Mineral exploration and resource investment company Empire Resources (ASX:ERL) reports it has intercepted multiple areas of anomalous and ‘high-grade’ gold mineralisation following an aircore (AC) drilling program at its Penny’s Gold Project in Western Australia.
The results, generated by 69 AC holes, indicate that the gold (Au) mineralisation is similar to that encountered at the Penny’s Find Gold Mine, owned by mid-tier gold producer Horizon Minerals (ASX:HRZ) and the Garibaldi Deposit, owned by gold explorer Platina Resources (ASX:PGM).
Key results include, 4m at 2.41g/t Au from 56m (PAC22-50) and 6m at 0.92g/t Au from 48m including 4m at 1.21g/t Au from 48m, and 4m at 0.53g/t Au from 36m (PAC22-63).
The recent AC drilling was conducted to test multiple gold prospects, including the previously drilled AC gold anomalies, aeromagnetic structural trends and historic MMI anomalies.
Speaking on the results, Empire Resources Managing Director, Sean Richardson said: “The final assays from the recent aircore drilling undertaken at the Penny’s Gold Project reinforces the potential for the project to host multiple gold deposits. The results continue to deliver strong gold mineralisation within prospective geological settings.
“The final assays from the recent aircore drilling undertaken at the Penny’s Gold Project reinforces the potential for the project to host multiple gold deposits.”
Empire remains well funded to execute further exploration activity across its project portfolio, we look forward to continuing to update the market as our exploration progresses.”
The company also notes that drilling conducted at historical MMI anomalies hosted within the PF07 prospect has returned gold grades of up to 5.33g/t Au from 64m.
The MMI anomalies of this prospect are coincident with an extension to the Penny’s Find Shear Zone.
Meanwhile the proximity of the PF06 prospect to the Penny’s Find Shear Zone has elevated the priority of this target.
In addition, these recent results represent the potential for a new zone of mineralisation associated with black shale and mafic schist along an interpreted structure parallel to the Penny’s Find Shear Zone at the PF04 prospect.
Empire Resources is a Au and copper (Cu) focussed exploration and development company that is committed to developing a sustainable and profitable mineral business whilst extracting value from direct exploration of its four ‘highly prospective’ projects. The company’s Penny’s project is located within Western Australia’s Archean Yilgarn Craton and lies adjacent to and along strike of the existing 270,000t at 4.99g/t Au for 43,000oz Mineral Resource Estimate (MRE) at the Penny’s Find Gold Mine, in which the company is entitled to royalties on gold production from future mining operations.
With the recent AC drilling results now returned, Empire Resources announces that it will move forward with follow-up AC and reverse circulation (RC) drilling to further extend and define primary anomalous mineralisation within AC drilling defined targets.
Images: Empire Resources Ltd
