Empire Metals Ltd (LON:EEE) 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.
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.
Empire has concluded a definitive and binding sale and purchase agreement for the sale of the Georgian assets to Candelaria Mining Corp (CVE:CAND) for C$7mln in equity.
The offer is subject to a right of first refusal by the company's joint venture partners in Georgia, Caucasian Mining Group.
Separately, Empire has decided not to extend the agreement to acquire the Munni Munni palladium project.
Mike Struthers, the chief executive, is to move to a non-executive role, as well as being engaged as a technical consultant. He also becomes chief executive of Candelaria Mining with immediate effect. Non-executive director David Ajemian has resigned from the Empire board effective January 31, 2021.
In support of the new strategic direction the company is also seeking to appoint a suitably experienced replacement CEO to lead the company through its next phase of growth.