TIDMEEE
RNS Number : 3947H
Empire Metals Limited
06 April 2022
To view the announcement with the illustrative images please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3947H_1-2022-4-5.pdf
Empire Metals Limited / LON : EEE / Sector: Natural
Resources
6 April 2022
Empire Metals Limited
Empire Increases Exploration Landholding from 9.5 km(2) to 1,728
km(2) with the Acquisition of Three Highly Prospective Copper-Gold
Projects in Australia
Empire Metals Limited (LON: EEE), announces that it has acquired
a 70% interest in three highly prospective Australian-based
copper-gold projects (the 'Projects') from Century Minerals Pty Ltd
('Century'). Two of the projects, the Pitfield Copper-Gold Project
('Pitfield') and the Walton Copper-Gold Project ('Walton') are in
Western Australia whilst the Stavely Copper-Gold Project
('Stavely') lies within the Stavely Arc region of Victoria.
This acquisition increases the size of Empire's exploration camp
from 9.5 km(2) to 1,728 km(2) , an area considerably larger than
that covered by Greater London, and importantly the projects all
lie within mining regions well known for world-class and
significant copper and/or gold discoveries.
Highlights
-- The acquisition of the three highly prospective copper-gold
projects has the potential to transform Empire into a significant
explorer and developer in Australia and will complement the
existing Eclipse and Gindalbie projects
-- Increases Exploration Licence Area from 9.5 km(2) to 1,728 km(2)
-- The acquisition forms an integral part of Empire's
exploration strategy to advance assets up the value chain and
significantly increase shareholder value
-- All projects are in geological regions well known for
world-class and significant copper and/or gold discoveries:
o Pitfield Project - based in the Western Yilgarn province,
within the Neoproterozoic Yandanooka basin. The Neoproterozoic is a
globally important copper mineralisation era, which includes the
copper belt of southern Africa (DRC, Zambia and Namibia), and the
highly mineralised Paterson province in the north of Western
Australia, host to major Cu-Au deposits such as Telfer, Winu and
the Havieron project.
o Stavely Project - located within the Stavely Arc which may
represent the underexplored northern extension of the prolific
Mount Read Volcanic Belt of Tasmania which hosts several
world-class mineral deposits including the Mt Lyell Cu-Au deposit,
the Henty Au deposit and the Rosebery and Hellyer polymetallic
deposits, all of which saw significant scale, profitable mines. The
Stavely project sits along strike from the important recent
discoveries made by Stavely Minerals at the Thursday Gossan
Project, including a discovery hole at the structurally controlled
Cayley lode: 32m @ 5.88% Cu, 1.0g/t Au, 58g/t Ag.
o Walton Project - located in the underexplored Yerilgee
greenstone belt, within the Southern Cross domain, the belt is part
of the 2.9 Ga Western Yilgarn greenstone succession that hosts the
world-class Golden Grove volcanic-hosted massive sulphide (VHMS)
system, and several other emerging VHMS prospects such as Cobre
Ltd's Perrinvale Project.
-- Empire plans to collect high-resolution aeromagnetics across
all three project areas to assist in mapping the basement geology
and structures, as well as commencing field work programmes that
will include soil sampling, geochemical mapping and potentially
aircore drilling to define mineralised footprints and to prioritize
targets for further reverse circulation and diamond core drilling
programmes.
-- Empire, through its Joint Venture partner Century, has
secured A$500,000 in Victorian government co-funding for
exploration in the Stavely Arc project which was granted as part of
Century's successful licence tender bid.
-- Empire and Century have agreed terms whereby the principals
of Century, Mr Baltis and Mr Hart, will continue to assist with the
management of exploration activities across all three project areas
and will provide expert technical advice and support to Empire's
technical team.
Shaun Bunn, Managing Director, said: " Following on from our
successful maiden drilling campaign at Gindalbie , I am delighted
to announce the addition of these highly prospective copper-gold
projects to our growing portfolio of exploration assets in what we
believe signifies an important milestone to becoming a significant
copper-gold exploration and development company.
We have now established an exploration camp of the highest
quality, across areas renowned for world-class deposits, and we
have grown the technical and exploration capabilities of our team
with the inclusion of Century's founding Principal Geologists who
first identified these exciting prospects. We look forward to
updating the market on our progress in due course."
Acquisition Terms:
Empire has agreed to acquire a 70% interest in three copper
and/or gold Projects from Century Minerals Pty Ltd, being:
-- A granted Exploration Licence (E70/5465) and an Exploration
Licence Application (E 70/5876) at Pitfield;
-- An Exploration Licence Application (E 16/545) at Walton; and
-- An Exploration Licence Application (E 6872) at Stavely.
Century Minerals Pty Ltd, a company registered in Australia, is
a private exploration company established by two well known and
respected Exploration Geologists, Mr Ed Baltis (former WMC
Resources and Gold Fields minerals exploration manager), and Mr
Steve Hart (former Plutonic and Basin Minerals exploration
geologist).
Completion is expected to occur by 30 April 2022. Total
consideration for the transaction is:
a) A cash payment of A$100,000; and
b) The issue of 16,835,588 new ordinary shares in Empire
(representing 5% of the issued share capital of the Company at
signing) (the 'Consideration Shares') apportioned equally between
each Project and issued upon the grant of the relevant Tenement
comprising each Project, which in the case of Pitfield is the
already granted Exploration Licence E70/5465. For the avoidance of
doubt, one third of the consideration shares, 5,611,863, will be
issued on the First Completion date, expected to occur by 30 April
2022. The remaining two thirds of the consideration shares will be
issued in two tranches at the time that the Stavely and Walton
licences are granted.
Empire has planned and agreed to spend a minimum of A$1,400,000
on exploration within 24 months of the date of acquisition, and
this may be extended by a further 12 months should either the
Walton or Stavely tenements not be granted within 12 months of
acquisition.
Empire has also agreed to pay Century performance-based payments
in the following amounts, either in cash or Shares at Empire's
election:
(i) an amount equal to 1% of the Shares on issue immediately
prior to Empire first announcing no later than 5 years after the
date of acquisition that exploration drilling on any of the
Projects determines multiple (more than 2) intersections exceeding
30% Cu metre or 50g Au metre; and
(ii) an amount equal to 2% of the Shares on issue immediately
prior to Empire first announcing no later than 5 years after the
date of acquisition a Mineral Resource in the inferred category or
better compliant with the JORC Code 2012 exceeding 250Kt Cu metal
equivalent in relation to any of the Projects,
Empire and Century have agreed to establish a separate
unincorporated joint venture for prospecting, exploration and such
other activities for each Project, with immediate effect in the
case of Pitfield and upon the granting of the respective Tenements
for Walton and Stavely. The approval process for the granting of
these Tenements is well underway and both Empire and Century expect
to have these Tenements granted shortly, and certainly within the
next 12 months.
Empire and Century have agreed terms whereby the principals of
Century, Mr Baltis and Mr Hart, will continue to assist with the
management of exploration activities across all three project areas
and will provide expert technical advice and support to Empire's
technical team.
There is a potential to establish a Mineral Sands resource on
one or more of the Projects and Empire and Century have each
acknowledged that Century retains the rights to any Mineral Sands
resources discovered within the Projects and that these do not form
part of the separate Project joint ventures between Empire and
Century.
Background
The Pitfield Copper-Gold Project
Location and Regional Geology
Pitfield is comprised of a granted Exploration Licence
(E70/5465) and an Exploration Licence Application (E 70/5876)
covering 615 sq kms. Pitfield is located near Three Springs, a town
313 kilometres north of Perth, Western Australia on the Midlands
Road, which until the opening of the Brand Highway in 1975 was the
main road route from Perth to the state's north. (refer Figure
1).
Pitfield lies at a unique setting along the boundary of Western
Yilgarn province, where a major craton-scale structure internal to
Southwest Gneiss province intersects and offsets the Yilgarn margin
and controls the position of the Neoproterozoic Yandanooka basin,
the only example of this globally important copper prospective age
adjacent to the western Yilgarn craton.
The Neoproterozoic is a globally important copper mineralisation
era, which includes the copper belt of southern Africa (DRC, Zambia
and Namibia), and the highly mineralised Paterson province in the
north of Western Australia, host to major Cu-Au deposits such as
Telfer, Winu and Havieron. Both are of similar age to the
Yandanooka basin sequence.
The emerging Calingiri copper deposits held by Caravel Minerals
Ltd are also localised along this major structure some 150kms to
the south, along with the well-known long-life Three Springs talc
mine which lies adjacent to the east of Pitfield.
Figure 1.- Location Map - Showing Regional Geology of the
Yilgarn Province and the location of Pitfield and Walton
Local Geology and Historical Mining Activities
Pitfield encompasses much of the highly prospective
Neoproterozoic Yandanooka Group sediments consisting of sandstone,
siltstone and polymictic conglomerate with andesite to trachyte
clasts. A rib of the Mesoproterozoic Mullingarra Gneiss is exposed
close to the western margin of the project area.
About 25% of the project area is exposed/weathered Proterozoic
rocks of the Yandanooka Group where the known copper prospects are
located. There is minor Permian cover and 70% of the area comprises
a shallow transported cover. Government geophysical surveying shows
a gravity-high anomaly which suggests higher density mafic rocks at
depth, which may provide a source for copper within the
project.
Major lithological contacts, either within basins or at basement
contact (particularly transitions between oxidised and reduced
rocks) can focus copper deposition. Pitfield is located along
strike from the historic Baxters copper mine at Arrino which
produced 106 tonnes of copper at a grade between 20-30% Cu which,
along with numerous other prospects, demonstrates that the copper
mineralisation process has occurred in the Pitfield area.
Figure 2. Local Geology showing tenements and location of
historic mining activities and 7 km copper anomaly south of
Baxters.
Geochemical sampling by others has confirmed that a previously
identified magnetic anomaly associated with alteration including
magnetite/ hematite, epidote replacement and fractures and
carbonate-quartz veinlets is host to extensive copper anomalism,
extending south from Baxters and with greater than 150ppm Cu in
soils identified over a strike length of 7km. The anomaly remains
open to the south and east including over 10km of this
high-intensity magnetic feature within the project which is yet to
be explored. Limited exploration has been undertaken within the
project outside a 5km radius from the Baxters mine.
Pitfield's favourable geology has attracted major mining
companies that have historically carried out preliminary
exploration activities within the area, including:
-- Kennecott (1966) - who completed surface geochemistry and
drilled 10 diamond holes in the vicinity of Baxters which
intersected strongly anomalous copper outside the Pitfield
licence.
-- Carpentaria (MIM) in early 1980's - who again focussed work
close to the Baxters mine, and completed shallow RAB and 4 diamond
holes which returned strongly anomalous copper in several holes
with fracture controlled and disseminated native copper &
chalcopyrite observed (including "DH3a" which was collared on the
Pitfield tenement and which returned numerous values above 500ppm
Cu, up to 1280 ppm Cu),
-- BHP (1984) identified similarities between the Yandanooka
basin and African copper belt sequences and completed IP
geophysics, shallow RAB, and four stratigraphic diamond holes
focussed along the western contact of the Yandanooka basin with
basement Mullingarra gneiss without success (unfortunately too far
west and in the footwall of the main magnetic anomaly).
-- CRA (1993) completed IP geophysics and auger sampling
defining a significant Cu-in-auger anomaly (plus Ag) over some 7km
strike length open to the east and south and they followed up with
two diamond holes, the southern hole on Pitfield recording copper
anomalism with a maximum value of 570ppm (from 4m chip samples of
drillcore) associated with fracture-controlled malachite and minor
native copper
Empire plans to collect relevant geophysical datasets, including
high-resolution aeromagnetics and airborne electromagnetics
("AEM"), to help map the sedimentary succession, and to identify
any anomalous conductive zones that may relate to copper-bearing
alteration systems. The geophysics will help to guide on-ground
exploration activities such as soil/auger geochemistry and
ground-based EM geophysical surveying to define drill targets.
The Stavely Copper-Gold Project
Location and Regional Geology
The Stavely Copper-Gold Project consists of an Exploration
Licence Application (E 6872) covering 940 km(2) of the highly
prospective but poorly explored Cambrian Stavely Arc, 280km
north-west of Melbourne with highway access via the town of Horsham
which lies immediately east of the project area. (Refer Figure
4.)
The Stavely Arc is preserved as multiple
structurally-dismembered, fault-bound, poorly exposed volcanic belt
segments under shallow transported cover (20-100m thick). Removal
of the effects of deformation restores them to four volcanic belts
that originally extended for 1,160 kms. The volcanic arc was active
between at least 511 Ma to 500 Ma the same age as the Mount Read
volcanic belt in Tasmania with its array of significant copper,
gold and zinc mines.
Porphyry intrusions and associated mineralisation occurred
between 506 and 500 Ma broadly synchronous with the Delamerian
Orogeny. Relatively high crustal levels are preserved, so all
deposit styles of porphyry-epithermal continuum are possible.
Multiple younger mineralisation events known in Victoria (mainly
440 - 370Ma) may have impacted the area increasing the potential
for high-grade gold mineralisation.
The Stavely Arc lies adjacent to the Stawell and Bendigo
geological zones, a major (+80Moz) orogenic gold province including
the high-grade Fosterville gold mine near Bendigo and the adjacent
Stawell gold mine.
Figure 4. Location Map showing Stavely Project and the Stavely
Arc in relation to Regional Geology and Key Mining Regions.
Local Geology and Historical Mining Activities
The area is highly prospective for a range of arc-related
mineral systems , such as porphyry, epithermal, and volcanic-hosted
massive sulphide systems. Only 2% outcrop (including Thursdays
Gossan) whilst the remainder lies under shallow Murray Basin cover
and is essentially unexplored. The cover is variable though mainly
less than 50m in the southern half of the project area, slowly
deepening to the north which allows relatively easy exploration
using conventional methods.
The project sits along strike from the recent greenfield
discoveries made by Stavely Minerals at the Thursday Gossan
Project, including their discovery hole SMD050, drilled in
September 2019, at the structurally controlled Cayley lode which
intersected 32m @ 5.88% Cu, 1.0g/t Au, 58g/t Ag. Stavely Minerals
have since reported an Inferred Resource of 28Mt @ 0.4% Cu for
110kt contained Cu defined in a shallow supergene chalcocite
blanket, confirming the high potential for significant copper-gold
mineralisation within the broader Stavely Arc region.
Most recent drilling has been performed by Government agencies
for research purposes, to understand the geology under the cover.
Many of the drill holes within the project area have not been
drilled deep enough to intersect the basement. However, some
alteration has been identified from historical drilling which
includes chlorite (+/- epidote) in volcanic rocks and patchy
bleaching in some Grampians Group sandstones.
Despite the very limited and non-systematic exploration work,
sulfide occurrences have already been identified and in
particular:
-- in chalcopyrite-quartz-dolomite veins in porphyritic andesite
at the historic Mine Paddock prospect (DD89GM32).
-- Malachite has also been identified in the Grampians Group sandstone (VIMP15)
-- Pyrite in Cambrian mafic-intermediate rocks (SV08009,
SV08027, WAIL1) and Cambrian sedimentary rocks (TOOLONDO1,
DD87NT126, VECEAST6, CARCHAP)
-- Pyrite in Grampian's Group sandstone (SV08023, VIMP15)
Refer Figure 5:
Figure 5. Stavely Tenement area with historical drill holes
identified.
Empire plans to collect high-resolution aeromagnetics to assist
in mapping basement geology and structure prior to an on-ground
program of surface geochemistry and aircore drilling to define
mineralised footprints of porphyry-centred mineralised systems.
Century has secured A$500,000 in Victorian government co-funding
for exploration in the Stavely Arc project as part of its
successful licence tender bid.
The Walton Copper-Gold Project
Location and Regional Geology
Walton is comprised of a single Exploration Licence Application
(E 16/545) covering 163 sq kms. Walton is located in the
under-explored Yerilgee greenstone belt, which is part of the
Southern Cross domain, and lies 475 kilometres north-east of Perth.
Access is via the town of Southern Cross, which lies on the Great
Eastern Highway, the major transport route between the West and
East coasts of Australia, and then on well maintained regional
roads via the iron ore mining centre of Koolyanobbing (refer Figure
1).
Local Geology and Historical Mining Activities
The Yerilgee belt comprises a sequence of high-magnesium
basalts, ultramafic volcanic rocks, sedimentary rocks and granites
including iron formations. It is part of the 2.9 Ga Western Yilgarn
greenstone succession that hosts the world-class Golden Grove VHMS
system, and a number of other emerging VHMS prospects such as Cobre
Ltd's Perrinvale Project and Arrow Minerals Strickland Project
(refer Figure 3.) Cobre's drilling at the Schwabe Prospect at
Perrinvale, which lies to the north of Walton, intersected massive
sulphide mineralisation at shallow depth, including 6m grading
8.93% copper, 3.1 g/t gold, 3.52% zinc, 30 g/t silver and 0.14%
cobalt . In addition to VHMS, there is potential for orogenic gold
associated with major belt parallel shear zones and lithium-bearing
pegmatites which are common in the higher metamorphic grade
terrains of the Yilgarn craton.
No relevant previous exploration has been undertaken on the
project and it is proposed to complete surface soils/auger
geochemistry to help identify copper, gold and lithium targets.
Recent exploration success in the region as seen at Spectrum
Metals' high-grade Penny North discovery led to a takeover of
Spectrum Metals by Ramelius Resources in 2020. Ramelius Resources
is mining the Marda gold operation in the greenstone belt
immediately to the west of Yerilgee.
Figure 3. Areomagnetics of the Southern Cross province showing
location of Walton tenement in relation to existing mines and
recent discoveries.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014, as incorporated into UK law by the
European Union (Withdrawal) Act 2018, until the release of this
announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or
contact:
Empire Metals Ltd Tel: 020 7907 9327
Shaun Bunn / Greg Kuenzel
S. P. Angel Corporate Finance Tel: 020 3470 0470
LLP (Nomad & Broker)
Ewan Leggat / Adam Cowl
-------------------
Shard Capital Partners LLP (Joint Tel: 020 7186 9950
Broker)
Damon Heath
-------------------
St Brides Partners Ltd (Financial Tel: 020 7236 1177
PR)
Susie Geliher / Ana Ribeiro
/ Selina Lovell
-------------------
About Empire Metals Limited
Empire Metals is an AIM-listed (LON: EEE) exploration and
resource development company with a project portfolio comprising
gold interests in Australia and Austria.
The Company's strategy is to develop a pipeline of projects at
different stages in the development curve. Its initial focus has
been on the high-grade Eclipse and Gindalbie Gold Projects in
Western Australia, with the goal to expand through the addition of
further projects Australia-wide to develop a viable and compelling
portfolio of precious and base metal assets.
Empire also holds a portfolio of three precious metals projects
located an historically high-grade gold production region
comprising the Rotgulden, Schonberg and Walchen prospects in
central-southern Austria.
The Board continues to evaluate opportunities through which to
realise the value of its wider portfolio and reviews further assets
which meet the Company's investment criteria.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLKELFBLZLFBBZ
(END) Dow Jones Newswires
April 06, 2022 02:01 ET (06:01 GMT)
Empire Metals (AQSE:EEE.GB)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
Empire Metals (AQSE:EEE.GB)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025
