Copper giant Peru foresees another production plateau in 2025
Peru's top mining association SNMPE expects the country's 2025 copper output to hit around 2.8 million metric tons, matching 2023.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 30, 2011) – Empire Mining Corporation (TSX VENTURE:EPC) (“Empire“) is pleased to provide an update on the Demirtepe Project in western Turkey where drilling by Empire has consistently encountered significant grades and intervals of copper-gold-silver and molybdenum skarn mineralization in the Main Zone, including Discovery Hole DTH-001 which intersected2.02% copper, 0.96 g/t gold and 21.64 g/t silver over 47.35 m from 112.2 m to 159.55 m, including 8.0 m of 9.1% copper, 4.68 g/t gold and 95.3 g/t silver.
Following the announcement of the Discovery Hole in January, the Phase I drilling program at Demirtepe was accelerated and expanded with up to three diamond drill rigs. That phase of drilling was completed in mid-July and totaled 8,433.5 metres in 36 holes (plus re-drilling of 3 holes abandoned due to technical difficulties) of which 5,847.8 metres in 27 holes were focused on the Main Zone. The remaining nine holes were drilled in the Northern Zone and in the gap between the North and Main zones. The accelerated pace of drilling, which was completed on schedule and within budget, resulted in a substantial backlog of core being prepared for assay. The backlog was addressed by prioritizing core cutting and assay based on visual examination of mineralized holes, primarily from the Main Zone. Therefore, holes which did not intersect visible mineralization were not prioritized for assay. This resulted in core from 27 of 36 holes being sent to the assay lab, of which results have been received and announced on 11 holes to date. Results for the 16 currently outstanding holes are expected in September. A drill map outlining the surface projection of the mineralization in the Main Zone can be viewed at the following link:
http://www.empireminingcorp.com/i/nr/2011-08-30drillmap.pdf.
The next anticipated phase of work at the Main Zone will focus on modeling the mineralization in Micromine with the aim of carrying our resource assessment to NI43-101 standards. SRK Consulting Engineers has also been contracted to begin an environmental baseline study over the area.
The partial results reported to date, indicate significant mineralization in every hole drilled into the Main Zone and clearly demonstrate consistent hole-to-hole continuity of the skarn mineralization within it. In addition, the detailed core logging clearly shows a basal detachment fault beneath the Main Zone, which Empire has interpreted as indicative that the skarn mineralization in the Main Zone may have originated and slipped away from a larger mineralized orebody* to the southwest. The interpretation resulted in a prospecting campaign to the southwest of the Main Zone which has led to the discovery of mineralized extensions (the “Southwest Zone”). A map indicating the location of the new Southwest Zone is available at the following link:
http://www.empireminingcorp.com/i/nr/2011-08-30map.pdf.
Mapping and sampling on the newly identified Southwest Zone have been completed and assay results are pending. In addition, Geophysics at the Southwest Zone is planned to identify the possible location of the source porphyry system that is believed to be the driver for the mineralization at the Demirtepe Project as it does not appear to reach the surface. Empire’s Phase II drilling program at Demirtepe is planned to commence in the fall and will be focused on testing the new targets identified from geochemistry and geophysics carried out in the new Southwest Zone. Photos from the Southwest Zone are available at the following link:
http://www.empireminingcorp.com/i/nr/2011-08-30photos.pdf.
Empire is currently also evaluating the significance of the wollastonite, a calcium silicate mineral, which is the exclusive host of the copper-gold-silver mineralization at Demirtepe. Initial studies commissioned by Empire on the wollastonite in the Main Zone indicate that it has significant potential economic importance in its own right and could potentially significantly benefit the stripping ratio and economics of a future copper-gold mine development at Demirtepe. Additional information pertaining to the wollastonite at Demirtepe will be released in the next few days.
* The term “orebody” in this press release is not used in the historical sense and is not meant to imply current economic viability.
Empire’s Qualified Person, David C. Cliff, BSc (Hons), MIMMM, C Eng, FGS, also Empire’s President & CEO, has reviewed and approved the content of this news release.
ON BEHALF OF THE BOARD
David Cliff, President & CEO
This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995 (“forward-looking statements”), respecting Empire’s exploration plans. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation the ability to acquire necessary permits and other authorizations; environmental compliance; cost increases; availability of qualified workers; competition for mining properties; risks associated with exploration projects, mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: general business and economic conditions; the timing and receipt of required approvals; availability of financing; power prices; ability to procure equipment and supplies; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive and Empire undertakes no obligation to update any of the foregoing except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
