TIDMEEE
RNS Number : 3683P
Empire Metals Limited
20 June 2022
To view the announcement with the illustrative images please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3683P_1-2022-6-17.pdf
Empire Metals Limited / LON : EEE / Sector: Natural
Resources
20 June 2022
Empire Metals Limited
Exploration Activities Commence at the Pitfield Copper-Gold
Project
following the confirmation of strong magnetic
stratigraphy/alteration
Empire Metals Limited (LON: EEE), the AIM-quoted resource
exploration and development company, is pleased to announce the
commencement of its exploration activities at the 615km(2) Pitfield
Copper-Gold Project ('Pitfield'), located in Western Australia.
Highlights
-- Start of exploration - the Pitfield project is hosted by
Neoproterozoic rocks coinciding with a globally important copper
mineralisation era known for major copper ("Cu") - gold ("Au")
deposits such as Newcrest Mining Ltd's Telfer Mine, Rio Tinto's
Winu Project and the Havieron project (a joint venture between
Newcrest Mining Ltd and Greatland Gold).
-- Multiple proximal historic copper mines and prospects
including the historic Baxters copper mine at Arrino, which lies
along strike, and produced 106 tonnes of copper at a grade between
20-30% Cu. The f avourable geology of the basin has previously
attracted major mining companies, including Kennecott, Carpentaria
(MIM), BHP and CRA .
-- Two highly experienced airborne geophysical survey companies
engaged wh ich will separately complete an airborne electromagnetic
survey and an airborne magnetic across the Pitfield tenement
area.
-- Confirmed strong magnetic stratigraphy/alteration within the
project area in regional magnetic surveys flown at 200m
line-spacing.
-- Plans for a more detailed magnetic survey to cover the main
area of enhanced magnetic response, which will provide valuable
structural/stratigraphic details and context to geochemical
exploration data to assist with prospect-scale on ground target
definition.
-- Empire is also planning an airborne electro-magnetic survey,
which covers the entire project area on 400m line spacing. The key
objective is to map the geology of the Yandanooka basin, in
particular to complement the magnetic data by highlighting
potentially preferred host rocks for copper. In addition, the
survey will aim to identify any anomalous conductive areas that may
relate to sulphide accumulations or native copper associated with
mineralised systems.
Shaun Bunn, Managing Director, said: "Pitfield represents an
exceptional opportunity for the Company to make a significant new
discovery, being in an extremely favourable confluence of major
geological structures and the only exposure of copper-prospective
Neoproterozoic sediments along the western margin of the Yilgarn.
The collection of detailed geophysical data over the project area
will greatly assist with the targeting of copper-gold anomalies and
will guide our on-ground exploration work.
"The initiation of exploration activities at Pitfield marks a
significant milestone in the Company's transition to an Australian
focused copper-gold explorer, and, whilst we are still at an early
exploration stage at Pitfield, we look forward to building a
compelling geological map and database that highlights the strong
potential for a major copper-gold discovery."
The Pitfield Copper-Gold Project
Location and Regional Geology
Pitfield is comprised of a granted Exploration Licence
(E70/5465) and an Exploration Licence Application (E70/5876)
covering a total of 615 sq km. 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).
Figure 1.- Location Map - Showing Regional Geology of the
Yilgarn Province and the location of Pitfield
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
Newcrest Mining Ltd's Telfer Mine, Rio Tinto's Winu Project and the
Havieron project (JV between Newcrest Mining Ltd and Greatland
Gold) . Both of these major copper provinces 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.
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 the
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.
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 (refer Figure 2.). 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.
Figure 2. Local Geology showing tenements and location of
historic mining activities and 7km copper anomaly south of
Baxters.
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 1980s - 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). Strongly anomalous values exceeding 500ppm
Cu were intersected in shallow RAB drilling which extends on to the
current E70/5465.
-- 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 which
built on the previous MIM work defined a significant Cu-in-auger
anomaly (plus Ag) over some 7km strike length open to the east and
south and 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
No further work of relevance to copper exploration has been
completed in the 30 years since the CRA programme.
Planned Geophysical Survey Activities
Airborne Magnetic Survey
The current regional magnetic surveys have been flown at 200m
line-spacing and indicate strongly magnetic stratigraphy/alteration
is present within the project area (refer Figure 3.)
Empire's more detailed survey, to be completed by Magspec
Airborne Surveys Pty Ltd, will be flown on a 50m line spacing at a
height of some 30m and comprising some 3470 line km, giving an
enhanced magnetic and radiometric resolution over the main areas of
interest. This will provide valuable structural/stratigraphic
details which will help provide context to geochemical exploration
data and hassist with prospect-scale on ground target
definition
Figure 3. Pitifled tenements showing the regional magnetic and
gravity setting.
Airborne Electro-Magnetic Survey
This survey, to be flown by New Resolution Geophysics Australia
Pty Ltd ('NRG') using the well-known, very capable heliborne
'Xcite' electro-magnetic acquisition system, covers the entire
project area on a 400m line spacing. A survey altitude of 30 to 40m
(Transmitter-Receiver array) and 60 to 70m (helicopter) will be
employed. The magnetometer sensor is located mid-way between the
bird and the helicopter. A total of 134 lines will be flown for an
overall 1608 line km (refer Figure 4.).
Figure 4. NRG's Xcite(TM) systems are towed arrays, using high
performance AS350 B-series helicopters (or similar). The AS350 is
ideal for the close terrain following required for geophysical
surveys.
The key objective of completing this airborne electro-magnetic
survey is to map the geology of the Yandanooka basin, in particular
to complement the magnetic data by highlighting non-magnetic
fine-grained sedimentary rocks (reduced siltstone/shale are more
conductive than coarser-grained sandstone/conglomerate) which are
potentially preferred host rocks for copper. A secondary objective
is to identify any anomalous conductive areas that may relate to
sulphide accumulations or native copper associated with mineralised
systems.
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
-------------------
Tel: 020 7186 9950
Shard Capital Partners LLP
(Joint 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. The Company expanded its exploration licence
area in April 2022 from 9.5km2 to 1,728km2 with the acquisition of
the Pitfield Copper-Gold Project and the Walton Copper-Gold Project
in Western Australia, and the Stavely Copper-Gold Project in the
Stavely Arc region of Victoria.
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.
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