Empire Metals surges on recent drilling results
By Josh White
Date: Wednesday 30 Mar 2022
(Sharecast News) - Empire Metals updated the market on the reverse circulation drilling programme recently completed at the Gindalbie Gold Project in Western Australia on Wednesday, over which it holds a tribute agreement granting exploration, development and mining rights.
The AIM-traded firm said 1,676 metres of reverse circulation (RC) drilling was completed, mainly focussed on known mineralised trends based on historical workings, soil geochemistry mapping and previous drill results, being Homeward Bound, Laurel-Bulletin, South Gippsland 3, Golden Puzzle and Bud's Find.
Of the four RC holes drilled at the Homeward Bound target, three reported very high-grade intercepts, with the first showing five metres at 8.99 grams of gold per tonne from 31 metres downhole, including one metre at 40.9 grams per tonne.
The second hole showed three metres at 8.96 grams of gold per tonne from 98 metres downhole, including two metres at 13.28 grams per tonne, and the third showed three metres at 9.88 grams of gold per tonne from 46 metres downhole, including one metre at 26.2 grams per tonne.
Empire said the fourth hole, meanwhile, encountered two metres at three grams of gold per tonne from 43 metres downhole.
Significant intercepts were also reported at Bud's Find and Laurel-Bulletin, with three metres at 1.15 grams of gold per tonne from 27 metres downhole at Laurel, and two metres at 0.64 grams per tonne from 89 metres downhole at Bud's Find.
"We are extremely pleased with the results from our initial drilling campaign at Gindalbie, which was a purely speculative effort aimed at identifying priority targets for further, more detailed exploration activities," said managing director Shaun Bunn.
"To hit such high-grade shoots at Homeward Bound on the first pass is very encouraging, and to have a 100% success rate on all four holes drilled at this target bodes well for future, more targeted drilling campaigns."
In addition, Bunn said the company encountered "significant" gold mineralisation at depth, below the small open pit at Bud's Find, and intercepted a three metre-wide mineralised lode at Laurel, both of which merited follow-up drilling.
"In parallel with this work at Gindalbie, we are completing a 900 metre strategic diamond drilling programme on our adjacent Eclipse Gold Project, which will provide further geological and structural information on the mineralised system and give further evidence on the potential scope and scale for a significant mining operation focussed on this expanded licence area."
At 1246 BST, shares in Empire Metals were up 43.08% at 1.4p.
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