Empire Resources Limited announced that it has now received all of the assay results from its recently completed AC drilling campaign at its 100% owned Penny's Gold Project 45km east of Kalgoorlie in Western Australia. Empire completed 45 aircore holes for 3,382m, testing multiple gold prospects including extending previously drilled aircore gold anomalies, aeromagnetic structural trends and historic MMI anomalies. Assays from the complete drill program returned multiple anomalous and high-grade gold ±arsenic results across all the prospects tested.

PENNY'S GOLD PROJECT: Gold mineralisation within the Penny's Gold Project is interpreted to be similar to that encountered at Penny's Find Gold Mine and the Garibaldi Deposit, where gold is associated with shear related quartz veining within mafic volcanic rocks, shales (including black shales) and minor altered felsic rocks. The mineralised Penny's Find Shear Zone extends through E27/593 along with subparallel structures. The Penny's Gold Project targets lie immediately adjacent to and along strike of the existing 270,000t @ 4.99g/t Au for 43,000oz Resource at the Penny's Find Gold Mine.

Empire is entitled to royalties on gold production from future mining operations at the Penny's Find Gold Mine which is currently owned by Horizon Minerals Limited. The Garibaldi deposit is located 700m north of Empire's PF04 prospect. PF09 Prospect: The PF09 prospect was identified from historic MMI anomalies within a structural corridor interpreted from aeromagnetic data to be subparallel to the Penny's Find Shear Zone.

Previous AC drilling campaigns have identified strong gold anomalism within the regoloith and at the contact with the fresh rock interface. The January 2023 AC drilling campaign followed up on the strong gold mineralisation encountered in the September 2022 AC drill campaign [3] by targeting the northern and southern limits of drilling at PF09. Several previously drilled AC lines were also extended to the east to test for the lateral extents to the prospect.

The gold trend at PF09 continues in both north and south directions with anomalous gold mineralisation intersected in 63% of holes drilled. Results from the aircore drilling at PF09 include: 3m @ 0.99g/t Au from 36m in PAC23-15 (EOH) including 1m @ 1.90g/t Au from 38m (EOH) 24m @ 0.42g/t Au from 60m in PAC23-02 including 12m @ 0.68g/t Au from 64m 20m @ 0.62g/t Au from 72m in PAC23-05 including 4m @ 0.97g/t Au from 84m. Drilling on section 6,626,600mN along the southern limits of PF09 returned strong gold mineralisation in end of hole assays, including 3m @ 0.99g/t Au from 36m in PAC23-15 (EOH), including 1m @ 1.90g/t Au from 38m (EOH).

PAC23-16 also returned bottom of hole gold mineralisation with 3m @ 0.28m Au from 40m (EOH). Drilling at PF09 intersected basalt with a local fine spinifex texture along with zones of black shale (carbonaceous locally). The weathering profile ranged from 40 – 110m thick.

A strong arsenic anomaly (up to 3,628ppm As) is typically associated with the presence of anomalous gold. The bottom of hole gold mineralisation on section 6,626,600mN conforms strongly with bottom of hole gold mineralisation on section 6,626,700mN drilled by Empire during the September 2022 AC drill campaign. This gold mineralisation trend, along with localised shearing and strong arsenic anomalism represents favourable conditions for potential primary gold mineralsiation.