Proactive Investors -
- Junior explorer now focused on WA
- Drilling underway
- Deal agreed for Georgia assets
What it does
Empire Metals Ltd (LON:EEEE) said will focus primarily on the development of gold mining interests in Western Australia during 2021, as it moves away from its Georgian interests.
The second phase of drilling at Empire's 75%-held Eclipse gold project is now well advanced, with approximately 3,800 metres of the 4,400 metre reverse circulation programme drilled in January 2021.
Empire has concluded a definitive and binding sale and purchase agreement for the sale of the Georgian assets to Candelaria Mining Corp (TSXV:CAND) for C$7mln in equity.
How it’s doing
On 1 February 2021 Proactive reported:
The second phase of drilling at Empire's 75%-held Eclipse gold project is now well advanced, with approximately 3,800 metres of the 4,400 metre reverse circulation programme drilled in January 2021.
The drilling has intercepted a number of wide quartz veins in areas beyond and below the Eclipse old workings, and assays are awaiting laboratory analysis to determine the degree of mineralisation. Assays for two holes have been received to date, and highlights include eight metres at 2.83 grams per tonne gold, from 118 metres, and three metres at 2.60 grams, from 134 metres.
10 December 2020
Empire Metals Ltd exercised its option to acquire 75% of the Eclipse gold project in Western Australia.
The company, in a statement, said that initial work programme at Eclipse increased confidence in the project's potential to host a profitable small-scale high-grade open-pit gold mine.
Highlight assay results to date included grades up to 6.5 grams per tonne over 5 metres.
What management says
Mike Struthers, chief executive, said: The company is also expecting to receive a permit in the near term for drilling further to the north-west along the strike of Eclipse, in the vicinity of the other old workings of Jack's Dream and Steinhobel.”
"We are now focusing our efforts on preparing for the next phase of drilling and look forward to providing further updates on the continued work at Eclipse over the coming weeks."