viewEmpire Resources Ltd

Empire Resources gains new substantial shareholder


Empire Resources (ASX: ERL) has added Fitall Group as a substantial shareholder with an 11.72% interest in the company. 

Fitall acquired 20 million shares for a total consideration of A$900,000, at $0.045 per share, as part of a recent private placement.

The funds raised are going towards accelerating drilling at Empire’s Yuinmery copper-gold project in Western Australia, where the company is targeting a maiden resource for a second deposit by the end of 2012.

The flagship Yuinmery Project already hosts a current JORC Indicated and Inferred resource of 1.07 million tonnes at 1.82% copper and 0.8 grams per tonne (g/t) gold at the Just Desserts prospect.

The project lies within the Archaean Youanmi Greenstone Belt and is similar in nature to ore bodies currently being mined at Golden Grove and Jaguar in Western Australia.

The Just Desserts and the A Zone are the most advanced prospects at the project and are now thought to occur in the same mineralised horizon.

After reverse circulation pre-collar drilling, six diamond core holes are planned to extend the A Zone mineralisation.

The A Zone prospect is host to high grade copper-gold mineralisation that remains open at depth.

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Quick facts: Empire Resources Ltd

Price: 0.008 AUD

Market: ASX
Market Cap: $5.39 m

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