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(Sharecast News) - Resource exploration and development company Empire Metals announced the results of the recently-completed soil sampling programme at the Central Menzies gold project in Western Australia on Friday.
The AIM-traded firm described the results as "encouraging", having worked on the areas of greatest prospectivity based on the location of historical workings, as well as areas of limited previous drilling.
A total of 2,379 metres of reverse circulation (RC) drilling was completed, focusing on the most promising two of the previously-identified mineralised trends, known as Teglio and Nugget Patch.
Those targets were chosen based on elevated gold concentration within the licence area, and the potential to generate significant strike and lateral extension from old workings.
It said the main gold anomalism identified from the soil sampling programme coincided with the Teglio trend, which demonstrated a total strike length of 1.8 kilometres as it is open 800 metres to the north-west from the recently-drilled RC programme, and for another 300 metres to the south-east.
The results of the programme had helped identify several drilling targets, which would be further evaluated and prioritised once the results of the initial RC drilling programme were returned.
"The results from the soil sampling programme have been most encouraging, validating the decision to fast track an RC drilling campaign which targeted two previously-identified mineralised corridors, known as the Teglio and Nugget Patch prospects," said managing director Shaun Bunn.
"Not only do the soil sampling results confirm the prospectivity of the areas initially chosen to drill, they also indicate the potential to extend these targets along strike, both to the north and south of the current drilling footprint.
"In total, we have identified a mineralised corridor that extends for over 1.8 kilometres along strike, which clearly warrants further drilling."
Bunn said the soil sampling had also picked up anomalous gold-in-soil in a number of areas where the regolith cover was shallower.
"These areas add to the already impressive list of drill ready targets within the licence area.
"With the initial RC drilling campaign now completed we expect assay results to be available in October and, based on these, a decision on when and where to drill next can be made."
At 0837 BST, shares in Empire Metals were up 2.95% at 1.75p.
24 Jun 2022 09:12
IN BRIEF: Empire Metals posts wider loss in 2021 as admin expenses up
Empire Metals Ltd - London-based minerals exploration and development in Australia - Reports wider loss in 2021 as administrative costs surge. Pretax loss worsens to GBP2.3 million from GBP953,769 in 2020. Administrative expenses increase to GBP1.9 million from GBP958,694. Part of administrative costs are fees of GBP438,059 paid in shares in 2021, compared to nothing in 2020, plus a share option expense of GBP473,336 in 2021, compared to GBP14,118 in 2020.
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