TIDMEEE
RNS Number : 2558H
Empire Metals Limited
23 November 2022
Empire Metals Limited / LON : EEE / Sector: Natural
Resources
23 November 2022
Empire Metals Limited
("Empire " or "the Company")
Commencement of Exploration Field Work at Pitfield Ahead of
Schedule
Empire Metals Limited (LON: EEE), the AIM-quoted resource
exploration and development company, is pleased to announce that
exploration activities have now commenced at the Pitfield Copper
Project ("Pitfield" or the "Project"), located in Western
Australia. These field activities will focus on under-explored
areas of the Project and generate new exploration data that will
add significantly to the Company's understanding of the size and
nature of this potential Giant copper province.
Highlights
-- Pitfield has the potential to contain multiple
sediment-hosted stratabound copper ("SSC") deposits across a 40km
N-S magnetic anomaly (as announced on 21 September).
-- Current exploration focus is on areas that were previously
under-explored by major mining companies to further the Company's
understanding of the size and nature of this potential "Giant"
copper province.
-- Highly experienced exploration team, led by Ed Baltis,
mobilised to Pitfield to conduct field work including geological
surface mapping and soil sampling.
-- Further exploration field work, including IP surveying, is
expected to continue in Q1 2023 ahead of an intended drill
programme to evaluate the economic significance of any SSC
deposit.
Shaun Bunn, Managing Director, said: "I am pleased to report
that we have commenced our exploration field work at Pitfield ahead
of schedule, thanks to the efforts of our highly experienced
exploration team. Having successfully put in place the initial land
access agreements needed to commence surface exploration the team
has mobilised to site to expedite the surface mapping and soil
sampling programme at the Project, which has shown strong potential
to be a new Giant copper province.
"The areas currently targeted are along strike from known soil
anomalies, where high values of copper, silver and base metals have
been identified from previous exploration. We expect that the
results from our current programme will significantly expand the
areas of high discovery potential ahead of completing surface IP
surveys to identify drill targets beneath the surface metal
anomalies.
"We have been keen to get our boots on the ground at this highly
prospective new asset, and the exploration team are all eager to
begin work as we look to prove up the presence of a new Giant
copper province."
Phase 1 Exploration Programme - Mapping Surface Geology and Soil
Sampling
The favourable geology of the Yandanooka basin for large-scale
copper deposits has previously attracted major mining companies
which carried out exploration within the area. For example, CRA
Limited ("CRA") (1992) identified widespread copper ("Cu"), silver
("Ag"), nickel ("Ni") and zinc ("Zn") anomalism over large parts of
the Yandanooka basin, particularly in association with
magnetite-altered rocks.
The local surface geology has been previously mapped by others
on a sporadic basis, relying on areas that were either topographic
highs or outcrops. With the geophysical data collected by Empire
from the recent Airborne Magnetic ("AM") and Airborne
Electromagnetic ("AEM") surveys, a more comprehensive
interpretation of the local geology has been prepared (Figure 1)
which highlights the extent of the Mt Scratch magnetic siltstones
and the associated structures.
Figure 1. Pitfield Interpretative Geology and Structural Map
.
The 9,000m thick Mt Scratch siltstone has been subdivided based
on geophysical character as follows:
-- the conductive sequence is shown in darker blue and likely
contains reduced graphite bearing units;
-- the highly magnetic units (magnetite bearing) are highlighted in stippled fill; and
-- low magnetic units and low/variable conductivity are in light blue.
When looking to further define geochemical anomalies within the
magnetic siltstones, either through soil sampling and/or surface
mapping, consideration has once again be given to those areas
exhibiting shallow cover and/or topographic highs where the surface
prospecting methods will be most effective (Figure 2).
Figure 2. Target areas and soil sampling lines for Phase 1
Exploration Programme.
Extensive Cu, Ag, Ni and Zn anomalies have previously been
highlighted within the surface sampling. In the context of
sedimentary rock sequences, copper values >100ppm, nickel
>50ppm and silver >0.5ppm are considered highly anomalous and
may indicate the presence of significant SSC mineral systems. By
multiplying the assays for all four elements to produce an overall
mineralised factor several Cu-Ag-Ni-Zn anomalous zones, each
stretching over several kilometres, become clearer (Figure 3). The
current geological mapping and soil sampling programme aims to both
extend these mineralised zones even further, and define substantial
new areas of metal anomalism compatible with SSC systems. The
current work is targeted at unexplored portions of the project with
soil sample lines positioned in the northern, central and southern
areas of the licence.
Figure 3. Surface sampling by CRA highlighting combined
Cu-Ag-Ni-Zn anomalism.
Pitfield Geology Compares Favourably with the Sandstone Sub-type
of SSC
Geophysical surveying, geochemical sampling and geology work
show that the Yandanooka basin contains coincident favourable
features that make this an attractive sediment-hosted copper
exploration target.
The AEM survey identified significant variations in rock
conductivity including a suite of anomalous conductive features
within the Mt Scratch siltstone, which indicates the presence of
reductants such as graphite. The presence of reduced carbonaceous
rocks (containing organic matter, graphite or hydrocarbons)
stratigraphically higher in the sequence may provide a redox trap
to allow for the precipitation of copper.
The AM survey has distinguished a widespread, stratabound,
regional magnetic anomaly (magnetite-bearing alteration) over 40km
long. This massive magnetic anomaly, extending over 40km
north-south indicates that the project area has been impacted by a
large alteration event compatible with the influx of warm,
oxidized, metals-transporting, sedimentary brines.
BHP (1984), which drilled four stratigraphic diamond holes
focussed along the western contact of the Yandanooka basin within
the basement Mullingarra gneiss, confirmed that the basement rock
was depleted in Cu, indicating that the base metals have been
leached and mobilised by the fluids passing through and this most
likely explains the Cu anomalies identified within the upper zones
of siltstone/sandstone.
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 LLP Tel: 020 3470 0470
(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 / Max
Bennett
-------------------
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 9.5km(2) to 1,728km(2) 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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END
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November 23, 2022 02:00 ET (07:00 GMT)
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