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

15 May 2024

Empire Metals Limited

('Empire' or the 'Company')

Higher Grade Mineralisation Identified in the Near Surface, Highly Weathered Zone

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce the analytical lab results from the final 22 Reverse Circulation ('RC') drillholes at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'), which combined with the previous drill results, has confirmed that higher grades of TiO₂ mineralisation are present within the near-surface, highly weathered zone of bedrock which covers the extent of this giant titanium-rich mineral system. 

Highlights

·    Consistently higher TiO₂ grades identified in the uppermost 40m of mineralised bedded sandstone, corresponding closely to the near-surface zone of weathering at both key target areas, Cosgrove and Thomas (refer Figure 2).

·    Analytical lab results received for the remaining 22 RC drillholes of the recently completed 40 RC drillholes, with all holes identifying high-grade TiO₂ mineralisation, from near surface to end of hole.

·    Successfully completed four diamond drillholes with excellent core recovery from surface, analytical results pending.

·    Logging of the diamond drill core has confirmed significant near-surface weathering of the sandstones coincident with higher TiO₂ grades. Mineralogical and metallurgical assessment of the weathered mineralised sandstones is underway.

·    Significant RC drillhole intercepts include:

§ RC24TOM022 intersected 154m @ 6.76% TiO₂ from 0m to end of hole;

§ RC24TOM021 intersected 150m @ 6.44% TiO₂ from 4m to end of hole;

§ RC24COS032 intersected 154m @ 6.31% TiO₂ from 0m to end of hole; and

§ RC24COS030 intersected 142m @ 6.05% TiO₂ from 12m to end of hole;

·    This highly successful drill programme takes the total drilling completed to date to a total of 107 holes for 17,003m (including seven diamond core holes for 2,025m), and will be used to delineate JORC Exploration Targets at both Cosgrove and Thomas areas, a key step in the mineral resource development programme.

·    Snowden Optiro, an Australian mining and resources consulting and advisory group, appointed to provide independent advice, consulting and training to support our exploration team and to assist with the QA/QC and geological modelling required in the development of the JORC Exploration Targets.

Shaun Bunn, Managing Director, said: "I am delighted to announce the latest results from our recent RC drilling which have provided further evidence of extensive high-grade titanium mineralisation within our two key target areas. What is particularly exciting is the identification of significantly higher TiO₂ grades within the highly oxidised saprolite zone found near surface. Logging of the diamond core has confirmed strong, deep weathering of the mineralised sandstones and we have initiated additional mineralogical and metallurgical studies specifically aimed at assessing the grade-enriching affect that weathering appears to have had on the mineral assemblage.

"In the meantime, delineation of a resource development Exploration Target for the Cosgrove and Thomas prospects continues to gather momentum.  We have engaged Snowden Optiro, a leading Australian resources consulting and advisory group, to provide independent advice, consulting and training to support our exploration team and to assist with the QA/QC and geological modelling in the build-up to completing the Exploration Target. I look forward to being able to release the results in the next few weeks."

The Pitfield Project

Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, Pitfield lies 313km north of Perth and 156km south of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 1).

Figure 1. Pitfield Project Location showing the Mid-West Region Infrastructure and Services.

RC Drilling & Diamond Drilling Programme - February - March 2024

The planned drill programme at Pitfield (announced 5 February 2024) was completed in late March, and consisted of 40 RC drillholes totalling 6,086m, and four diamond core drillholes totalling 807m (refer Figure 2). The RC drillholes ranged between a downhole depth of 148m to 154m, whilst the diamond holes were all drilled to a downhole depth of 202m. The drilling was completed safely, on time and on budget. Excellent core recovery was achieved from the diamond drilling, commencing from surface to the end of the hole. 

The Company announced the results for an initial 18 RC drillholes on 25 April 2024. The remaining 22 RC drillhole analytical laboratory results have now been received, with all drillholes intercepting high-grade TiO₂ mineralisation and still in TiO₂ mineralisation at the end of each hole (refer Table 1). The drilling continues to prove up the extent and grade of the mineralisation at two of the key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length (refer Figures 3 and 4).

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 Figure 2. Grey-scale magnetics map overlain by airborne gravity survey results with the location of the 2024 RC and diamond drill holes, and the 2023 RC and diamond drillholes.

Significant Drill Results - Second Batch from 2024 RC Programme

Table 1.                Significant Intercepts from RC Drilling

Figure 3.  Cosgrove Prospect Drill Collar Location: including colour coding for drill holes based on TiO₂ assay grade.

Figure 4.  Thomas Prospect Drill Collar Location: including colour coding for drill holes based on TiO₂ assay grade.

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The Company has now completed a total of 107 drillholes for 17,003m (including seven diamond core holes for 2,025m) with continuous TiO₂ mineralisation reported throughout each and every drillhole. (Note: Two other holes were abandoned at 12m and 20m due to technical reasons, with replacement holes successfully completed nearby. The two abandoned holes are not included in the totals quoted above.)

An analysis of the 67 RC drillholes completed to date over the Cosgrove and Thomas prospects (the areas referred to in Figures 3 and 4) shows elevated TiO₂ grades are present within the top 40m in 86% of the drillholes.  The average grade for the top 40m, representative of the near-surface zone of weathered sandstone, was 5.53% TiO₂ metre across all 67 drillholes, compared to an average grade of 4.82% TiO₂ metre for the >40m to end of hole intercept which represents an average 14.7% increase in grade within the uppermost 40m of weathered sandstone.  

The Company is currently awaiting the analytical laboratory results from the four diamond drill holes. However, logging of the diamond drill core has confirmed strong, deep weathering of the mineralised sandstones.  The diamond drilling, particularly the near-surface core, has provided important samples for ongoing metallurgical and mineralogical studies, and sections of core have been submitted for microprobe work and Tescan Integrated Mineral Analyzer ("TIMA") analysis to determine the mineral assemblage within the highly oxidised saprolite zone. Results will provide important information in relation to the differing zones of oxidation encountered from surface to depth, and the effect of weathering on the ore and gangue minerals present. This in turn will inform the metallurgical team and allow them to tailor the processing testwork to better suit the ore characteristics in this zone of surficial weathering.

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 titanium-rich mineral system that hosts a globally significant titanium discovery.

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