Empire Resources : Yuinmery Project Exploration Update

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1 July 2022

ASX Release

YUINMERY PROJECT EXPLORATION UPDATE

HIGHLIGHTS

Diamond drilling at Yuinmery delivers further wide intercepts of Cu-Ni-Co mineralisation

Assays results received for previously reported massive to disseminated pyrrhotite-chalcopyrite-pyritesulphides [1] at the Smiths Well prospect

23.09m @ 0.45% Cu, 0.15% Ni & 364ppm Co from 328.42m in YDD22-04 including 6.46m @ 0.67% Cu, 0.16% Ni & 390ppm Co from 340m

Multiple mineralised zones within 12.9m of massive to disseminated sulphides [1] in YDD22-05

2.9m @ 0.39% Cu, 0.08% Ni & 122ppm Co from 382.1m 4.4m @ 0.43% Cu, 0.13% Ni & 251ppm Co from 387m 2.0m @ 0.66% Cu, 0.05% Ni & 268ppm Co from 393m

including 0.55m @ 1.26% Cu, 0.04% Ni & 222ppm Co from 393

Samples submitted and awaiting laboratory analysis for holes YDD22-06 at Smiths Well and YDD22-07 at YT01 Prospects

Downhole Electromagnetic (DHEM) geophysical surveys completed at both Smiths Well and YT01 Prospects

Empire Managing Director, Sean Richardson commented:

"The results from the recent diamond drilling at Yuinmery continue to support the proposition for the potential discovery of multiple economic multi-element mineral deposits at the project. The latest assays received for Smiths Well demonstrates the thickness and continuity of sulphide mineralisation at depth.

"The Company keenly awaits the results of the downhole geophysical surveys so that further work can be planned and executed. We look forward to updating the market as the project develops."

EMPIRE RESOURCES LIMITED	www.resourcesempire.com.au	t [phone]
ACN 092 471 513	[e-mail]
ASX: ERL	159 Stirling Highway, Nedlands WA 6009

For personal use only

ASX Announcement 1 July 2022

SUMMARY

Empire Resources (ASX:ERL, Empire) advises that it has completed a four hole diamond drilling campaign for 1,612m at its Yuinmery Project. Assays have also been received for the first two diamond holes of this program, YDD22-04 and YDD22-05 from the Smiths Well Prospect.

Smiths Well Prospect

Results from the first two holes drilled at Smiths Well have been received for the previously reported massive to disseminated pyrrhotite-chalcopyrite-pyritesulphides [1] in diamond holes YDD22-04 and YDD22-05 which were drilled to test the down plunge extension of the strong downhole electromagnetic conductor.

Assays received for the previously reported 22.38m of massive to disseminated pyrrhotite- chalcopyrite-pyritesulphides intersected from 328.42m downhole in YDD22-04 include:

23.09m @ 0.45% Cu, 0.15% Ni & 364ppm Co from 328.42m

including 6.46m @ 0.67% Cu, 0.16% Ni & 390ppm Co from 340m

Assays received for the previously reported 11.33m of massive to disseminated pyrrhotite- chalcopyrite-pyritesulphides intersected from 386.12m downhole YDD22-05 include:

2.9m @ 0.39% Cu, 0.08% Ni & 122ppm Co from 382.1m

4.4m @ 0.43% Cu, 0.13% Ni & 251ppm Co from 387m

2.0m @ 0.66% Cu, 0.05% Ni & 268ppm Co from 393m

including 0.55m @ 1.26% Cu, 0.04% Ni & 222ppm Co from 393m

Downhole Electromagnetic (DHEM) geophysical surveys have been completed on holes YDD22-05 and YDD22-06 at Smiths Well to determine the presence and extent of sulphide conducting bodies. Smiths Well has responded well to geophysical techniques, where the highly conductive, channel-like structure dominates the Smiths Well mineralised system [2].

YT01 Prospect

An additional diamond drill hole at YT01 has been completed targeting down dip extent of previously intercepted sulphide mineralisation. The lithologies intercepted in the recently completed YDD22-07 are similar to those encountered in the previous drill hole YDD22-01, which includes zones of disseminated chalcopyrite and stringer sulphides (chalcopyrite-pyrite) in altered basaltic rocks.

Logging of YDD22-07 has been completed and samples submitted for laboratory analysis. DHEM surveys have been completed on holes YDD22-01 and YDD22-07 to test for the presence of off-hole conductors.

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	Figure 1 - Smiths Well Long Section
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For personal use only	Figure 2 - Smiths Well March 2022 DHEM Conductor & Drill Collars
	Base Image RTP_Eagcs50nl

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FORWARD PLAN

Samples from diamond holes YDD22-06 (Smiths Well) and YDD22-07 (YT01) have been collected and submitted for laboratory analysis. Assay results from the final batch of samples is anticipated to be received during the September Quarter.

Samples have been collected and submitted for petrographic analysis to characterise the host geology, sulphide mineralogy and alteration. The Company has also collected petrophysical samples of drill core from YT01 and Smiths Well Prospects. The samples will be measured for magnetic susceptibility, resistivity, IP chargeability, EM conductance and density. The information gained from both the petrographic and petrophysical analysis will assist in optimising geophysical techniques and further refine data processing.

Two metallurgical samples have been collected from within the Smiths Well massive to disseminated pyrrhotite-chalcopyrite-pyrite sulphides zone of hole YDD22-04. A series of rougher floatation tests have been designed to study the physical and chemical behaviour of the copper, nickel and cobalt and their relationship to the various sulphide species observed within the mineralised zone.

Geophysical surveys, including the use of downhole electromagnetic (DHEM) will continue to be used to plan and target drilling. The DHEM data recently collected at both Smiths Well and YT01 is expected to be processed early in the September quarter with results, including any modelling to be completed soon thereafter.

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