targets across these projects that have excellent potential.

Interesting Read: Empire Resources’ Financials Reflect Green Shoots; Exploration Expenditure Increases By 436%

ERL Encouraging Results From Aircore Drilling

On 12 October 2020, ERL announced the rich results returned from the recent aircore drilling at PF09 prospect.

The Company’s exploration efforts at the Penny’s Gold Project have returned encouraging results for ERL. The recently concluded drill program (September 2020 drilling) comprising twenty-two aircore holes for 1,381m was completed over the PF09 Prospect (identified during AC drilling in November 2019).

The September 2020 drilling program tested this strongly anomalous prospect and extended the established mineralisation on section 6,626,850mN to a width of 250m.

Detailed Discussion at: Empire Resource’s Investment in NTM Gold Proves Lucrative, Grows From $0.0325 to ~$0.09 Within a Year

Drilling Returns Impressive Intercepts

The results returned were characterised by strong gold anomalism from consecutive holes with pinnacle gold results of 12m @ 0.80g/t Au from 40m, including 4m @ 1.78g/t Au from 48m in hole PAC20-02.

Other broad drill intercepts of anomalous gold include the following:

  • 22m @ 0.45g/t Au from 36m to EOH (PAC20-17)
  • 6m @ 0.78g/t Au from 48m to EOH (PAC20-12)
  • 6m @ 0.57g/t Au from 46m (PAC20-01)

Source: ASX Announcement 12 October 2020

Source: ASX Announcement 12 October 2020

Furthermore, 22m @ 0.45g/t Au from 36m towards the end of the hole was returned from drilling on section 6,626,800mN and included 4m @ 0.74g/t Au from 44m in hole PAC20-17, which ended in relatively fresh mafic volcanics. Moreover, gold mineralisation is believed to be complemented by anomalous arsenic values at hole PAC20-17.

Interesting Read: Empire Resources Limited Calls the Tune in Its Significant Landholdings, A Walk Through Its Project Portfolio

During the course of drilling, ERL also witnessed wide zones of anomalous arsenic up to 2,065ppm with nearby distinct gold mineralisation. ERL believes that these arsenic zones are of material eminence as nearby deposits, Penny’s Find and Garibaldi are described to demonstrate the robust correlation of gold, including arsenic values.

Detailed Discussion at: Empire Resources Cracking Crust at Yuinmery Project With Excellent Exploration Results, Secures Funding Through Placement

Present Planning and Way Forward

Presently, ERL has planned a follow-up RC drilling intending to test the consistency with a depth of gold mineralisation intersected in various aircore holes, including PAC20-01, PAC20-02, PAC20-12 and PAC20-17.

Overall, ERL shares a strong commitment towards developing a sustainable and profitable mineral business through seeking to extract value from direct exploration across its present projects. Beyond this, ERL is also engaged in establishing lucrative investment opportunities that align with its development objectives.

Interesting Read: Skimming Through Empire Resources’ Progress Since January 2020, Well Funded For Exploration Drilling Across Project Portfolio

ERL share price quoted at $0.012 on 12 October 2020.

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK