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- Empire Resources (ERL) has struck high-grade gold at Penny’s Gold Project in Western Australia
- The project is located 45 kilometres from Kalgoorlie, and the recent program drilled eight reverse circulation holes for 1120 metres
- The holes were targeting four prospects in December last year to test key litho-structural settings associated with strongly anomalous supergene gold and surface multi-element geochemical targets
- One hole at PF09 intersected one metre at 7.27 grams per tonne (g/t) of gold within a mineralised alteration halo grading three metres at 2.54g/t of gold and 3,976 parts per million arsenic
- Prospect PF04 intersected a significant hit of four metres at 3.12g/t of gold from 36 metres
- RC drilling is scheduled to test the continuity of gold mineralisation at depth and along strike of PF09
- Shares are down 7.7 per cent at 1.2 cents each
Empire Resources (ERL) has struck high-grade gold at Penny’s Gold Project in Western Australia.
The project is located 45 kilometres from Kalgoorlie, comprising eight reverse circulation (RC) holes for 1120 metres within the north-northwest trending Gindalbie greenstone belt of the Archean Yilgarn Craton.
The holes were drilled across four prospects in December last year to test key litho-structural settings associated with strongly anomalous supergene gold and surface multi-element geochemical targets.
Prospect PF09 contains mineralisation with quartz veining and disseminated pyrite and arsenopyrite, which the company says are all strong indicators of gold-bearing systems.
One hole at PF09 intersected one metre at 7.27 grams per tonne (g/t) of gold from 153 metres within a mineralised alteration halo grading three metres at 2.54g/t of gold and 3,976 parts per million arsenic from 151 metres.
Empire says the extent of the bedrock gold mineralisation hasn’t been fully established, however, the presence of a strong supergene anomaly, arsenic and bedrock gold that is associated with significant geological complexity, is encouraging.
Over at prospect PF04, two RC holes for 246 metres were drilled with one hole intersecting a significant hit of four metres at 3.12g/t of gold from 36 metres, located at the saprolite-saprock boundary.
The results confirmed that the prospect lies along the western margin of a significant geological boundary, which is associated with an anomalous geochemical gold signature.
PF04 is dominated by a significant arsenic plume, greater than 1000 parts per million and more than 0.1 g/t of anomalous gold at rotary air blast and air-core drilling across multiple lines spacing two kilometres.
Empire’s Managing director, Sean Richardson said the results reinforce the company’s hypothesis that Penny Gold “has the potential to host repeated high grade gold mineralisation of similar tenor to the nearby high grade Penny’s Find Gold Mine previously mined by the Company.”
Looking forward, RC drilling is scheduled to test the continuity of gold mineralisation at depth and along strike of PF09.
Further, scout drilling and targeted RC will be used to test additional prospective geochemical and litho-structural targets that are prospective for shear zone hosted gold bearing hydrothermal systems.
Shares are down 7.7 per cent at 1.2 cents each at 3:55 pm AEDT.
