VANCOUVER, June 23, 2020 - Empire Metals Corp. (TSX.V-EP) has entered into an agreement to acquire a controlling interest in the Bikini Gold Project located in the well-known, gold-rich Mayo Mining District, Yukon Territory, Canada.
The area has seen significant regional and property level exploration activity for gold mineralization both prior to and since the recognition of 90 million year Tombstone Suite intrusions as significant vectors to Intrusive Related Gold Systems across central Yukon and Alaska.
Historical data reported on previous exploration and drilling at the Bikini Gold Project include hole AS-3 where samples noted gold as “visible particles” in one zone in the diamond drill core. Assays of that drill core include two five foot sections of 76.90 grams of gold per tonne (or 2.24 ounces per ton gold) and 26.67 grams of gold per tonne (or 0.78 oz/ton gold). These assays are part of a larger interval of 2.09 grams of gold per tonne over 96.0 meters between 225.6 m to 321.6 m.
Reported historical diamond drilling result particulars from the Yukon Assessment Report also include:
| || || || || || || |
| || || || || ||Grade || |
| ||Hole # ||From ||To ||Interval ||Gold (g/t) ||Silver (g/t) || |
| ||AS-96-01 ||245 ft ||395 ft ||150 ft ||0.19 ||5.14 || |
| || ||74.7 m ||105.2 m ||45.7 m || || || |
| ||including ||245 ft ||345 ft ||100 ft ||0.13 ||7 || |
| || ||74.7 m ||105.2 m ||30.5 m || || || |
| ||AS-96-02 ||270 ft ||455 ft ||185 ft ||0.18 ||0.04 || |
| || ||82.3 m ||138.7 m ||56.4 m || || || |
| ||AS-96-03 ||290 ft ||1190 ft ||900 ft ||0.81 ||1.34 || |
| || ||88.4 m ||362.7 m ||274.3 m || || || |
| ||including ||740 ft ||1055 ft ||315 ft ||2.09 ||1.78 || |
| || ||225.6 m ||321.3 m ||96.0 m || || || |
| || || || || || || || |
The historical data reported here is believed reliable and accurate but predates National Instrument 43-101. The qualified person has reviewed all reports from the area and has reported on historical results and data collected, compiled and reported on by a geologist with a B.Sc., and MSc, from the University of British Columbia and a member in good standing of The Association of Professional Engineers and Geologists of British Columbia. Data verification included reviewing all drill logs and analytical data, verifying weighted assay intervals and calculations. The data was compliant with industry standard for that time. Empire Metals Corp. has not verified the data and is planning an initial exploration program.
The property was last worked in 1995 and 1996 by a Canadian junior exploration company whose exploration program included surface mapping, sampling and a three-hole 1,253 m drill program focused on the northeast margin of a late Cretaceous felsic intrusion. This is the only reported drill program over a number of highly prospective and anomalous intrusions. The drilled intrusion is at the center of a 20 km wide circular cluster of nine exposed intrusions that are between 1 and 10 km long.
All of the holes reportedly intersected stockwork and sheeted quartz vein mineralization with arsenopyrite, pyrite, chalcopyrite and bismuthinite. All of the significant mineralization was found within the intrusion. Two holes were drilled to azimuth 45o and one to Azimuth 225o with dips of -45o to -50o degrees. The holes are from three sites with collar elevations at 1800, 1750 and 1560 meters.
Empire can acquire an 80% interest in the Bikini Gold Project by making cash payments of $300,000, issuing a total of 3,500,000 million common shares over five years in five tranches - one million, five hundred common shares on TSX acceptance for filing of the option agreement with four 500,000 common share issuances before June 20 of each year to 2024 - and funding $1,500,000 in exploration and development over 5 years. The Bikini Gold Project totals 18 quartz mineral claims and is subject to a net smelter returns royalty of 3.0%, of which 1.0% may be acquired for $1,000,000. Empire is the Operator. The vendor is a B.C. Reporting Issuer. The option agreement is subject to acceptance for filing by the TSX Venture Exchange.
This news release has been reviewed and approved for technical content by R. Allan Doherty, B.Sc., P.Geo (BC), an independent Qualified Person for the purpose of National Instrument 43-101. Mr. Doherty has reviewed the historical data disclosed herein from records of previous owners and operators of the property areas comprising the Bikini Gold Project. While the historical data are believed to be accurate and reliable, they have not been verified by Empire. Empire’s exploration programs will be designed in part to test the accuracy of the historical information.
Empire is a Canadian exploration and development company. Empire holds a 100% interest in the Buck Lake Platinum, Palladium, Nickel and Gold Project located in Ontario near the Lac Des Iles platinum palladium mine, recently acquired by one of the world’s leading platinum producers, Impala Canada (Member of the Implats Group). Empire also holds a controlling interest in the Fox Creek Lithium project in Alberta; an interest of the Graphite West hydrothermal graphite exploration Project – located immediately west of Zen Graphene Solutions’ Albany hydrothermal graphite deposit - and the Gwyn Lake gold project located in the heart of the historic Beardmore-Geraldton greenstone gold belt in Ontario.
For further information contact: Mark C. Patchett, President
Toll Free: 1.888.880.2288
Empire Metals Corp.
PER: “Mark C. Patchett”
MARK C. PATCHETT
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.