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Empire Resources Ltd.
Summary
| Project: | Pennys Find | |
|---|---|---|
| Deposit: | Pennys Find | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/27/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Mine Development | |
| Report details: | 27-7-2016: 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. 19m @ 5.85g/t Au from 3m. Empire Resources Ltd (‘Empire’, AS | |
| Resources: | (Reserve, Prob.): 146000t @ 4.62g/t Au for 21700oz Au contained (Penny's Find open pit) | |
| CP/QP: | [Overall Report]: David Reid (Not stated) | |
| ABSTRACT: | Empire Resources Ltd (‘Empire’, ASX code: ERL, the “Company”) is pleased to announce results from the first RC grade control drilling programme completed at the Penny’s Find gold deposit located 50km northeast of Kalgoorlie, WA. The programme was designed to provide grade control information to approximately 30m depth from surface in the planned open pit where mining is scheduled to commence this quarter. A total of 86 holes for 2,534 metres were drilled on a 10m X 10m pattern at - 60 degrees along the length of the ore zone. As anticipated, the grade control drilling returned numerous high grade gold intersections at shallow depths confirming the original geological interpretation. Empire’s Managing Director, Mr David Sargeant: “The completion of the first round of grade control drilling has provided further strong confidence in the geological model being used for Penny’s Find. This programme comes just twelve months after Empire resumed management of the project. “With an average open-pit grade of 4.62g/t Au to a depth of 80m this project is an excellent production opportunity for Empire given the current high gold price. “We also believe there is substantial upside at Penny’s Find once an ongoing feasibility study into development of the underground resource has been completed. This along with exploration potential at depth bodes well for the long term future of the project”. | |
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