Empire Metals Limited / LON: EEE / Sector: Natural Resources

13 November 2023

Empire Metals Limited

('Empire' or the 'Company')

Three Diamond Drill Holes Completed at Pitfield

Extensive Titanium Mineralisation Evident Across Giant Mineral System

Surface Mapping and Rock Chip Sampling Identifies New Drill Targets for High-Grade TiO2

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce that the three planned Diamond Core drillholes have now been completed at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'), and concurrent geological mapping and rock chip sampling has identified new, high grade TiO2 drill targets along the central and southern high-density core of the giant mineral system.

Highlights

·    Titanium mineralisation identified throughout the entire length of each of the three drillholes from logging of the diamond core, confirming that the titanium mineralisation previously intersected in the maiden reverse circulation ("RC") drill programme extends to over 350m vertically from surface.

·    Geological mapping and rock chip sampling carried out across the large magnetics anomaly, including areas of coincident strong gravity anomalies, identified two new high-grade TiO2 drill targets covering 3km² and 6km² respectively.

·    High-grade TiO2 values recorded from the surface rock chip sampling with many of the  samples exceeding 10% TiO2, with the highest being 21.49% TiO2.

·    The Company expects to have drill core geochemical analysis results available shortly and will be able to release more information about key parameters such as mineralogy, grades, and geological controls in the coming weeks.

·    RC drilling of the high-grade target areas will commence in November, with approximately 40 RC holes totalling 6,000 metres currently planned to test the length of the coincident regional magnetics-gravity anomaly.

Shaun Bunn, Managing Director, said: "Our most recent round of work at Pitfield has generated some extraordinary results, with many rock chip samples exceeding 10% TiO2, and one value of an exceptional 21.49% TiO2.  In addition, the diamond drilling that we undertook in tandem with this surface sampling demonstrates that stratabound titanium-rich mineralisation remains completely open at depth at 350m, and along strike, once again reinforcing our view that we have discovered a primary titanium asset of perhaps unparalleled size and scale.

"Our work over the past two months is invaluable as we assess the wider potential of Pitfield, and as we identify priority areas for the upcoming RC drill programme, including the newly identified outcropping high-grade TiO2 zones.  While titanium mineralisation is very widespread, virtually across kilometres of altered rock, we are also finding higher grade mineralised areas and rock types which will greatly help us focus our future drilling. In the meantime, it is with great excitement that we look forward to receiving the laboratory results for the three diamond drillholes in the coming weeks."

The Pitfield Project

Empire holds a 70% interest in Pitfield which is comprised of four granted Exploration Licences (E70/5465, E70/5876, E70/6320 and E70/6323) covering 1,042km². Pitfield is located near Three Springs, a town 313km north of Perth, Western Australia on the Midlands Road, which until the opening of the Brand Highway in 1975 was the main road route from Perth to the state's north (refer Figure 1).

Figure 1.  Pitfield Project Location showing the scale of the magnetics anomaly and coincident alteration footprint.

Diamond Core Drilling Completed

The Company has completed drilling the three planned diamond drillholes, which were strategically positioned to provide broad coverage across the 30km length of the largely coincident regional gravity and magnetics anomalies (refer Figure 2). These anomalies were sourced to stratabound titanium and iron oxide mineralisation hosted within a strongly hydrothermally altered, bedded succession of clastic sedimentary rocks, composed of interbedded sandstones and siltstones, and lesser conglomerate beds.

Figure 2.  Grey-scale magnetics map overlain by airborne gravity survey results with indicative highest density zones (solid yellow outlines) and locations of diamond core drill holes and maiden RC drill holes/IP survey lines.

All three diamond drillholes have now been logged and sampled, and laboratory geochemical analysis results are pending. The logging of the drill core confirms that the titanium mineralisation is extensive and associated with strong iron-rich alteration, as indicated by the portable XRF ('pXRF') measurements taken of the core. The geological setting varies over the ~30km distance between the northern and most southern drill holes as described below.

Diamond Hole #1 (DD23MTS001)

This northernmost hole was located at Mt Scratch, where the majority of the maiden RC drillholes were completed. The final length of the angled hole was 408.4m, ending approximately 350m vertically below surface. The drillhole intersected a thick sedimentary succession of interbedded sandstones and siltstones, referred to as the Mt Scratch Siltstone formation. These sedimentary host rocks display extensive and strong iron-rich alteration, including a steel-grey hematitic alteration and a ferruginous brown alteration which alternate throughout the hole. Chlorite and epidote alteration of the host sedimentary rocks is also observed and varies in intensities.

Diamond Hole #2 (DD23TOM001)

DD23TOM001 was drilled to an angled depth of 408.5m and was targeting a magnetics anomaly adjacent to an RC drillhole (RC23TOM001) drilled in April 2023. The diamond drillhole intersected the Beaconsfield Conglomerate formation throughout its entire length. The Beaconsfield Conglomerate is made up of repetitious successions of interbedded conglomerates, sandstones and siltstones. The thickest (80m) individual succession displays strong hematite-epidote alteration of the type which returned the best TiO2 values in the maiden RC drilling programme. The strongest alteration in this succession is associated with zones of greater sandstone-siltstone beds and, based on the pXRF measurements, these zones contain the highest TiO2 values so far identified.

Diamond Hole #3 (DD23COS001)

The third diamond drillhole at Pitfield was completed with the final length of the angled hole reaching 400m, ending approximately 350m vertically below surface. This drillhole targeted a strong magnetics anomaly which is associated with high TiO2 values recorded from historic surface auger sampling. The drillhole intersected only Beaconsfield Conglomerate formation. The entire length of core from this drillhole displays strong hydrothermal alteration consisting of hematite, epidote, carbonate and chlorite. The intensity of the alteration varies with the most intense alteration being in the medium grained sandstones.

Visual inspection and pXRF measurements taken of the core has highlighted potential for higher grade beds of titanium mineralisation. This hole was drilled into the eastern edge of a newly identified 3km by 1km area of high-grade TiO2 rock chip samples (see below Geological Mapping/Rock Chip Sampling section for more information).

Diamond Drillhole Geochemical Analysis  #1 - #3

The Company is currently awaiting the geochemical analysis results from the diamond drill holes, with the results from the first drill hole (DD23MTS001) expected to be received shortly.

Geological Mapping/Rock Chip Sampling

A comprehensive mapping and rock chip sampling programme was completed during September-October 2023, over previously unexplored ground within the 40km by 8km regional geophysical anomaly. The work  better defined the extent of the outcropping Yandanooka Basin host sedimentary rocks. Where areas of outcrop were encountered, rock chip sampling on an approximate 200-400m spaced grid was completed. A total of 310 rock samples were collected and submitted for multi-element analysis, with 202 analytical results received to date.

Strongly elevated TiO2 is present in the rock chip samples with 65 samples (32%) exceeding 5% TiO2, and 17 samples (8% of total) exceeding 10% TiO2. The maximum value recorded in the rock sampling was an exceptional 21.5% TiO2. High TiO2 values are spatially associated with the regional magnetics high domain, extending east into the coincident gravity high trend along the eastern flank of the magnetic rocks (refer below Table 1. Significant Rock Chip Geochemical Analysis)

A clustering of higher TiO2 values in rocks is evident from the geological mapping and rock chip sampling programme, which identified a high-grade area over 3km by 2km in the vicinity of  diamond drillhole #2 (DD23TOM001), as well as a 3km by 1km area close to diamond drillhole #3 (DD23COS001), where the geochemical analysis of half the rock chip samples have exceeded 8% TiO2. These titanium mineral-enriched prospects are not yet closed off. It should be noted that quite large areas have little or no rock exposure at surface due to sand or laterite cover.  These areas are now considered prospective for higher grade titanium mineralisation and will form part of the upcoming RC drill programme as priority targets.

Figure 3.  Grey-scale magnetics map overlain by airborne gravity survey results highlighting recent rock chip sample locations and TiO2 values.

Much of the rock exposed at surface is very weathered, however in most cases it was possible to identify rock type. There is a general trend from west to east in the mapped area, from conglomerate-rich with interbedded sandstone  along the western flank of the magnetic trend, to sandstone-rich with interbedded conglomerate and siltstone, and finally to siltstone-rich with interbedded sandstone to the east of the main coincident magnetics-gravity high. Local areas with appreciable quartz veining are present, particularly along the eastern flank of the regional geophysical anomaly, broadly correlating to the gravity high domain.

Elevated copper and zinc values are locally present in the rocks (maximum 480 and 680 ppm respectively) and will require further evaluation work in the future. The extensive weathering observed at surface is likely to have leached and removed base metals such as copper and zinc out of the near-surface environment.

Significant Rock Chip Geochemical Analysis Results

Table 1.  Significant Rock Chip Geochemical Analysis Results showing grades of >10% TiO2.

Target Area Reference:

COS: Near Diamond Hole #3 (DD23COS001)

TOM: Near Diamond Hole #2 (DD23TOM001)

REG: Regional Locations

Future Work

The RC drill programme is scheduled to commence before the end of November 2023 and is expected to run for several weeks. The planned programme will consist of 40 drillholes totalling 6,000 metres along the length of the high-density gravity core within the regional magnetics anomaly, with particular focus on the high-grade areas identified through the recent rock chip sampling and geological mapping. The objective of this drill programme is to further define the scale of this giant, titanium-enriched mineral system but to also understand the distribution of key factors better, such as grade, mineralogy, thickness and extent of mineralised beds and controls on high-grade titanium mineralisation.

Competent Person Statement

The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Eclipse Exploration Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy. Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

**ENDS**

For further information please visit www.empiremetals.co.uk  or contact:

About Empire Metals Limited

Empire Metals is an AIM-listed (LON: EEE) exploration and resource development company with a project portfolio comprising copper, titanium and gold interests in Australia and Austria.

The Company's strategy is to develop a pipeline of projects at different stages in the development curve. Its current focus is on the Pitfield Project in Western Australia, which has demonstrated to contain a newly recognised giant mineral system that hosts a globally significant titanium discovery.  The Company is also advancing the Eclipse-Gindalbie Project in Western Australia, which is prospective for high-grade gold and also kaolin used to produce high-purity alumina, an essential component in lithium-ion batteries.

The Company also has two further exploration projects in Australia; the Walton Project in Western Australia, and the Stavely Project in the Stavely Arc region of Victoria, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.