Empire Resources confirms shallow high-grade gold at Penny’s Find

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THE DRILL SERGEANT: Empire Resources (ASX: ERL) has completed a RC grade control drilling program at the company’s Penny’s Find gold deposit located northeast of Kalgoorlie in Western Australia.

Empire explained the program was designed to provide grade control information to approximately 30m depth from surface in the planned open pit, where the company expects to commence mining this quarter.

A total of 86 holes were drilled, returning numerous high grade-gold intersections at shallow depths, which Empire said confirmed its original geological interpretation.

Better results include:

PGC010
6 metres at 3.52 grams per tonne gold from 11m depth;

PGC032
7m at 11.39g/t gold from 27m depth;

PGC036
5m at 13.58g/t gold from 32m depth;

PGC039
3m at 13.44g/t gold from 35m depth;

PGC040
5m at 6.33g/t gold from 23m depth;

PGC047
11m at 5.36g/t gold from 28m depth;

PGC056
12m at 4.94g/t gold from 4m depth;

PGC060
19m at 5.85g/t gold from 3m depth;

PGC064

8m at 2.77g/t gold from 3m depth; and

PGC071

3m at 10.93g/t gold from 9m depth.

“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,” Empire Resources managing director David Sargeant said in the company’s announcement to the Australian Securities Exchange.

“This program comes just twelve months after Empire resumed management of the project.

“With an average open-pit grade of 4.62 grams per tonne gold to a depth of 80 metres, 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.”

Empire Resources holds a 60 per cent direct interest in the Penny’s Find gold project with the remaining 40 per cent interest held by unlisted Brimstone Resources.

Website: wwwresourcesempire.com.au