- Empire Resources Limited had initiated and completed multiples RC programs and a DHEM survey during the June 2020 quarter at its Yuinmery Copper-Gold Project.
- At YT01 prospect, ERL has identified broad zone of Cu-Ni-PGM mineralisation in RC hole YRC20-28 during June 2020 drilling.
- At Smith Well prospect, ERL has found gold mineralisation of 4m @ 1.0g/t Au from 56m (YRC20-27) intersected in the oxide zone.
- ERL looks forward to continuing the advancement of its exploration efforts and progress at its Yuinmery Project.
Au-Cu dedicated exploration and development company, Empire Resources Limited (ASX:ERL) had commenced and concluded two RC programs and a Downhole Electromagnetic (DHEM) survey during the June 2020 quarter at its 100% owned highly prospective Yuinmery Copper-Gold Project.
This drilling program followed the successful completion of two reverse circulation (RC) drilling programs during the March 2020 quarter.
ERL has received encouraging results from the drilling program, and drilling has continued to intercept copper-nickel mineralisation at depth and down plunge in the north-east of Smith Well. Additionally, an elevated PGE mineralisation in hole YRC20-28 has been encountered through drilling at YT01.
Whether a mineralisation is located in the base of the intrusion is indicated by the geometry of the intrusion and the location of mineralisation within the stratigraphic sequence.
Let us take a closer look at these developments at the Yuinmery Project:
Drilling at YT01 Prospect Returns Encouraging Results
Drilling was conducted at the RC hole YRC20-28 in June 2020 to test for depth extension to the copper-gold mineralisation encountered in previously drilled YRC20-14. The hole has returned encouraging results, especially with broad widths of Cu(copper)-Ni(Nickel) mineralisation and the presence of elevated Pd (palladium) and Pt (platinum) values encountered towards the bottom of the hole.
More importantly, the 20m wide anomalous mineralisation averaging 0.39% Cu and 0.11% Ni from 143m is the lone extensive intercept witnessed outside the Smith Well area comprising elevated nickel values associated with elevated copper.
YT01 Drillhole Locations Overlain on Airborne EM (Source: ASX Announcement)
Another valuable observation in YRC20-28 is the highly anomalous palladium and platinum values associated with the copper and nickel towards the end of the drill hole. Moreover,
- palladium and platinum values of up to 0.53g/t Pd & 0.24g/t Pt were returned from 1m composite samples
- 12m downhole intercept in YRC20-28 averaged 0.34g/t Pd, 0.11g/t Pt, 0.38% Cu, 0.11% Ni & 0.02% Co from 151m, including
Presently, Empire is engaged in re-assaying latest drilling to help in recognising the geological setting of YT01 and its implications for mineralisation.
Managing Director of Empire Resources, Sean Richardson said that the Company shall continue to advance its exploration efforts at Yuinmery and looks forward to providing regular updates as progress continues at this exciting Project.
Gold mineralisation of 4m @ 1.0g/t Au from 56m Intersected at Smith Well Prospect
Smith Well Prospect at the Yuinmery Project is a historic copper-gold prospect where drilling has recently identified anomalous nickel, and the prospect is inferred to host two steeply dipping, parallel mineralised horizons.
Strongly sulphidic mineralisation containing chalcopyrite, pyrrhotite and pyrite in varying concentrations has been intercepted through drilling in 2020 till date.
After the drill program in the first quarter of 2020, Empire had completed a further six RC holes at Smiths Well in June 2020, of which:
- Four holes were drilled in the north-eastern limb testing the extent of the modelled May DHEM plate in the upper Cu-Ni horizon
- Two holes were drilled in the south-western limb testing both the upper Cu-Ni and lower Cu-Au horizons.
ERL has intersected Gold mineralisation of 4m @ 1.0g/t Au from 56m (YRC20-27) in the oxide zone at Smith Well prospect, and the RC Drilling in June has continued to intersect disseminated to matrix sulphide mineralisation with assay results including:
On its way ahead, Empire looks forward to furthering exploration for a definitive assessment at the prospect.
Managing Director of Empire Resources, Sean Richardson commented that the rapid progress at the YT01 Prospect from a geochemical target to advanced exploration prospect with drilling clearly demonstrates the potential for the multitude of remaining untested targets and prospects at Yuinmery Project.
Cash and Investment Position
By the end of the June quarter, ERL had cash on hand of $598,000, and net cash used in operating activities stood at $302,000.
More significantly, Empire’s acquired share in NTM Gold Limited was valued at $3,671,097 at the end of the quarter with the closing price of $0.080. This investment was made in July 2019 at $0.0325 per share for $1,499,875 invested.
The growth in the value of investment represents a significant upside for ERL and improves prospects for further investment.
Overall, ERL continues to deliver excellent exploration results at the Yuinmery Project. Moreover, there has not been any observation of PGE’s historically in such high concentrations west of the Smith Well Prospect. Furthermore, ERL believes that the Yuinmery Project offers excellent opportunities for significant discoveries with the presence of a broad zone of palladium and platinum metals at the YT01s Prospect.
ERL stock was noted at $0.013 on 23 July 2020 with a market capitalisation of $10.4 million.
Please note: All financials used above are in AUD, unless otherwise specified.
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