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Empire Resources Ltd.
Summary
| Project: | Pennys Find | |
|---|---|---|
| Deposit: | Pennys Find | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/11/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Mine Development | |
| Report details: | 11-9-2017: Empire Resources Ltd. announces an Exploration/Drilling Update report for its Pennys Find deposit at the Pennys Find project. JV with Brimstone Resources Ltd. - drilling results incl. 4m @ 54.62g/t Au from 37m. Further high grade gold intercept | |
| Resources: | (Reserve, Prob.): 146000t @ 4.62g/t Au for 21700oz Au contained (Penny's Find open pit) | |
| CP/QP: | [Overall Report]: David Ross (Internal) | |
| ABSTRACT: | Further high grade gold intercepts have been confirmed by gold miner, Empire Resources Ltd (‘Empire’, ASX code: ERL, the “Company”) from a second round of Reverse Circulation (RC) grade control drilling undertaken at the Company’s new Penny’s Find gold mine, 50km northeast of Kalgoorlie, WA. The drill programme was designed to provide grade control information from 30m to 60m depth in the open pit where mining is currently at 27.5m depth. A total of 48 holes for 1,943 metres have been completed on a 10m X 10m pattern inclined at -60 degrees along the length of the gold ore zone. A further 13 holes, totalling 500 metres, remain to be completed. “The second round of grade control drilling has provided further strong confidence in the geological model being used for Penny’s Find. As expected, the open-pit mining operations will shortly be accessing the higher grade part of the ore body. “With a total average open-pit grade of 4.62g/t Au to a depth of 80m, this project is providing an excellent production opportunity for Empire, given the current sustained high gold price.” Empire Resources Ltd holds a 60% direct interest in the Penny’s Find gold project with the remaining 40% interest held by unlisted Brimstone Resources Ltd. Penny’s Find’s mineralisation extends to 250m below surface and remains open at depth. High grade gold mineralisation is hosted by quartz veins at the contact between sediments and basalt. Both oxide and fresh mineralisation are free milling with up to 98% and 99% recoveries achieved in testwork respectively. There is also a high gravity recoverable gold component, 53% for oxide and 85% for fresh. The Company is currently assessing the option to take the mine underground when known open-pit zones are exhausted. | |
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