EMPIRE RESOURCES LIMITED — Capital/Financing Update 2020

Apr 23, 2020

ASX Release

24 April 2020

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YUINMERY CONTINUES TO DELIVER EXCELLENT COPPER-GOLD & COPPER-NICKEL RESULTS

YT01 Prospect

• Step out RC drilling in March at YT01 demonstrates broad copper-gold sulphide mineralisation within the newly identified southern horizon. Results from 4m composite sampling include:

• 30m @ 0.50% Cu & 0.07g/t Au from 108m to EOH, including 12m @ 0.73% Cu & 0.10g/t Au from 112m (YRC20-14)

• 4m @ 0.61% Cu & 0.37g/t Au from 152 to EOH (YRC20-15)

• 4m @ 0.82% Cu & 0.11g/t Au from 56m (YRC20-16)

• High grade copper in recently returned 1m composite samples taken during January RC drill program include:

• 12m @ 1.02% Cu from 44m including 1m @ 2.56% Cu from 44m and 3m @ 1.31% Cu from 48m (YRC20-03)

• 3m @ 1.01% Cu from 57m and 1m @ 1.03% Cu from 79m (YRC20-02)

• Downhole Electromagnetic (DHEM) geophysical surveys are planned for the June quarter to test for massive sulphide mineralisation

Smith Well Prospect

• Follow up RC Drilling in March at Smith Well continues to demonstrate the potential of the prospect to host substantial copper-nickel sulphide mineralisation with selected results including:

• 12m @ 0.49% Cu, 0.28% Ni & 0.03% Co from 86m including 4m @ 0.61% Cu, 0.32% Ni & 0.04% Co from 94m (YRC20-13)

• 12m @ 0.38% Cu & 0.01% Ni from 60m (YRC20-12)

• Follow up RC drilling is planned to commence in May to test depth extensions of the Smith Well sulphide mineralisation

159 Stirling Highway Tel: +61 (0)8 9386 4699 Nedlands WA 6009 Fax: +61 (0)8 9386 9473

Empire Resources Limited ACN 092 471 513 ASX:ERL

www.resourcesempire.com.au info@resourcesempire.com.au

ASX Announcement 24 April 2020

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Empire Managing Director, Sean Richardson commented:

“ RC drilling at Yuinmery continues to return excellent results. The results from drilling reaffirms the Company’s view that the Yuinmery Project has strong potential to host multiple copper-gold and copper-nickel deposits.

“The excellent results from drilling at YT01 highlight the potential for discovery of new coppergold deposits within the new southern horizon. Meanwhile, Smith Well continues to demonstrate potential with more broad zones of sulphide mineralisation returned from this prospect. The Company looks forward to further investigation of this exciting prospect.

“The Company’s systematic approach to undertaking exploration activities continues to return positive results.”

YUINMERY PROJECT DRILLING

In March 2020 Empire completed a seven (7) hole reverse circulation (RC) drill program for 780m at the Yuinmery Copper-Gold Project. The program tested for copper-gold sulphide mineralisation at YT01 and followed up encouraging RC results from the January RC drill program at Smith Well[4] .

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Figure 1 – Yuinmery Copper-Gold Project Prospects and Drill Hole Locations

The March 2020 RC drilling program continues Empire’s staged approach to identifying and testing copper-gold anomalism analogous to the current Just Desserts JORC 2012 Resource of 2.52Mt @ 1.31% Cu, 0.49g/t Au & 1.76g/t Ag[1] .

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YT01 Prospect

The 3.5km southern horizon was identified by the Company in late 2019 by compiling and analysing historical geochemical, geological mapping, drilling and geophysics datasets[2] . By the end of 2019, the Company had undertaken maiden aircore reconnaissance drilling in this area of the project, identifying copper-gold anomalism in the regolith[3] . In January 2020, the Company completed its maiden RC drilling program of the YT01 and YT19 prospects with results demonstrating the excellent potential for discovery of new copper-gold mineralisation[4] .

Following receipt of the initial 4m composite samples, the original 1m split samples of selected mineralisation intervals from the January RC drilling were submitted for analysis. Results from the recently received 1m splits include:

• 1m @ 2.56% Cu from 44m and 3m @ 1.31% Cu from 48m within 12m @ 1.02% Cu from 44m (YRC20-03)

• 3m @ 1.01% Cu from 57m and 1m @ 1.03% Cu from 79m (YRC20-02)

RC drilling at YT01 in March followed up encouraging results in the upper oxide / transition zone by testing down dip extensions targeting copper-gold bearing sulphide mineralisation at depth.

Drilling intercepted trace and disseminated chalcopyrite, pyrrhotite and pyrite sulphides in holes YRC20-14, YRC20-15, YRC20-16 and YRC20-17. Initial 4m composite assays sent for multielement analysis have been received with significant results from drilling including:

• 30m @ 0.50% Cu & 0.07g/t Au from 108m to EOH, including 12m @ 0.73% Cu & 0.10g/t

• Au from 112m (YRC20-14)

• 12m @ 0.37% Cu & 0.14g/t Au from 144m to EOH, including 4m @ 0.61% Cu & 0.37g/t Au from 152m to EOH (YRC20-15)

• 24m @ 0.44% Cu & 0.12g/t Au from 56m including 4m @ 0.82% Cu & 0.09g/t Au from 56m (YRC20-16)

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Figure 2 – YT01 Drillhole Locations Overlain Mid-Time EM Geophysics

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Select original 1m splits samples from the March 2020 drilling have been collected and submitted for analysis.

Downhole Electromagnetic (DHEM) geophysical surveys are currently being planned for the June quarter. The DHEM surveys will test for electromagnetic signatures commonly associated with sulphide mineralisation. Any encouraging electromagnetic responses returned from the DHEM surveys will assist the Company in designing future drilling programs targeting sulphide mineralisation.

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Figure 3 – YT01 Prospect Cross Section 686,850mE

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Figure 4 – YT01 Prospect Cross Section 687,250mE

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Smith Well Prospect

The Smith Well prospect is a historic copper-gold prospect with recently identified anomalous nickel in drilling. RC Drilling in January 2020 intercepted a 68m downdip zone of sulphides, including chalcopyrite, pyrrhotite and pyrite in varying concentrations, in hole YRC20-10. Copper intercepts of >1% Cu associated with elevated nickel (>0.2% Ni) and low-level gold values[4] demonstrated the potential of the prospect and merits further assessment.

Two holes were drilled in the March RC program to confirm the dip and orientation of the mineralisation identified in YRC20-10. Both holes intercepted mineralisation as either oxide or sulphide. Significant intercepts for this drilling include 28m @ 0.33% Cu & 0.01% Ni from 60m (YRC20-12) and 12m @ 0.49% Cu, 0.28% Ni & 0.03% Co from 86m, including 4m @ 0.61% Cu, 0.32% Ni & 0.04% Co from 94m (YRC20-13).

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Figure 5 – Smith Well Drillhole Locations & Modelled Plates Overlain Mid-Time EM Geophysics

Smith Well is interpreted to lie within a broad stratigraphic horizon extending from Smith Well in the east around to the Just Deserts deposit to the west. This stratigraphic horizon includes multiple existing prospects such as C-Zone and Claudius, where promising historical Cu-Au mineralisation has been identified. Smith Well differs from other prospects at Yuinmery in its elevated nickel content. This is interpreted to be the result of fluids from a mafic intrusion interacting with the original copper-gold mineralisation within the volcanics. Further exploration is required to make a definitive assessment.

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Additional 1m split samples from the March 2020 drilling at Smith Well have been collected and submitted for analysis.

Further RC drilling is planned for Smith Well in May 2020 to continue testing the extent and orientation of mineralisation at this exciting prospect. Following the drilling, and subject to results, a program of Downhole Electromagnetic (DHEM) geophysical surveys has been planned for the June quarter. The DHEM surveys will test for off-hole electromagnetic sulphide mineralisation signatures.

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Figure 6 – Smith Well Oblique Section

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Prospect	Hole ID From (m) To (m) Downhole Interval (m) Cu (%) Au (ppb) Ni (ppm) Co (ppm)
YT01	YRC20-02* 40 84 44 0.44% pending 366 139
	inc 57 60 3 1.04% pending 566 322
	inc 58 59 1 1.12% pending 463 406
	and 79 80 1 1.03% pending 365 225
	YRC20-03* 32 60 28 0.64% pending 549 97
	inc 44 56 12 1.01% pending 505 79
	inc 44 45 1 2.56% pending 963 130
	and 48 51 3 1.31% pending 327 60
	YRC20-14 108 138 (EOH) 30 0.50% 72 446 145
	inc 112 124 12 0.73% 97 792 247
	YRC20-15 144 156 (EOH) 12 0.37% 143 551 76
	inc 152 156 (EOH) 4 0.61% 374 475 82
	YRC20-16 56 80 24 0.44% 118 503 118
	inc 56 60 4 0.82% 105 559 86
	YRC20-17 81 87 6 0.30% pending 275 70
Smith Well	YRC20-12 42 80 28 0.33% 36 106 36
	YRC20-13 74 78 4 0.22% 15 428 101
	and 86 98 12 0.49% 29 2,770 326
	inc 94 98 4 0.61% 46 3,153 391

Table 1 – Anomalous Yuinmery RC Drilling Results >2,000ppm Cu

Note. Intercepts are downhole intervals using a nominal cut off >2,000ppm Cu and/or 100ppb Au. *YRC20-02 & YRC20-03 includes previously reported 4m composites[4] .

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This announcement is authorised for release by:

Sean Richardson Managing Director

For further information on the Company Phone: +61 8 9386 4699 www.resourcesempire.com.au

About Empire

Empire Resources Limited (ASX:ERL) is a gold and copper focussed exploration and development company. Empire owns 100% of two highly prospective projects. The Yuinmery Copper-Gold Project 470km North East of Perth in the base metal rich Youanmi greenstone belt and the Penny’s Gold Project 45km North East of Kalgoorlie in the prolific Eastern Goldfields Region of Western Australia. Empire’s projects have numerous exploration targets with excellent potential.

Empire has an experienced team of exploration, development and financial professionals who are committed to developing a sustainable and profitable mineral business. Empire seeks to extract value from direct exploration in its existing projects as well as identifying value accretive investment opportunities that complement the Company’s development objectives.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled and/or reviewed by Shane Tomlinson, who is a Member of the Australian Institute of Geoscientists. Mr Tomlinson is an independent geological consultant and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Tomlinson consents to the inclusion in the report of the matters based on this information in the form and context in which they appear.

The information is this release concerning the Mineral Resources for the Just Desserts deposit has been estimated by Mr Peter Ball B.Sc who is a director of DataGeo Geological Consultants and is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Ball has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and qualifies as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Ball consents to the inclusion in this public release of the matters based on his information in the form and context in which it appears.

Additional JORC Information

Further details relating to the information in this release can be found in the following ASX announcements:

1. ASX:ERL “ Updated Copper-Gold Resource Yuinmery Project ” 17 May 2016

2. ASX:ERL “ Exploration Projects Update ” 16 September 2019

3. ASX:ERL “ Strong Anomalism in Reconnaissance Drilling ” 24 January 2020

4. ASX:ERL “ Drilling Confirms New Cu-Au & Cu-Ni Prospects at Yuinmery ” 11 March 2020

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Yuinmery RC Drill Summary

Prospect	Hole ID East North RL Depth Az Dip
Smith Well	YRC20-12 688,790.8 6,836,892.8 453.7 114 304 -60
	YRC20-13 688,878.2 6,836,894.3 453.2 108 120 -60
YT01	YRC20-14 688,793.8 6,836,956.5 453.7 138 180 -60
	YRC20-15 687,250.1 6,835,426.0 463.2 156 180 -60
	YRC20-16 686,884.8 6,835,457.4 470.9 96 210 -60
	YRC20-17 686,844.6 6,835,377.9 470.9 108 180 -60
	YRC20-18 687,140.4 6,835,407.7 464.0 60 180 -60

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JORC Table 1 for the Yuinmery Project

Section 1 Sampling Techniques and Data

Criteria	**JORC Code Explanation **	**JORC Code Explanation **	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg	•	Reverse Circulation (RC) drilling using a
techniques		cut channels, random chips, or		high pressure air and cone splitter was used
		specific specialised industry		to collect one metre samples.
		standard measurement tools	•	Selected one metre samples were sent to
		appropriate to the minerals under		the laboratory.
		investigation, such as down hole	•	The reject from the cone was collected in
		gamma sondes, or handheld XRF		green bags and laid out in order of drilled
		instruments, etc). These examples		metres.
		should not be taken as limiting the	•	As a first pass sampling program four (4)
		broad meaning of sampling Include		metre composite samples were collected
		reference to measures taken to		from the one (1) metre green bags placed
		ensure sample representivity and		on the ground by the drill crew. The
		the appropriate calibration of any		composites were collected using a PVC
		measurement tools or systems		spear.
		used.	•	Samples generally were collected as 2kg
	•	Include reference to measures		made up from 0.5kg sub samples from each
		taken to ensure sample		pile.
		representivity and the appropriate calibration of any measurement	•	All samples were sent to Intertek laboratory in Perth.
	• •	tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to	• • •	Duplicate and standards were included and sent for analysis with the samples. All samples were pulverised to better than 85% passing 75μm with a 10g aliquot taken for assay. First pass multielement analysis was completed using an aqua regia digest and ICP-MS finish
		obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be	•	Follow up multielement analysis of selected samples was completed using a Four Acid digest and OE finish.
		required, such as where there is
		coarse gold that has inherent
		sampling problems. Unusual
		commodities or mineralisation
		types (eg submarine nodules) may
		warrant disclosure of detailed
		information
Drilling	•	Drill type (e.g. core, reverse	•	RC drill rig was used where a face sampling
Techniques		circulation, open-hole hammer,		hammer and collected through a cone
		rotary air blast, auger, Bangka,		splitter. The reject sample was collected at
		sonic, etc) and details (e.g. core		the cone using green bags
		diameter, triple or standard tube,	•	Sample recovery as estimated based on the
		depth of diamond tails, face-		size and consistency of each individual
		sampling bit or other type, whether		sample bag based on an expected size.
		core is oriented and if so, by what method, etc).	•	Drilling was carried out by Redrock drilling using a Hydco 40 mounted on a MAN 8x8
				truck
			•	Seven(7)holesfor 780m were drilled.
Drill sample	•	Method of recording and assessing	•	RC drilling was used as the most effective
recovery		core and chip sample recoveries		drill method in reducing contamination.
		and results assessed.	•	1m composite drill soil/chip samples,
	•	Measures taken to maximise sample		weighing approximately 2kg were collected
		recovery and ensure representative		throughout the drill programme in
		nature of the samples.		sequentially numbered bags
	•	Whether a relationship exists	•	4m composite drill soil/chip samples,
		between sample recovery and grade		weighing approximately2kgwere collected

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	and whether sample bias may have		throughout the drill programme in
	occurred due to preferential		sequentially numbered bags
	loss/gain of fine/coarse material.	•	Samples were collected in calico bags
			placed on a cone splitter that was attached
			to a cyclone attached to the rig. The reject
			contents of the cyclone were placed in green
			plastic bags on the ground in sequential
			order.
		•	The cyclone was regularly checked and
			cleaned.
Logging	• Whether core and chip samples	•	All RC drilling was logged for geology in the
	have been geologically and		field by qualified geologists. Lithological and
	geotechnically logged to a level of		mineralogical data was recorded for all drill
	detail to support appropriate Mineral		holes using a coding system developed
	Resource estimation, mining studies		specifically for the Project. Primary and
	and metallurgical studies.		secondary lithologies are recorded in
	• Whether logging is qualitative or		addition to colour, grain size, alteration type
	quantitative in nature. Core (or		and intensity, estimates of mineral
	costean, channel, etc) photography.		quantities.
	• The total length and percentage of	•	Geological logging is qualitative in nature.
	_the relevant intersections logged. _
Sub-sample	• If non-core, whether riffled, tube	•	4m composite samples were collected using
techniques	sampled, rotary split, etc and		a spear.
and sample	whether sampled wet or dry.	•	1m samples were collected from the cone
preparation	• For all sample types, the nature,		splitter.
	quality and appropriateness of the	•	No wet samples were collected.
	sample preparation technique.	•	All samples were marked with a unique
	• Quality control procedures adopted		sequential sample numbered calico bag.
	for all sub-sampling stages to	•	Sample bags were collected and placed in
	maximise representivity of samples.		large bulka bags for delivery to the
	• Measures taken to ensure that the		laboratory in Perth.
	sampling is representative of the in	•	Standards were inserted at a rate of 1 in
	situ material collected, including for		every 20 while field duplicates were inserted
	instance results for field		1 in every 25.
	duplicate/second-half sampling.	•	Samples collected generally weighed
	• Whether sample sizes are		between 2 to 2.5kg.
	appropriate to the grain size of the material being sampled.	•	All samples were pulverised to better than 85% passing 75μm
		•	Sample procedures and sample preparation
			are deemed to represent a good industry
			standard.
Quality of	• The nature, quality and	•	The assaying and laboratory procedures
assay data	appropriateness of the assaying and		used are appropriate for the material tested.
and	laboratory procedures used and	•	Sampling was guided by Empire’s QAQC
laboratory	whether the technique is considered		procedures.
tests	partial or total.	•	Standards were inserted at a rate of 1 in
	• For geophysical tools, spectrometers,		every 20 while field duplicates were inserted
	handheld XRF instruments, etc, the		1 in every 25.
	parameters used in determining the	•	The laboratory also carried out its own
	analysis including instrument make		internal QAQC checks including duplicates
	and model, reading times,		taken from the submitted sample.
	calibrations factors applied and their
	derivation, etc.
	• Nature of quality control procedures
	adopted (e.g. standards, blanks,
	duplicates, external laboratory
	checks) and whether acceptable
	levels of accuracy (i.e. lack of bias)
	_and precision have been established. _

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Verification	• The verification of significant	•	The drill program was completed by the
of sampling	intersections by either independent		listed CP who is an independent contractor
and assaying	or alternative company personnel.		to Empire.
	• The use of twinned holes.	•	No twin holes were drilled as this is a
	• Documentation of primary data, data		reconnaissance drill program.
	entry procedures, data verification,	•	Geological logs and sampling data were
	data storage (physical and electronic)		recorded directly into excel spreadsheet
	protocols.		templates on a laptop. These files were
	• Discuss any adjustment to assay		compiled and loaded into an Access
	data.		database.
		•	Where one metre samples results are
			available these have priority over the four-
			metre composite assay result.
		•	The one metre samples were selected
			based ontheirgeological logs.
Location of	• Accuracy and quality of surveys used	•	Collars were surveyed using a DGPS.
Data points	to locate drillholes (collar and down-	•	GDA94_50
	hole surveys), trenches, mine	•	Downhole surveys had not been competed
	workings and other locations used in		at the time of reporting
	Mineral Resource estimation.
	• Specification of the grid system used.
	• Quality and adequacy of topographic
	control.
Data spacing	• Data spacing for reporting of	•	Drill holes were generally spaced at 40m
and	Exploration Results.		across lines spaced between 100m and
distribution	• Whether the data spacing and		400m.
	distribution is sufficient to establish	•	The hole spaced provided good coverage
	the degree of geological and grade		along the drill line.
	continuity appropriate for the Mineral	•	This drilling is reconnaissance in nature and
	Resource and Ore Reserve		will not be used for any Mineral Resource
	estimation procedure(s) and		estimations.
	classifications applied.
	• Whether sample compositing has
	_been applied. _
Orientation	• Whether the orientation of sampling	•	VMS mineralisation is considered to trend in
of data in	achieves unbiased sampling of		the direction of foliation / bedding and as
relation to	possible structures and the extent to		such may have multiple orientations due to
geological	which this is known, considering the		the large syncline feature. Holes were drilled
structure	deposit type.		perpendicular to observed or interpreted
	• If the relationship between the drilling		foliation.
	orientation and the orientation of key	•	The direction of sampling is not considered
	mineralised structures is considered		to bias results
	to have introduced a sampling bias,
	this should be assessed and reported
	if material.
Sample	• The measures taken to ensure	•	Samples were collected daily from the site
Security	sample security.		and brought back to the Youanmi minesite
			and placed in bulka bags.
		•	Samples were then transported to Perth by
			road.
Audits or	• The results of any audits or reviews	•	The program was completed and data
reviews	of sampling techniques and data.		processed by the CP who is an independent
			contractortoEmpire.

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Section 2 Reporting of Exploration Results

Criteria	**JORC Code explanation **	Commentary	Commentary
Mineral	• Type, reference name/number,	•	The project consists of five granted
tenement and	location and ownership including		tenements (two mining and three
land tenure	agreements or material issues with		exploration), for a total area of 84.5 km2
status	third parties such as joint ventures,	•	Mining tenements; M57/265 and M57/636
	partnerships, overriding royalties,		and exploration tenement; E57/1037 are
	native title interests, historical sites,		100% owned by Empire
	wilderness or national park and	•	Exploration tenements are; E57/681 and
	environmental settings.		E57/1027 are subject to a Net Smelter
	The security of the tenure held at the		Royalty (NSR) of 1.25%
	time of reporting along with any known
	impediments to obtaining a licence to
	_operate inthe area. _
Exploration	• Acknowledgment and appraisal of	•	Western Mining Corporation Ltd
done by other	exploration by other parties.		commenced base metal exploration in the
parties			area in 1969 and continued until 1981. Soil
			sampling, ground magnetics, IP and EM
			were exploration methods used to target
			their vacuum, percussion and diamond
			drilling programs.
		•	Esso Australia Ltd explored the area
			between 1979 and 1984 using EM, RAB and
			diamond drilling in the search for Golden
			Grove - Scuddles type base metal deposits.
		•	Black Hill Minerals Ltd explored part of the
			area for base metals between 1986 and
			1991. This involved rock chip sampling and
			limited percussion drilling.
		•	Meekal Pty Ltd commenced an exploration
			program in 1985 by remapping parts of the
			syncline and rock chip sampling. In 1986
			Meekal introduced Arboyne NL into the
			project who carried out gold exploration by
			drilling reverse circulation holes under old
			gold workings.
		•	Between 1989 and 1991 RGC Exploration
			Pty Ltd explored the area concentrating on
			the potential for gold mineralization. This
			exploration consisted of geological mapping,
			rock chip sampling and some RAB drilling.
		•	In 1992 Meekal Pty Ltd joint ventured the
			project to Giralia Resources NL, who
			brought in CRAE as a partner in1993. CRAE
			completed a ground EM survey and drilled
			three diamond holes in its search for base
			metals.
		•	Gindalbie Gold NL then explored the area
			for gold between 1995 and 2000. This work
			entailed a wide spaced soil sampling
			program but although several anomalous
			zones were identified no drilling was
			undertaken.
		•	Mineral Resources Australia / La Mancha
			explored the northern end of the project area
			between 2002 and 2010 completing;
			extensive soil sampling (Auger),
			reconnaissance (RAB / Aircore) drilling and
			geophysical surveys (VTEM and
			aeromagnetic surveys).

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		•	Empire Resources Ltd commenced
			exploration in the area during 2006. To date
			a number of RAB, RC and diamond drilling
			programmes have been completed as well
			as aerial, surface and downhole
			electromagnetic (EM) surveys.
Geology	• Deposit type, geological setting and	•	The Yuinmery project area covers the
	style of mineralisation.		eastern portion of the Archaean Youanmi
			greenstone belt with rock types consisting
			largely of altered mafic and ultramafic
			volcanic and intrusive rocks with chloritic
			felsic and intermediate volcanic units. The
			volcanic units contain a number of
			intercalated strongly sulphidic cherty
			sediments which are host to VMS copper-
			gold mineralization. In the project area these
			rocks lie on the eastern side of the regional
			Youanmi Fault and form the southern
			closure of a northerly plunging syncline.
			The volcanic rocks have been intruded by
			dolerites, gabbros, pyroxenites and other
			ultramafic rocks which probably form part of
			the layered Youanmi Gabbro Complex.
			Several zones of copper - gold
			mineralization have been identified within
			the project area by previous surface
			sampling and drilling. The volcanogenic
			massive sulphide style mineralization is
			associated with cherts, felsic volcanic
			breccias and tuffs.
		•	Gold mineralisation is interpreted to be
			associated with lower order shears
			subsidiary to either the Youanmi or
			Yuinmery Shear zones. Gold sits in sub-
			vertical shears, and forms narrow, steep
			plunging high grade shoots at minor flexures
			inthe shears as quartz-sulphidelodes.
Drill hole	• A summary of all information	•	Seven (7) holes for 780m were drilled
Information	material to the understanding of the		across two prospects.
	exploration results including a	•	Hole locations are tabulated along with
	tabulation of the following		accompanying collar location diagrams
	information for all Material drillholes:		within this report.
	• easting and northing of the
	drillhole collar
	• elevation or RL (elevation above
	sea level in metres) of the
	drillhole collar
	• dip and azimuth of the hole
	• down hole length and interception
	depth
	• hole length.
Data	• In reporting Exploration Results,	•	Data was compiled using excel
aggregation	weighting averaging techniques,		spreadsheets and loaded into an Access
methods	maximum and/or minimum grade		database.
	truncations (e.g. cutting of high	•	The data was audited using MapInfo and
	grades) and cut-off grades are		Surpac data auditing features.
	usually Material and should be	•	A nominal cut-off grade of 2,000ppm Cu and
	stated.		100ppb Au have been applied to the assay
			results.
Relationship	• If the geometry of the mineralisation	•	Broad anomalous copper envelopes have
between	with respect to the drillhole angle is		been interpreted from the drilling completed.
mineralisation	known, its nature should be		Exact widths andgeometryare still to be

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ASX Announcement 24 April 2020

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widths and	reported.		determined, so all intercepts are reported as
intercept	• If it is not known and only the down		downhole intervals.
lengths	hole lengths are reported, there
	should be a clear statement to this
	_effect. _
Diagrams	• Appropriate maps and sections (with	•	Diagrams are included within the report
	scales) and tabulations of intercepts
	should be included for any significant
	discovery being reported These
	should include, but not be limited to
	a plan view of drillhole collar
	locations and appropriate sectional
	_views. _
Balanced	• Where comprehensive reporting of	•	All data from the program is provided in the
reporting	all Exploration Results is not		report.
	practicable, representative reporting
	of both low and high grades and/or
	widths should be practiced to avoid
	misleading reporting of Exploration
	_Results. _
Other	• Other exploration data, if meaningful	•	N/A
substantive	and material, should be reported
exploration	including (but not limited to):
data	geological observations; geophysical
	survey results; geochemical survey
	results; bulk samples – size and
	method of treatment; metallurgical
	test results; bulk density,
	groundwater, geotechnical and rock
	characteristics; potential deleterious
	_or contaminating substances. _
Further work	• The nature and scale of planned	•	Down hole surveying using a north seeking
	further work (e.g. tests for lateral		gyro tool.
	extensions or depth extensions or	•	Reconnaissance drilling programs planned
	large-scale step-out drilling).		to test high priority target areas.
		•	Soil and rock sampling programs
		•	Prospect scale mapping
		•	Reinterpretation of geophysical data,
			including EM and aeromagnetic / radiometric
			data
		•	RC drilling
		•	Down hole electromagnetic (DHEM) surveys

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